Yesterday, the Twitter profile ShibaInuHodler explicitly asked Elon Musk how many Shiba Inu tokens (SHIB) he was holding.
The answer was stark: none.
None
— Elon Musk (@elonmusk) October 24, 2021
Summary
Elon Musk drives down the price of Shiba Inu
Musk’s tweet came just minutes after the price of Shiba Inu had hit an all-time high of 0.04432 thousandths of a dollar, sending it down 20% in just under an hour and a half.
After an initial rebound, in the following hours, the price had fallen again to 0.03556 thousandths, and then rose again towards 0.04 thousandths.
The price of Shiba Inu (SHIB)
Currently, however, the price is 45% higher than last week and 443% higher than last month.
The incredible performance of SHIB’s price over the past month has put it in 11th place overall by market cap. Ahead of Terra (LUNA), Avalanche (AVAX) and Chainlink (LINK).
Looking at the trend over the past week, the price was stable until Saturday, but from the evening of October 23, it suddenly shot up by 53% in about 24 hours.
The relationship between Elon Musk and cryptocurrencies
Shiba Inu began as an Ethereum-based project to directly challenge Dogecoin, of which Musk is a big supporter.
In June, it seemed that Musk had decided to support the Shiba Inu project, but it was obviously just a joke, one of the many which the Tesla CEO has made a habit of when it comes to cryptocurrencies.
Also yesterday, he confirmed that in the past he had bought “some ascii hash strings called “Bitcoin, Ethereum & Doge”, urging his followers not to bet on cryptocurrencies.
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.
— Elon Musk (@elonmusk) October 24, 2021
He also endorsed an idea expressed by the creator of Dogecoin that he believes does not need to be a blockchain that hosts NFTs, or other tokens, or anything else, as Shiba Inu wants to do.
💯
— Elon Musk (@elonmusk) October 24, 2021
Musk added that what is important is to reduce fees, increase block size and speed, and he envisaged adding a layer 2 solution as has already been done in Bitcoin.
Not recently. What matters imo is lowering fees, decreasing block time & increasing block size. A single layer network with exchanges as de facto layer 2 seems like the simplest solution for a medium of exchange.
— Elon Musk (@elonmusk) October 24, 2021
In other words, the Shiba Inu project seems to be far removed from Elon Musk’s ideas, which instead seem to be getting closer to Bitcoin’s.
