SHIB plummets 20% as Elon Musk reveals he owns none
SHIB quickly crashed 20% as Tesla CEO and dog-token proselytizer Elon Musk announced he owns none of the canine-themed coins.
The retracement came after SHIB surged past its previous all-time high to tag a local top of $0.000044 on Oct. 24 following a more than 500% rally since the start of October.
Shiba Inu (SHIB), the recently surging Dogecoin-inspired ERC-20, suffered a 20% retracement in two hours as Tesla founder and hypothetical Doge CEO Elon Musk announced to Twitter that he doesn’t hold any Shiba Inu tokens.
Amid the token’s bullish price action, Twitter user “ShibaInuHodler” asked Musk how much Shib he was holding, to which Musk responded: “None.”
Reactions to Musk’s comments from SHIB investors have been varied, with ShibaInuHodler suggesting Musk should invest in some Shiba Inu tokens.
Others criticized ShibaInuHodler for engaging Musk, with “Shibalaskan” imploring them to “plz stop pestering celebrities when the community is doing fine without this sort of foolishness.”
On Oct. 24, the SpaceX founder tweeted: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”