Elon Musk helped Shiba Inu climb the ranking of the largest cryptocurrencies by market value by tweeting a photo of his puppy. Now the meme token has fallen after saying it doesn’t have one.
Musk, who has repeatedly promoted Dogecoin on social media and often made more general comments about cryptocurrencies, responded “None” to a request from a Twitter user who asked how much Shiba Inu he holds with. In a follow-up tweet he said he bought Bitcoin, Ether and Dogecoin and that’s it.
At 9:30 a.m. on Monday, SHIB, as the cryptocurrency is known, was down 15 percent from its all-time high on Sunday Hong Kong time, according to CoinGecko.com prices. Japanese hunting dogs are up more than 400 percent in the past 30 days, to the eleventh largest.
According to CoinGecko, Dogecoin is up about 10 percent in the past 24 hours.
Shiba Inu rallied amid factors including a push to list it on Robinhood, its ecosystem’s foray into non-fungible tokens, and a general enthusiasm for the assets itself. However, many market watchers say there is often little reason for its movements and warn that the token may struggle to maintain its current momentum. It was founded in 2020 by an anonymous named Ryoshi.
