Shiba Inu (SHIB), the recently surging Dogecoin-inspired ERC-20, suffered a 20% retracement in two hours as Tesla founder and hypothetical Doge CEO Elon Musk announced to Twitter that he doesn’t hold any Shiba Inu tokens.
The retracement came after SHIB 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 tokens bullish price action, Twitter user ShibaInuHodler asked Musk how much Shib he was holding, to which Musk responded: None.
Hey @elonmusk How Much $Shib You Are Holding!!
— Shiba Inu (@ShibaInuHodler) October 24, 2021
While SHIB sellers had already stepped in to take profits at the tokens local all-time high, SHIB would quickly lose a further 10% to trade for $0.000035 within roughly half an hour of Musks reply. SHIB has since oscillated between $0.000035 and $0.00004.
Reactions to Musks comments from SHIB investors have been varied, with ShibaInuHodler suggesting Musk should invest in some Shiba Inu tokens.
Others criticized ShibaInuHodler for engaging Musk, with Shibalaskan imploring them to plz stop pestering celebrities when the community is doing fine without this sort of foolishness.
I’d delete my Twitter acc or change the name at least after this brutal response from @elonmusk
— Crypto Sheriff ( Team #VRA ) (@Eddie202021) October 25, 2021
Related: Dogecoin loses 70% against Bitcoin during 6 months of celebrity DOGE endorsements
The dog token drama comes as Musk has returned to Twitter to espouse the virtues of Dogecoin.
On Oct. 24, the SpaceX founder tweeted: Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They arent financial experts or Silicon Valley technologists. Thats why I decided to support Doge it felt like the peoples crypto.
