Shiba Inu (SHIB) has been on a very strong bullish trend since the beginning of October and it has maintained the trend despite Elon Musk’s revelation that he doesn’t own any SHIB coin.
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— Elon Musk (@elonmusk) October 24, 2021
Before Musk’s tweet revealing that he owned no SHIB coin, the SHIB coin had shot past its previous all-time high to register a new all-time high at $0.000044.
Immediately after the revelation, the SHIB coin plummeted by about 20% to about $0.000035 before quickly recovering and getting back on its bullish course.
Varied reaction from the Shiba Inu community
There are varied reactions from the Shiba Inu community regarding Musk’s revelation with some imploring the Tesla CEO to consider owning some SHIB tokens.
Another faction criticized “ShibaInuHodler,” the name of the individual that asked Elon whether he owned any SHIB coin on Twitter, for pestering celebrities when the coin was doing fine.
While the majority of the Shiba Inu community was obviously enraged by Elon Musk’s revelation, the revelation will do more good than harm.
The fact that the price of the SHIB coin has been on the rise without the influence of influential personalities like Elon Musk proves that the coin is promising and valuable since it doesn’t depend on endorsements from influential people.
In a reply to the tweets following Musk’s revelation, someone by the name ‘hugoroger’ said that the revelation makes Shiba Inu more valuable than Dogecoin:
It actually makes @Shibtoken look more promising and valuable than @dogecoin which is nothing but a token pumped by celebrity tweets.
— hugoroger (@HugoRoger) October 25, 2021
Elon Musk’s involvement with Dogecoin
Musk has been known to be a great supporter of Dogecoin and is believed to have played a great role in pumping Dogecoin’s price.
He has tweeted severally about Dogecoin and his tweets have often resulted in a surge in the DOGE coin price.
On the same day Elon revealed that he didn’t own any SHIB coin, he said that the reason he supports Dogecoin is that many people at Tesla production lines own DOGE coin although they are not financial experts of Silicon Valley specialists.
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.
— Elon Musk (@elonmusk) October 24, 2021
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