Did Elon Musk's Comments Support, or Hurt, Meme Tokens Yesterday?

 What happend

Today, cryptocurrency investors are seeing some consolidation following a rally this week that delivered the crypto area above the vital $1 trillion valuation mark. With the general market down 5.5% during the last 24 hours as of this morning's consultation, it's clear a few income taking is so as after a instead rosy start to this week.

However, for meme token traders, modern-day decline has been much greater steep. Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE),  of the most distinguished meme tokens, dropped 10.1% and eight.Five%, respectively, during the last 24 hours as of 10:45 a.M. ET. Other meme tokens which have won in popularity with buyers of past due, which includes ApeCoin (CRYPTO: APE) and STEPN (CRYPTO: GMT), additionally noticed double-digit declines over the same time frame.

Accordingly, many investors can be asking, What gives?

Well, latest decline sincerely started out the day before today afternoon, following a alternatively exciting Tesla (NASDAQ: TSLA) income name. CEO Elon Musk mentioned he sold 75% of his Bitcoin (CRYPTO: BTC) holdings over the past area, in a bid to boost the employer's liquidity within the face of deliver chain issues and other macro elements. While Musk additionally reiterated his help for Bitcoin over the long time on the decision, suggesting he might also add to his position in the destiny, the electrical car maker did formerly retract the capacity for the token for use as payment for Tesla automobiles following a quick-lived experiment.

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