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Cryptocurrency

25 Oct 2021

Shiba Inu Falls after Elon Reveals he Doesn’t Own Any

Shiba Inu Falls after Elon Reveals he Doesn’t Own Any

The Index Today

Shiba Inu went up in value after Elon Musk tweeted a picture of a puppy but then the digital currency lost value immediately after the entrepreneur followed up with a tweet saying he it is not his dog.

Elon Musk has showed support towards Dogecoin on more occasions than one, commenting on various cryptocurrencies and responding to queries. Upon being asked by a twitter user if he owns any Shiba Inu, he responded by saying he only bought Ether, Bitcoin and Dogecoin.

SHIB crypto fell 15% on Monday after reaching a record high earlier according to CoinGecko.com. The cryptocurrency or meme token gets its name from Japanese hunting dogs and has seen a 400% rise in value in the past month. It has become the 11th largest cryptocurrency by value.

On the other hand, Dogecoin saw an increase of 10% in the past day. Shiba Inu has achieved its market position after it went forward with getting listed on Robinhood. Market experts have said the cryptocurrency is rarely affected by other factors and that it may struggle to keep its current pace of growth. Shiba Inu was developed by an anonymous user who goes by the name of Ryoshi in 2020.