Dogefather Elon Musk Snubs Shiba Inu; But Coin Gets Massive Increase Anyway

An interesting tweet was recently spotted on Elon Musk's account. The billionaire investor claimed he has no Shiba Inu and only owns Bitcoin, Ethereum and Dogecoin on his crypto portfolio.

However, despite the lack of support, Shiba Inu still saw a massive increase in its price.

Musk, the renowned CEO of SpaceX and Tesla, often tweets about his opinion on different cryptocurrencies. He was never the type to shy away from public conversations, especially on topics of interest. Consequently, Musk got recognized for influencing crypto coin prices and trends.

According to an earlier report, Musk's post about his shiba inu puppy boosted some altcoins in the market, one of them being the Shiba Inu itself.

Shiba Inu Price Hits All-Time High

According to CNN, Shiba Inu is another type of meme currency inspired by the iconic Dogecoin. Despite being a parody coin, it reached a new all-time high in the market and gained a lot of exciting achievements in the process.

Just recently, Shiba Inu grew by 40 percent in trading and climbed as the 11th biggest cryptocurrency in CoinGecko. Overall, the token earned more than 45 million percent growth in the past year.

At the time of writing, Shiba Inu is trading on Coinbase at $0.00005404, with a 129.62 percent growth in the last 24 hours.

Dogefather Elon Musk Snubs Shiba Inu

When directly asked by Twitter user @ShibaInuHodler, Musk said he has no Shiba Inu coin.

Twitter user @Filasophical followed up a question about Musk's holdings for the crypto coin Floki, which Musk also denied.

Musk said that "out of curiosity, I acquired some ascii hash strings called 'Bitcoin, Ethereum & Doge.' That's it." The statement emphasized his lack of support for other altcoins and meme coins branching outside the aforemention cryptos.

Musk also shared an advice for aspiring crypto investors, telling them to not "bet the farm" on it. Instead, he wants people to place value on "building products and providing services to your fellow human beings."

Elon Musk Tweets Dogecoin as the People's Crypto

Earlier this week, Musk showed his support for the cryptocurrency Dogecoin. He said, "(Doge) felt like the people's crypto," because the many people who owned it are not financial experts or Silicon Valley technologists. Instead, it is used by people in the production lines or handling the field for building rockets.

Some of the public shared Musk's sentiments. At the time of writing, Musk's tweet gained 4,100 comments, 8,100 retweets and 32,900 likes.

Musk ultimately left his tweets open to public interpretation, so other investors might give a different kind of explanation for Musk's social media comments.