All of us have heard about Doge Coin, and now another ERC-20 coin inspired by it has been doing the rounds in the markets. The name of this currency is Shiba Inu (SHIB). As it happens, Shiba Inu has succumbed to a 20% retracement in just a couple of hours when Tesla CEO Elon Musk revealed to Twitter that he does not keep any Shiba Inu tokens by himself.
Why did Shiba Inu succumb to such a loss?
The incident happened after the Shiba Inu coin got past its last all-time high. It recorded a local top of a fraction of a dollar on Sunday, after going above 500% since the commencement of October.
When Shiba Inu’s price was getting the meteoric rise, a Twitter user with the name of ShibaInuHodler posed a quick question to the South African entrepreneur. He asked how much Shiba Inu Musk was holding, and in reply, the Tesla CEO said “None.”
Value of Shiba Inu coins plummeted after Elon Musk’s Declaration
The Shiba Inu buyers were all for selling the SHIB to gather profits while it is still enjoying an all-time-high local rate. SHIB was projected to lose a further percentage of its value within almost half an hour after Musk’s reply. Ever since then, the value of SHIB has been going back and forth between $0.000035 and $0.00004.
After Musk commented on how he does not hold any SHIB coins, Twitter users gave multiple reactions to Musk’s comments. Some of them even suggested he should put his money into SHIB as the coin was yielding good interests up until then. Some even took offence at the fact that Musk was “pestered” with this question in the first place. The drama ensued just as Elon Musk came back to Twitter in order to endorse Dogecoins (DOGE).
