ERC-20 Dogecoin inspired Shiba Inu (SHIB) falls 20% in two hours after Elon Musk, the Tesla founder and potential Doge chief executive officer, revealed on Twitter that he did not hold any Shiba Inu tokens.
A 500 percent rise since the start of October saw SHIB burst above its prior all-time high on Oct. 24, tagging a local high of $0.000044.
Twitter user “ShibaInuHodler” asked about Musk’s holdings of Shib during the bullish price movement, to which Musk replied, “None.”
? Shib Falls 20%
Within an hour following Musk’s response, SHIB drop another 10%. Since then, SHIB’s price has ranged between $0.00004 and $0.00035.
Among the SHIB investors’ reactions to Musk’s remarks were a variety of suggestions. In fact, ShibaInuHodler told Musk that he should buy in Shiba Inu coins himself.
A number of people took issue with ShibaInuHodler’s decision to contact Musk. However, “Shibalaskan” pleaded with them to “stop harassing personalities.”
Musk has gone to Twitter to promote the advantages of Dogecoin amid the token drama.
Founder Elon Musk of SpaceX tweeted on October 24th, “Lots of folks I spoke to on the Tesla manufacturing line or building SpaceX rockets own Doge. They don’t have a background in finance or technology from the heart of Silicon Valley. Doge seemed like the crypto of the people, which is why I agreed to support it.
The Dogecoin Foundation even selected an Elon Musk colleague to its board of advisors. This is suggesting the entrepreneur’s association with Dogecoin extends far beyond memes.
Of course, Elon Musk’s enthusiasm for Dogecoin has permeated the rest of his business as a whole. On the other hand, he later tweeted that several of his colleagues also owned Dogecoin. This was one of the elements that prompted him to invest in this cryptocurrency.