Shiba Inu’s price will drop 20% when Elon Musk reveals he doesn’t own SHIB tokens

Shiba Inu (SHIB), the Dogecoin-inspired ERC-20, has seen a 20% drop in two hours, because the founder of Tesla and hypothetical CEO of Doge, Elon Musk announced on Twitter that he does not own any Shiba-Inu tokens.

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

In the midst of the bullish price movement of the token, the Twitter user has “ShibaInuHodler” asked Musk how much Shib he had, to which Musk replied, “I don’t have.”

Shiba Inu’s price will drop 20% when Elon Musk reveals he doesn’t own SHIB tokens
Shiba Inu’s price will drop 20% when Elon Musk reveals he doesn’t own SHIB tokens

While SHIB sellers had already stepped in to take profits from the token’s local all-time high, SHIB quickly lost another 10% of its value to trade for $ 0.000035 in about half an hour of Musk’s response. Since then, SHIB has hovered between $ 0.000035 and $ 0.00004.

The reactions to Musk’s comments from SHIB investors have been mixed; ShibaInuHodler suggested that Musk should invest in some Shiba Inu tokens.

Others criticized ShibaInuHodler for Musk’s involvement; “Shibalaskan” pleaded, “Please stop harassing celebrities if the community is fine without this kind of nonsense.”

The dog token drama comes because Musk used Twitter to extol the virtues of Dogecoin.

On October 24th, the founder of SpaceX┬« tweeted: “Lots of people I’ve talked to on the production lines at Tesla or built rockets at SpaceX’s own Doge. They aren’t financial experts or Silicon Valley technologists. So I decided to support Doge: I thought it was the cryptocurrency of the People.”

Similar Posts