Elon Musk Asked How Many SHIBs He Has, Musk: None, Shiba Inu Prices Fall 20 Percent

Shiba Inu prices drop, this is the reason (BeinCrypto)

JAKARTA – When the price of the Shiba Inu (SHIB) was up 40 percent on October 24, 2021, the SHIB immediately fell 20 percent. It happened after the Twitter account @ShibaInuHodler asked how many SHIB tokens Elon Musk held, then the Tesla boss replied that he didn't have a SHIB.

The 20 percent drop came after the SHIB token hit a new all-time high (ATH) of $0.000044 on Sunday. This is the second increase after the beginning of last October where the SHIB skyrocketed 500 percent.

For information, Shiba Inu (SHIB) is an ERC-20 network token inspired by the meme coin of its predecessor, Dogecoin. SHIB openly claims to be The Dogecoin Killer aka the Dogecoin killer. SHIB experienced a 20 percent retracement within two hours after the SpaceX boss admitted he had no Shiba Inu tokens.

Within half an hour after that, the price of SHIB plummeted to as low as $0.000035 per token. Since then the price of SHIB has moved in the range of 0.000035 to 0.00004 US dollars. On the other hand, traders have already taken profits at previous highs.

After Musk's answer, the @KsaShiba account with the name I am Ryoshi/Saudi Arabia immediately posted a tweet that read: "Okay, okay they have @elonmusk we have @ShytoshiKusama one playing and the other creating it. We are all with you heroes". This was immediately retweeted by the @ShytoshiKusama account.

A number of Shiba Inu investors also commented on Musk's answer. Some criticized the @ShibaInuHodler account for involving Musk to invest in Shiba Inu tokens. Others say they don't need an Elon Musk and aim to strengthen SHIBAMY.

In addition, Musk also revealed why he supports Dogecoin when commenting on @ProTheDoge's post. “Many people I talk to in Tesla production or rocket development at SpaceX own Doge. They are not Silicon Valley financiers or technologists. That's why I decided to support Doge – it feels like crypto people."

At the time of writing, the price of the Shiba Inu has decreased by 5.9 percent in the last 24 hours. SHIB is trading at US$0.00003926 per token, according to data from CoinGecko.