Famous meme-coin Shiba Inu (SHIB) touched an all-time-high on October 24, 2021. However, it could not maintain the level after Tesla CEO and cryptocurrency fanatic Elon Musk sent out a tweet talking about the meme-coin.
Elon Musk has been one of the most influential figures in the world of cryptocurrencies. He often tweets about crypto and a single tweet from the entrepreneur is capable of moving the cryptocurrency market significantly. Everyone saw Musk’s Twitter effect when he was actively promoting Dogecoin, another meme-cryptocurrency in the past few months.
SHIB Crypto Recovers
Dogecoin surged in value as people felt confidence that it was being advocated by one of the World’s most richest people. Recently, after the SHIB coin hit an all-time-high and jumped close to 45% in 24 hours, Elon Musk revealed that he does not hold a single Shiba Inu coin. This caused the value of the dog-inspired cryptocurrency to plummet.
At the time of writing this article, Shiba Inu crypto is trading back at it’s all-time-high and if the bullish phase continues, we can see new highs in the coming week.
The SHIBA Inu community on Twitter and Reddit was celebrating the new ATH as their portfolios were all showing dark green. The official Twitter handle sent out a tweet saying “Amazing! $SHIB reaches A NEW ALL TIME HIGH (ATH) !!!!
While there have been pump and dumps in the past, the Shiba Inu community feels stronger than ever in ‘hodling’ their coins and not selling them.
What Did Elon Musk Tweet?
Talking about Musk’s tweets, when he was asked about how many SHIB coins does he hold, he responded ‘None’.
In a follow-up tweet, Elon Musk explained that “Out of curiosity, I acquired some ascii hash strings called ‘Bitcoin, Ethereum & Doge’. That’s it.”
Do you think that comments from Elon Musk have a significant impact in the world of cryptocurrencies? Is it a good or a bad thing? Tell us your thoughts in the comments.