New Delhi: DOGE killer Shiba Inu which jumped more than 50 percent yesterday suffered almost 20% retracement in just two hours after Tesla chief Elon Musk announced that he doesn’t hold any of the SHIB.
Retracement is a technical term used to identify a minor pullback. Retracements are temporary and however it is not an indication of a larger shift in the trend.
This minor pullback came just after the Shiba Inu’s huge leap crashing its previous all-time high. SHIB touched $0.000044 which is almost more than a 500% upward rally since October 1.
Amid this bullish rally, a Twitter user “ShibaInuHodler” went on to ask Elon Musk that how much SHIB is he holding.
Hey @elonmusk How Much $Shib You Are Holding!!???
— SHIB HODLER ? (@ShibaInuHodler) October 24, 2021
To this Musk responded, ‘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.’
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
However, Shiba Inu sellers already booked their profits as the coin crashed its all-time high. Shiba Inu went on to lose a quick 10% within the half-hour reacting to Musk’s reply.
Crypto holders and enthusiasts came up with different reactions and suggested Elon invest some in the SHIB community. On the other hand, some went on to criticize ShibaInuholder for tagging and engaging Elon in between a upward rally.
SHIB has outperformed many potential cryptos in the market. Meme-coin has made a massive comeback with immense growth from investors.
On October 14, SHIB went down to the 14th position based on market capitalization as around $600 million was wiped off within the minutes. As per reports, an anonymous whale decided to buy almost 6.3 trillion SHIB in the 2nd week of October 2021. As per the data, SHIB has surged more than 260% due to it.
