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Elon Musk Toilet Tweet Showcases The Absurdity Of ‘Shitcoin’ Markets

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Elon Musk has the Twitter community pulling their hair out with curiosity over what could either be much ado about nothing (a rich dude mucking around on his phone while on the porcelain throne) or a series of cryptic clues which could lead to the next small-cap crypto to skyrocket. It could also be both (due to the bizarre fact so many people hang off of his every word and try to reverse engineer popular projects off the back of his statements).

Anyway, here’s what he just tweeted.

After one hour ago writing: “Just dropped some friends off at the pool” and “Splish splash,” Elon Musk then followed up with a tweet of an angel emoji.

Musk then, 24 minutes later, wrote: “I love a great whine.”

See the tweets below.

His tweets were met by various crypto Twitter accounts trying to spruik themselves in the comments section, presumably in the hope people might think Musk was referring to them, as opposed to describing the process of taking a number two on the toilet, or actually dropping his friends off at a pool.

Another user actually speculated as far as “he’s in Austin and it’s warm there,” seemingly taking his statements literally.

Another expressed concern for Musk’s circulation, having potentially sat on the toilet for so long (Musk recently claimed 50% of his tweets were written on the toilet).

Others saw the chance for some shameless self-promotion, likely realising Musk was joking around but figuring they may as well, as they had nothing to lose. Baby Doge was one of them.

One Twitter account called “Splash” appeared to do a similar thing, and responded to Musk’s tweet with a series of rocket emojis.

The “Splash” Twitter account was created in November 2021. Perhaps they were laying in wait for Elon to tweet about toilet activity? Their first ever tweet was on November the 11th, it appears, and Elon Musk’s admission that he tweets on the toilet was on November the 22nd. 

According to The Bit Times a token called Splish Splash on ETH was deployed today and is being exchanged on uniwswap.

At the time of writing, it is not, at the time of writing, coming up in BSC Scan’s BEP-20 Tokens by volume list, however. So maybe people are getting wise to random tokens being made off the back of Musk’s statements?

Or maybe most people actually got the toilet reference?

Either way, this is still a great demonstration of how Musk is able to influence crypto shitcoin markets, and the absurd world many people shake their heads at, and which many other people love to gamble around in. Musk has previously cryptically tweeted about existing small cryptos like CumRocket, sending their prices, for a time, soaring.

As DMARGE found out the hard way, playing around in this pool can get you some serious acid burns.

RELATED: I Invested $1,000 Into Cryptocurrency. It Was A Huge Mistake

An Elon Musk lookalike account has also spammed Musk’s various recent tweets with what looks like a crypto competition scam, and Twitter user Patrick Parish commented on the absurdity of the whole situation, writing: “Somehow these tweets while you were laying rope will turn into a 12-1 stock split tweet tomorrow.”

Others are simply tearing their brains out (or posting memes to that effect), wondering if there is a deeper meaning to it all.

Then there was one Twitter user who asked Musk if he was drunk. 

If this doesn’t sum up Twitter in 2021, what does?

Although this series of tweets showcases quite well the absurdity of one aspect of crypto markets (shitcoins), the broader crypto industry has achieved some milestones in institutional acceptance lately.

DMARGE spoke to James Whelan – Investment Manager at VFS Group in Sydney – on Thursday the 14th of October. Mr Whelan told DMARGE: “I think that the investment community is now seeing that there needs to be an allocation to a certain amount of crypto because people are seeing it as an alternative asset and potentially, touch wood, god forbid, a store of wealth.”

“Look at the Bitcoin price vs the Gold price – annoyingly – inflation is absolutely pumping [so] why is gold not performing? Look at the Bitcoin price – potentially people are buying Bitcoin instead of Gold as that store of wealth against inflation… Maybe.”

Mr Whelan added: “Right now all eyes are on the SEC in the United States on their approval of the first crypto ETF (or the first bitcoin ETF), which will then mean that people will have a place [to invest]. Once it’s done and accredited by the SEC it falls under all of their rules about financial stability and it has all these boxes it needs to tick and it comes under the coverage of one of the largest markets in the world and one of the better regulators in one of the largest markets in the world.”

“If the SEC lets this [happen] it means the ETF will be approved, which then means people like me actually have somewhere to invest safely on the market on the same platform where everyone else can see all this stuff.”

“The investment community will have a more safe and secure place to actually have that area where I can say to a client on their portfolio report: ‘Look at this, as discussed, here is your 5% allocation to a Bitcoin ETF. It’s run by a reputable ETF provider, it’s on a market which is where all your other stuff is as well.’ That’s so important for a client to see.”

As DMARGE has reported previously, a lot of the rest of crypto still remains a bit of a Wild West. So when it comes to ‘meme coins’ (or even legit-looking coins that claim to have a use case but which you really don’t know anything solid about) however, be warned you are playing with fire.

On that note: DMARGE sought comment from Vanguard Australia earlier this year (around May/June) about the world of crypto and recieved the following statement in response. “We do urge caution against speculating in Bitcoin and other cryptocurrencies, which are largely unregulated and accompanied by a number of considerable risks including the potential loss of investment entirely in some instances.”

We were also pointed to an article in the Australian Financial review, featuring a quote from Vanguard Australia’s Balaji Gopal. “A long-term portfolio should be comprised of stocks, bonds and cash,” Balaji Gopal, head of Vanguard Australia’s Personal Investor platform, told The Australian Financial Review.

“We are quite happy to sit this one [cryptocurrency ETF] out, and we urge investors to be very wary of the risks of cryptocurrencies.”

Bitcoin and other cryptocurrencies fall short of Vanguard’s house definition for an asset class, commodity or even currency, Mr Gopal said, because they do not generate income or cash flow. Nor are they a store of wealth, unit of account or medium of exchange, he added, rejecting popular conceptions.

“Cryptocurrencies defy any kind of categorisation,” he said. “Their characteristics are more similar to collectables like fine art, exotic cars or baseball cards.”

The post Elon Musk Toilet Tweet Showcases The Absurdity Of ‘Shitcoin’ Markets appeared first on DMARGE.



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