Billionaire entrepreneur Elon Musk addressed a question about how many Shiba Inu tokens he holds in his crypto portfolio.
A widely followed crypto influencer resurfaced a comment regarding Musk’s likely SHIB holdings. The post attempted to suggest that Musk’s comment had negatively impacted the Shiba Inu price.
Key Points
- Elon Musk in 2021 said he holds no Shiba Inu tokens.
- He revealed that he owns only Bitcoin, Dogecoin, and Ethereum.
- The billionaire has consistently snubbed Shiba Inu despite the ecosystem’s efforts to get his attention.
- Despite maintaining his distance from Shiba Inu, he has remained closely associated with its rival, Dogecoin.
Elon Musk Confirms Not Owning Any Shiba Inu
On October 24, 2021, Musk responded to a popular community figure known as “SHIB Holder,” who asked how many Shiba Inu he owned. Musk replied that he did not own any Shiba Inu tokens, ending speculation that he might have accumulated SHIB behind the scenes.
None
— Elon Musk (@elonmusk) October 24, 2021
Notably, the question emerged because Musk had already become a prominent supporter of Dogecoin. His frequent posts about the meme coin significantly influenced its popularity and price movements.
In addition, his company, SpaceX, enabled Dogecoin payments for select merchandise, further strengthening his association with the asset.
Given this close relationship with Dogecoin, many crypto enthusiasts wondered whether Musk had also invested in Shiba Inu, which was gaining traction at the time. However, his response made clear that he held no SHIB.
Shiba Inu Still Reached an ATH
Although Musk’s statement triggered a brief pullback in SHIB’s price, it did little to slow the token’s momentum. At the time of the exchange, SHIB traded between $0.000033 and $0.000044.
However, just four days later, on October 28, 2021, the token surged to an all-time high of $0.00008845. Since then, Shiba Inu has fallen sharply from its peak and currently trades about 93.55% below that record level, around $0.000005703.
Musk Ignores Shiba Inu Team
Since that interaction, Musk has largely avoided engaging with members of the Shiba Inu community. Nonetheless, the project’s developers and supporters have repeatedly attempted to attract his attention.
For instance, Shiba Inu lead developer Shytoshi Kusama proposed the Strategic Hub for Innovation in Blockchain (S.H.I.B.), suggesting it could contribute to initiatives linked to Donald Trump’s administration. The proposal followed Musk’s planned launch of the Department of Government Efficiency.
Additionally, the Shiba Inu team highlighted several ecosystem achievements in hopes of securing Musk’s recognition or endorsement. Supporters believe that if Musk backed SHIB the same way he supports Dogecoin, it could trigger significant market momentum.
So far, Musk has remained silent on those efforts and continues to distance himself from the Shiba Inu project. Nonetheless, he has confirmed that he holds a few cryptocurrencies in his personal portfolio, including Dogecoin, Ethereum, and Bitcoin.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
