SHIB plummets as Elon Musk reveals he owns “none”

SHIB plummets as Elon Musk reveals he owns “none”

Recently on a growth surge, the Shibu Inu (SHIB), a Dogecoin-inspired ERC-20, has suffered a 20 per cent retracement in a span of two hours as Tesla CEO Elon Musk announced on Twitter that at present he is not in possession of any Shiba Inu tokens.


The retracement has come after SHIB managed to surge past its previous all-time high, tagging a local top of $0.000044 on October 24, following an over 500 per cent rally since the start of October.


Twitter user “ShibaInuHodler”, amid the token’s bullish price action, had asked Tesla’s Musk how much Shib he had been holding of now, to which Musk responded: “None.”


While SHIB sellers had already begun taking profits at its local all-time high, the token quickly started losing a further 10 per cent to trade for $0.000035 within roughly half an hour of Musk’s Twitter response. 


SHIB has since then been oscillating between $0.000035 and $0.00004.


As reactions to Musk’s comments are pouring in from SHIB investors in varying degrees, the ShibaInuHodler has suggested Musk to invest in some Shiba Inu tokens.


Others have criticized ShibaInuHodler for engaging Musk, with “Shibalaskan”, thus imploring them to “stop pestering celebrities” when apparently, the community is doing fine “without this sort of foolishness.”


The new token drama had surfaced online at a time when Musk returned to Twitter to enlist the virtues of Dogecoin.


On October 24, Elon Musk had tweeted that he had talked with “lots of people” on the production lines at Tesla and those building rockets at SpaceX, all of them “own Doge,” he claimed. 


Musk said although they are no “financial experts or Silicon Valley technologists,” they choose to invest in the Dogecoin, and this was the actual reason leading Elon Musk to support the token as to him, it “felt like the people’s crypto.”

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