Shiba Inu Token falls 20%

Shiba Inu (SHIB) token, the Dogecoin-inspired ERC-20 token, price has plummeted 20%.

Shiba Inu Token (SHIB) price falls 20% after Elon Musk admits he owns none.

Shiba Inu (SHIB) token, the Dogecoin-inspired ERC-20 token, price has plummeted 20%. This sharp fall in price took place after Tesla founder/CEO and DOGE father  Elon Musk announced that he doesn’t own any SHIB token. The 20% retracement came after it reached an all-time high (ATH) price at US$0.000044 on October 24, 2021. 

Shiba Inu token's price has skyrocketed from less than US $0.00000001 to US $0.00003843 (an increase of 3,84,200%) in 2021 YTD (year-to-date).In fact, in October itself, the price increased by over 500%. At a time when the SHIB coin's price is skyrocketing, a Twitter user known as "ShibaInuHodler'' asked Elon Musk if the Tesla CEO owns any Shiba Inu tokens ("Hey @ elonmusk,"How Much Shib Do You Have?").Musk answered with one word, "None".

The first 10% of the SHIB price drop took place after sellers started to book profit after the token price reached a local all-time high price. The next 10% drop took place within half an hour of Musk’s reply to the Twitter user "ShibaInuHodler". Since then, the price of SHIB has been hovering between US $0.000035 and US $0.00004. 

The SpaceX founder and Tesla CEO said on October 24, 2021, that:

"Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto. "