Elon Musk tweet causes Shiba Inu record gains to drop 20%

Previously the Tesla CEO has admitted to only holding bitcoin, ethereum and dogecoin

Shiba Inu, bitcoin and ethereum tokens                                 
Dogecoin, bitcoin and ethereum – Photo:Shutterstock

Shiba Inu (SHIB), the self-titled “DOGECOIN KILLER”, witnessed an almost 50% bull run during the weekend according to CoinMarketCap, only to see these gains drop by 20% due to an Elon Musk tweet.

Musk, CEO of Tesla and SpaceX, responding to a question from the Shiba Inu Twitter account revealed that he holds no Shiba Inu coins.  This in turn caused Shiba Inu to lose 20% of its gains in price after rising to the eleventh biggest crypto on CoinMarketCap. Following Musk’s tweet, the crypto fell to the thirteenth.

On the 24 October, Shina Inu hit it an all-time high of $0.000044 and has now retraced to $0.000039.  

During The B Word virtual event in July this year, where Musk discussed bitcoin with Jack Dorsey, CEO of Twitter and Square, and ARK Invest CEO Cathie Wood, the Musk stated he only owns bitcoin, ethereum and dogecoin.

Some Twitter users questioned the Shiba Inu account asking why it matters if Musk holds the crypto or not “it should be about useability”.

Musk named unofficial CEO of Dogecoin

Musk, however, is no stranger to tweeting about dogecoin. Due to this, in a Twitter poll back in 2019, Musk was named the unofficial CEO of dogecoin, beating other crypto luminaries such as ethereum co-founder Vitalik Buterin, litecoin creator Charlie Lee and Metal Pay CEO Marshall Hayner.

Also in August, the Dogecoin Foundation was re-established with the addition of two new advisers: Vitalik Buterin and Jared Birchall, who represents Tesla CEO Elon Musk and is head of Musk’s Family Office. Buterin was listed as a blockchain and crypto adviser, and Birchall as a legal and finance adviser.

The non-profit organisation was set up in 2014 but became inactive over time and finally dissolved. The foundation was established to provide “support for the crypto through development and advocacy” to prevent abuse and fraud of the crypto, and to provide a “roadmap and governance” for the future of dogecoin.

Further reading: Elon Musk hails crypto-trading hamster

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