Replying to a tweet on Sunday, Elon Musk confirmed that he did not have a Shiba Inu, and the joke sparked a mild bear storm that caused the coin to lose half of its all-day earnings in less than 15 minutes.
The sale came just after a popular netizen known as the ShibaInuHodler asked Elon how many Shiba Inu he owned. In an unexpected turnaround, the Tesla boss replied “no” and sent most of the coins on a selling spree.
After an enthusiastic rally for most of Sunday as the price surged by over 30%, the coin crashed right after the announcement, dropping from its all-time high of $0.0004465 to $0.00003286.
According to data from Bybt, over $3,151,904 SHIB was liquidated during the sell-off panic.
Although the news shook most SHIB investors, some blamed Elon for the crash, while others took advantage of the drop as a buying opportunity. At the time of writing, the meme coin has recovered about 15 percent of its losses and continues to trade at $0.00003970.
Musk; Owns Bitcoin, Dogecoin, and Ethereum
Elon doesn’t even seem to own “FLOKI” despite his support for the coin with his comment in June saying “My Shiba Inu will be called Floki” and speculations about him being a FLOKI investor.
In continuation of the Shiba Inu question, another twitter user asked Elon if he had any FlOKI, and shockingly, the answer was again negative. The billionaire then briefly shared his views on other cryptos:
“Out of curiosity, I got some ascii hash strings called ‘Bitcoin, Ethereum & Doge’. This much. As I said before, don’t put your hopes too high on crypto! The real value is in building products and providing services to other people, not money in any form.”
In an almost immediate reaction to the positive news, Dogecoin, which is trending sideways tight, printed a bullish marubozu on the four-hour timeframe.
Dogecoin is currently trading at $0.26. There is only overhead resistance at $0.27 between Dogecoin and a bull run that will allow it to reach this year’s high at $0.74.
Losing more than 11 percent of its gains after hitting an all-time high of $67,000 before falling to $59,510, Bitcoin hit $63,318 with this little support from Elon. The largest cryptocurrency seems to have established a ground for itself in the $60,000 range. This indicates that there is a risk of making a bull run that will ignite to new highs.