Shiba Inu tumbles after Elon Musk’s tweet; here’s why

New Delhi: Elon Musk, the tech tycoon, may have been the main force for Shiba Inu's rally in the past, thanks to his tweets about his pet dog Floki. This time, however, the script was spun on its head when Musk stated that he does not possess any SHIB tokens.

On October 24, the Shiba Inu cryptocurrency was on its way to the Moon. It increased by 50% to become the market's 11th largest cryptocurrency. One of the Shiba Inu Twitter accounts, on the other hand, made the mistake of asking Musk how many SHIB tokens he has in his wallet. "None," was the plain and unequivocal response.

Since then, Shiba Inu has slid to the 13th largest cryptocurrency by market capitalization. With a price of $0.00038 at 12:30 p.m. Indian Standard Time (IST) on October 25, the meme coin is down 1.83 percent from 24 hours earlier.

The cryptocurrency's most recent surge may have come to an end with the latest slump, but it has been on the rise since October 15.

The Shiba Inu is dubbed the "Dogecoin Killer." It intends to replace the Ethereum-based Doge token. While Bitcoin was designed to be limited, SHIB tokens were designed to be plentiful, with a total supply of 1 quadrillion — hence the low prices.

Shiba Inu values have soared in recent days, bringing this meme coin to a new high. The Shiba Inu coin is a fork of the Dogecoin cryptocurrency. It soared to become the world's 11th largest cryptocurrency by market capitalization before falling to 13th due to a statement by Tesla CEO Elon Musk. Musk disclosed that he does not hold any SHIB tokens in a tweet.