Tesla CEO Elon Musk has been a long-time supporter of the meme-inspired cryptocurrency Dogecoin for the longest time. Musk has been considered as the hypothetical CEO of Dogecoin and has been referred to as the Dogefather since each of his frequent tweets in support of Doge results in massive price boosts for the meme-coin.
SHIB or Shiba Inu is a canine-theme ERC-20 coin inspired by the more dominant Dogecoin that has suffered a massive price plummet. The price of Shiba Inu dropped by 20% in just two hours after the Tesla CEO announced on Twitter he does not own any of the canine-themed tokens.
The price of Shiba Inu surged earlier in October due to a bullish trend that helped the Dogecoin spin-off token to rally more than 26% and reach an all-time high. The trend was also fueled by another one of Musk’s tweets regarding the arrival of a Shiba Inu dog, leading to a 40% increase in the canine-themed token.
In terms of position, Shiba Inu is 3 positions away from the more dominant and established Dogecoin. The market value of the Doge spin-off had surged by 50% and stands as the 13th biggest crypto asset in terms of market cap.
Amidst the token’s bullish price trend, a Twitter user by the name of ShibaInuHodler asked the Tesla CEO how much he owned of the Dogecoin-inspired ERC token, to which Musk replied he owned none of it.
The tweet resulted in a sudden divergence of the bullish trend leading to a 20% retracement. An hour after Musk’s tweet, Shiba Inu lost 10% to trade for $0.000035. Despite the retracement, SHIB sellers had already reaped profits from their all-time high. Currently, the price of Shiba Inu has been languishing between $0.000035 and $0.00004.
The recent doge token drama surfaces just as the Tesla CEO spoke about the virtues of the meme-inspired token Dogecoin. On Sunday, Elon Musk revealed that most of the workers on the production lines at Tesla or SpaceX own Dogecoin even though they are not financial experts. Musk supports Dogecoin as it “felt like the people’s crypto”.
As for Shiba Inu, the Dogecoin spin-off has been met with a mix of reactions from SHIB investors. Although a user suggested that Musk should invest in SHIB tokens, others have criticized the account holder for pestering celebrities.
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