Shiba Inu (SHIB) saw a 20% retracement within two hours as Elon Musk made a revelation on Twitter. The Tesla founder and CEO announced on the social media platform that he does not own any of the canine-themed tokens.
The retracement came about after Shiba Inu breached its previous record high to hit a local top of $0.000044 on Sunday. Furthermore, this was after a rally of more than 500% since the beginning of October. In light of this bullish development, a Twitter user asked Musk how much SHIB he was holding. The Tesla CEO replied in one word, “None!”.
Within thirty minutes of Musk’s reply, SHIB shed 10% to trade at $0.000035. Although most traders had already taken their profits off by then, while the token was still riding at its highest. However, SHIB is currently swinging between $0.000035 and $0.00004.
Reactions to Musk’s reply vary, from suggesting that he should invest in SHIB, to others a bit upset at his officious suggestions. For instance, a Twitter account called Shibalaskan, cautioned that celebrities are better off not offering trade opinions on crypto. Shibalaskan’s tweet read, “plz stop pestering celebrities when the community is doing fine without this sort of foolishness.” However, Shibalaskan’s message is not clear on celebrities who indeed have personal vested interests in crypto.
Meanwhile, Musk doubled down on his Dogecoin endorsement, saying, “it felt like the people’s crypto.”
Image Credits: Pixabay
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