The Shiba Inu price crashed by more than 20% in just two hours after Elon Musk tweeted that he does not own a single Shiba Inu token.
The SHIB price drops
The price plunge came after the SHIB price moved past its previous all-time high on October 24, reaching a high of $0.000044. This high came after a rally of more than 500% since early October.
However, amid the bullish price action of the token, Twitter user “ShibaInuHodler” asked Elon Musk how many Shib tokens he was holding, to which Musk replied, “None.” After the answer, the price shot down to a low of $0.00003284. Since then, the price has recovered somewhat to a price of $0.00003797 at the time of writing.
none
— Elon Musk (@elonmusk) October 24, 2021
Musk chooses Dogecoin
The reaction of SHIB fans to Musk’s comment has been mixed. Some told the billionaire that he should consider investing in the token. Others were angry because it negatively affects the price of the token.
Despite the fact that Elon Musk has rejected Shiba Inu, he continues to embrace Dogecoin.
On October 24 tweeted the SpaceX founder: “Many of the people I’ve talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They are not financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the crypto of the people.”