SHIB goes down 20% as Elon Musk revealed he owns none

The second most popular meme-based cryptocurrency, Shiba Inu suffered a 20% retracement in two hours as Elon Musk said that he doesn't hold any SHIB tokens.

SHIB goes down 20% as Elon Musk revealed he owns none

The decline came as the memecoin 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 meme-token’s bullish price move, the Twitter handle “ShibaInuHodler” tagged Elon Musk and asked how much SHIB he is holding, to which Musk responded: “None.”

While SHIB sellers had already stepped in to take profits at the token’s local all-time high, it would quickly lose a further 10% to trade for $0.000035 within roughly half an hour of Musk’s reply. The token has since oscillated between $0.000035 and $0.00004.

Reactions to Musk’s comments from the SHIB community have been varied, with ShibaInuHodler suggesting Musk should invest in some Shiba Inu tokens.

The dog token drama comes as Musk has returned to Twitter to espouse the virtues of Dogecoin. On Oct. 24, He tweeted that, “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.”

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