Shiba Inu Crashes After One Tweet Of Elon Musk

Meme coin Shiba Inu gets crashed after Elon Musk tweeted from his official account. However, before the official tweet by Elon Musk, In the past year, Shiba Inus increased by more than 50 percent.

Till 24 October 2021, the cryptocurrency Shiba Inu witnessed a high maximization and it had gained the position of the 11th largest cryptocurrency in the market.

But on the 24th night, one of the Twitter account holders of Shiba Inu, “ShibaInuHodler” made a huge blunder by directly mentioning Elon Musk in one of its tweets and asking what amount of SHIB he was holding.

The Consequences After Elon Musk Reply

The problem began when Elon Musk replied that he didn’t hold any of Shiba Inu’s currency. This one single reply was enough for burning the currency of Shiba Inu. Shiba Inu had to go through a 10 percent loss immediately after that reply.

This issue got stretched when Elon Musk tweeted from his official account that he only invested in Bitcoin, Doge, and Etherium. After this tweet, Shiba Inu lost its reputed position and became the 13th largest cryptocurrency in capitalization.

In the past 24 hours, Shiba Inu had lost its 900 million SHIB tokens. However, the sellers of Shiba Inu already had their gains as the coin got crushed. Therefore, for those who are already in profit after buying SHIB tokens, it is safe for them to sell the principal amount.

Final Words

As per the reports, according to the Indian Standard Time, Shiba Inu coins are 1.83 percent down within 24 hours after the tweet.

Several reactions came up from the enthusiast and the Crypto holders regarding this issue. The thing is that ‘ShibaInuHodler’ did not stop here. From this account, another tweet came and it was asking others about the amount of SHIB token they hold.

But the investors now perhaps lost their trust in Shiba Inu and they don’t want to invest in this cryptocurrency again.

Keep reading-What I Hate, Love, and Fear About Dogecoin


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