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 surging Dogecoin-inspired ERC-20, suffered a 20% retracement in two hours as Tesla founder and hypothetical Doge CEO Elon Musk announced to Twitter that he doesn't hold any Shiba Inu tokens.
The retracement came after SHIB surged past its previous all-time high to tag a local top of $0.000044 on Oct. 24 following a more than 500% rally since the start of October.
Amid the token’s bullish price action, Twitter user “ShibaInuHodler” asked Musk how much Shib he was holding, to which Musk responded: “None.”
While SHIB sellers had already stepped in to take profits at the token’s local all-time high, SHIB would quickly lose a further 10% to trade for $0.000035 within 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 have been varied, with ShibaInuHodler suggesting Musk should 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.”
I'd delete my Twitter acc or change the name at least after this brutal response from @elonmusk— Crypto Sheriff ( Team #VRA ) (@Eddie202021) October 25, 2021
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.”