Elon Musk response caused Shiba Inu value to drop 20%
SHIB saw a 20% drop in its price when Elon Musk announced that he does not have this dog-themed coin.
The so-called "DOGE father" and Tesla CEO, Elon Musk, replied to a question posted on Twitter that led to a quick major drop in the price of a canine-themed coin called SHIB.
In this tweet, the Twitter user, @ShibaInuHodler, asked Elon Musk about the amount of SHIB he owns. To his/her surprise, the answer was "None".
Elon Musk’s answer left a huge quick impact on the price of the Shiba Inu token. The SHIB price instantly dropped by 20%. It was about to set a new ATH. When Elon Musk replied, SHIB dropped to $0.000035 within 30 minutes and it’s been going up and down between $0.000035 and $0.00004.
There were different reactions to this Tweet and the comment from Mr. Musk. The main reply was from the tweet owner "ShibaInuHodler" who suggested Elon Musk in a reply to buy SHIB. There were other opinions too. Some have argued that asking Musk and generally involving such celebrities in crypto is wrong.
Another user, Shibalaskan, begged everyone to "plz stop pestering celebrities when the community is doing fine without this sort of foolishness."
This, however, was not the whole story. Musk once again supported Dogecoin and stated that the reason for this support is that many of the SpaceX staff hold Doge. And they are just normal people.
"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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