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SHIB crashes by 20% as Elon Musk breaks the news that he does not own any

The news of Elon Musk not owning Shiba Inu has been a big deal breaker in the crypto scene. This made the price crash by 20% in a matter of two hours. This came across as unexpected as Shiba Inu (SHIB) is a Doge coin-inspired ERC-20 coin, and thus, many anticipated that Doge CEO Elon Musk would be part of it.

Just like Doge, SHIB has been on a bullish high rocket experiencing all-time highs with a rally of more than 500% since the beginning of October. On Sunday, it was at $0.000044.

This was life until one Shiba Inu Hodler tweeted Elon Musk to inquire how much Shib he owns, and he responded zero. 


The fall of SHIB

Within half an hour after the tweet, SHIB dropped by 10% to trade for $0.000035. Currently, SHIB is operating at between $0.00004 and $0.000035.

Many SHIB investors were disappointed by the news, with some suggesting that Musk considers getting some of the Shiba Inu tokens.

Some fans criticized the ShibaInuHodler for asking Musk if he owns tokens, implying that it is not a must for celebrities to own the token for it to perform well.


Power of Influence

This is not the first time that Musk’s tweets have affected a cryptocurrency. Elon Musk has influenced Bitcoin and DOge in the past. On Sunday, Elon Musk was on Twitter to emphasize the virtues of Dogecoin(DOGE).

It looks like Musk may have bought many with his influence. The SpaceX founder affirmed that many people who believe in Tesla or build rockets at SpaceX have invested in Dogecoin. For that reason, he also has to own Doge as it feels like people’s crypto.

Image by Julius Von Brunk from Flickr.



Marcia is a real crypto fan, specialized in bitcoin and NFT news.


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