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Shiba Inu drops by 20% after Elon Musk confesses not owning one

TL;DR

TL;DR Breakdown

  • SHIB crashed 20% after Elon Musk revealed he owns none of the SHIB tokens.
  • Holders of the token rallied to support their coin, claiming it’s doing well without Musk.

Shiba Inu (SHIB) experienced a 20% drop following the news that Elon Musk, founder of Tesla, doesn’t hold any $SHIB token. While responding to a tweet asking how much SHIB he owns, Musk replied in a word, “none.” Two hours later, the coin dived by 20%

The drop came after the coin made waves this morning, surging past its previous all-time high to tag a local top of $0.000044. It’s almost a 500% rally since starting October.

Musk’s tweet has undoubtedly caused a stir in the crypto world. The token sellers had already stepped in to take profits at the all-time high. But Musk’s reply would quickly lead to another 10% drop for $0.000035 within half an hour of tweeting about it. Since the tweet, the coin is varying around $0.000035 and $0.00004.

What followed Elon Musk’s reaction was different counter-reactions with different stands.

@Shibarium said, “It is a community project. There is no need to ask some people if they hold or not, no matter who they are. We keep growing, always remember that. We do not depend on a person if that person holds or not at all.”

On the other hand, some called out ShibaInuHolder for pestering celebrities. Shibalaskan wrote, “Plz stop pestering celebrities when the community is doing fine without this sort of foolishness.”

SHIB rallied to a new ATH

Before the revelation, the coin sustained a bullish momentum leading to a new all-time high. The latest surge for the token is coming amidst rumors that online brokerage platform Robinhood may soon list it. Prices surged over 200% in the early week of the month on the back of increased buying by whales.

There’s a lot of volatility in crypto at the moment, but one coin that has been trading relatively stable is DOGE. Though SHIB has gone wild this month, DOGE is trading well below its August high of $0.35. DOGE hit a peak price of over $0.73 in early May, with an all-time value at that time.

Bitcoin bolted a 37% rally recently on increased evidence of inflation. The newly launched futures-based exchange-traded funds made investors expect more mainstream money into the crypto market, and it looks like they were right.

Dog drama on Twitter

Elon Musk is a cryptocurrency advocate and supporter of the Dogecoin community. Not only does he own some. He returned to Twitter for one final push on dogecoin.

 He recently made a tweet on October 24th, 2019, Saying, “Lots people I talked to at Tesla or building rockets for SpaceX own Dogecoins. They aren’t financial experts by any means! That’s why it felt right to support this crypto coin- its people- feel like my family.”

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Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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