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Picture of a Shiba Inu dog

Elon Musk Reveals How Much He Owns Of Dogecoin Rival, Shiba Inu

Best Owie
by Best Owie
3 years ago
·
Posted in Altcoins, Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shiba Inu has been giving Dogecoin a run for its money recently and some might even say it has left the OG meme coin behind in the dust. For weeks now, SHIB has rallied, culminating in over 500% in gains for its holders. Its more recent rally has seen more money going into the meme coin as the price rallied 50% in one day. SHIB has gained immense popularity following this.

Although the meme coin was born out of one of Elon Musk’s infamous tweets, the billionaire does not seem to be a fan of the meme coin. Shiba Inu has consistently rallied anytime the SpaceX CEO has tweeted anything in relation to Shiba Inu, the dog breed of the Dogecoin dog. A fan of the meme coin took to Twitter to ask Musk if he had any stake in the meme coin and Musk’s reply was a short one.

Musk Does Not Own SHIB

The tweet was directed at Elon Musk and tagged the billionaire’s Twitter handle. The SHIB enthusiast asked Musk how much of the meme coin he was holding and the “Dogefather” replied simply, “None.”

Related Reading | Shiba Inu Holders Level With Dogecoin As Robinhood Petition Surpasses 259,000 Signatures

While Musk has enthusiastically tweeted pictures and talked about his latest pet, a Shiba Inu named Floki, he has never actually talked about owning the altcoin. Musk’s tweets have been one of the major drivers behind Shiba Inu’s success. But Musk explicitly staked that he had no dog in this fight.

Another Twitter user took the opportunity to ask the billionaire if he owned another popular meme coin, one named after his dog Floki. Instead of discounting this one after the other, Musk took the approach of disclosing his holdings to clarify what cryptocurrencies he actually held.

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

Robinhood Rumors Fuel Shiba Inu ATH

Recently, the SHIB community has been abuzz with rumors of listing on Robinhood. It had started when a petition created by a supporter to list Shiba Inu on the trading platform had garnered more than 300,000 signatures.

Shiba Inu (SHIB) price chart chart from TradingView.com

SHIB price back in the green | Source: SHIBUSD on TradingView.com

Robinhood had not commented on the listing rumors until it had sent out a survey to users asking them what cryptocurrencies they had bought. The list included Shiba Inu, which the community saw as market research for the trading platform. Since then, SHIB has recorded significant gains fueled by the rumors of the trading app listing Dogecoin’s biggest rival.

Related Reading | Dogecoin Rival Shiba Inu Lists On Robinhood Competitor

The meme coin had rallied to a new all-time high for the first time in six months. At a high of $0.00004432, the meme coin briefly moved into the 11th position of the biggest cryptocurrencies by market cap, before losing its footing and falling back to 3rd place.

SHIB is now trading at $0.00003816, down 7.59% in the past 24 hours. The meme coin has although remain high on a long-term basis, up 40.79% on the 7-day trading average. The altcoin boasts a market cap of $15 billion and the trading volume for the past 24 hours sits at $14.6 billion.

Featured image from Thewistle, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie

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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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