SHIB quickly crashed 20% as Tesla CEO and dog-token proselytizer Elon Musk announced he owns none of the canine-themed coins.
Shiba Inu (SHIB), the recently stormy Dogecoin-inspired ERC-20, suffered a 20% retracement in 2 hours as Tesla founder and hypothetical Doge CEO Elon Musk declared to Twitter that he does not hold any Shiba Inu tokens.
The retracement came once SHIB surged past its previous all-time high to tag a local high of $0.000044 on Oct. twenty four following a more than 500% rally since the beginning of Oct.
Amid the token’s bullish price action, the Twitter user “ShibaInuHodler” asked Musk how much Shib he was holding, to which Musk responded: “None.”
While SHIB sellers had already stepped in to require profits at the token’s native all-time high, SHIB would quickly lose an extra 100% to trade for $0.000035 inside roughly half an hour of Musk’s reply. SHIB has since oscillated between $0.000035 and $0.00004.
Reactions to Musk’s comments from SHIB investors are varied, with ShibaInuHodler suggesting Musk ought to invest in some Shiba Inu tokens.
Others criticized ShibaInuHodler for engaging Musk, with “Shibalaskan” imploring them to “plz stop pestering celebrities when the community is doing fine without this sort of foolishness.”
Related: Dogecoin loses 70% against Bitcoin during 6 months of celebrity DOGE endorsements
The dog token drama comes as Musk has returned to Twitter to espouse the virtues of Dogecoin.
On Oct. 24, the SpaceX founder tweeted: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.”
(Source: Samuel Haig, Cointelegraph, 2021)