SHIB Falls 20% After Elon Musk Claims To Own None

Shiba Inu
Shiba Inu

SHIB, that is the ERC-20 Shiba Inu coin inspired by Dogecoin, had seen a surge recently, was forced to retrace by 20% in only 2 hours. The cause was once again a statement from Elon Musk, who has proven to have a big influence on crypto prices, especially on Dogecoin and Dogecoin-related tokens.

Nothing To Panic For SHIB For Now

On 24th October, Sunday, the coin had surged to an all-time record high and had broken the previous record by a long margin. It tagged a local high worth $0.000044. It came at the end of a rally that was over 500% starting from the beginning of October.

The immediate statement by Elon Mush, the founder of Tesla and the hypothetical CEO of DOGE, was an announcement on Twitter. He claimed that he holds no tokens for SHIB personally.

In the middle of the bullish action in the coin price, ShibaInuHodler, a Twitter user, had questioned Musk about how much of the token was in his possession. Musk, however, gave a simple one-word reply: “None.”

Sellers of the coin had already prepared themselves to profit as much as possible from the all-time record local high. However, the coin would then quickly lose an additional 10% for trading, as it fell to $0.000035. It happened within 30 minutes after Musk gave his reply. Ever since then, the coin has been going up and down but remaining in a range from $0.000035 to $0.00004.

The coin’s investors had a mixed reaction to the comment by Musk. ShibaInuHodler suggested Musk think about investing in a few tokens of the coin. Others were more critical of the user talking with Musk. Shibalaskan implored users to stop annoying celebrities since such communities function fine without foolishness of this sort.