A person or group going by the name of "Ryoshi'' launched the decentralized cryptocurrency known as the Shiba Inu token (ticker: SHIB) in August 2020. Shiba Inu is a Japanese dog breed that originated in the Chbu region. It is the same breed that is shown in Dogecoin's logo, which was first a parody cryptocurrency based on the Doge meme. Elon Musk is well-known for shilling DOGE on Twiter. So, how much Shiba Inu does Elon Musk own?
Elon Musk Answering the Question “Does Elon Musk own any SHIB” on Twitter
When Tesla CEO and dog token evangelist Elon Musk declared he didn't own any of the canine-themed tokens, SHIB immediately fell 20%. Elon Musk, the creator of Tesla and potential CEO of DOGE, tweeted that he doesn't own any Shiba Inu tokens, causing a 20% decline in the price of Shiba Inu (SHIB) in just two hours. Musk was asked how much SHIB he was holding by Twitter user ShibaInuHodler amid the token's strong price action, to which Musk replied, "None."
Sellers of SHIB had already entered the market to profit from the token's local all-time high, but within around 30 minutes after Musk's response, SHIB would drop another 10%, trading for $0.000035. Since then, SHIB has fluctuated between $0.000035 and $0.00004.
Investors in SHIB have responded to Musk's remarks in a variety of ways, with ShibaInuHodler suggesting Musk purchase some Shiba Inu tokens.
Shibalaskan pleaded with them to "plz stop harassing celebrities when the community is doing fine without this sort of folly" in response to criticism ShibaInuHodler received for speaking with Musk.
The dog token drama occurs as Musk makes a comeback to Twitter to promote Dogecoin. Many of the individuals I spoke with working on the assembly lines at Tesla or constructing rockets at SpaceX own Doge, Elon Musk wrote in a tweet. They are not Silicon Valley technologists or financial specialists. I chose to support Doge since it seemed to be the currency of the people for that reason.
