Meme Coin Shiba Inu Crashes by 20% as Elon Musk Denies It

Meme Coin Shiba Inu Crashes Down as Elon Musk Denies It

  • Meme cryptocurrency Shiba Inu plummeted by over 20% on Sunday evening after a tweet by Elon Musk
  • The Tesla CEO was asked if he owns any Shiba, to which he answered “no”
  • Following the billionaire’s tweet Shiba went from its all-time high of $0.000044 to $0.000033 within less than 2 hours

The world’s richest man Elon Musk has been known to hold huge influence over the cryptocurrency market and the billionaire showed it again yesterday.

Elon Musk

Musk caused the value of meme cryptocurrency Shiba Inu to drop by more than 20% after tweeting about it on Sunday.

The Tesla CEO was asked he was holding some of the meme token, he replied “no” and the effect was vivid.

The huge retracement came just a few hours after Shib reached a new all-time high of $0.000044, continuing a rally of more than %5000 in October.

Read also: Fraudsters Capitalize on Facebook Scam to Steal Thousands in Bitcoin

While some Shib sellers have already opted to take profit, the billionaire’s tweet made it all worse.

Within the next 2 hours, Shiba Inu went from its all-time high to $0.000033 and it has struggled to recover the losses since then.

Shiba Inu is one of many dog-themed cryptocurrencies that were created after the success of meme coin Dogecoin.

Shiba Inu

At the time of this report, the token is valued at $0.000039 and has a market capitalization of $15.6b, according to CoinMarketCap.

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