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SHIB drops 20% when Elon Musk reveals he doesn’t own any | Cryptocurrency

Shiba Inu (SHIB), the recent Dogecoin-inspired ERC-20, suffered a 20% setback in two hours when Tesla founder and hypothetical Doge CEO Elon Musk announced on Twitter that he did not own any Shiba Inu tokens.

The pullback came after SHIB broke its previous all-time high to hit a local high of $ 0.000044 on October 24 after rising more than 500% since the beginning of October.

Amid the bullish price action of the token, Twitter user “ShibaInuHodler” asked Musk how much he had in Shib, to which Musk replied, “None.”

While SHIB sellers had already stepped in to profit at the token’s local all-time high, SHIB would quickly lose an additional 10% to trade for $ 0.000035 about half an hour after Musk’s response. Since then, SHIB has fluctuated between $ 0.000035 and $ 0.000004.

Reactions to Musk’s comments from SHIB investors have been mixed, with ShibaInuHodler suggesting that Musk should invest in some Shiba Inu tokens.

Others criticized ShibaInuHodler for hiring Musk, “Shibalaskan” imploring them to “please stop harassing celebrities when the community is fine without this kind of craziness.”

The dog token drama comes as Musk returns to Twitter to embrace the virtues of Dogecoin.

On October 24, the founder of SpaceX tweeted: “Many people I have talked to on the Tesla production lines or in the rocket building at SpaceX, Doge. They are not financial experts or Silicon Valley technologists. So I decided to support Doge, it was like people’s crypto. “

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