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Elon Musk to crash the SHIBA’s price by 20%

Industry News

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SHIBA INU, the second-largest meme coin, is paving Dogecoin’s path, as the digital asset reached its ATH on October 24.

The meme coin’s price jumped to $0.00004447 per coin. SHIB increased its capitalization by 57.9% within 7 days. In 1 month, the price has skyrocketed by 603%, and holders commenced to dream about new highs.

Suddenly, Elon Musk aborted the coin’s flight through his Twitter account. Elon is among the core crypto influencers, as his tweets may impact the market fiercely, which the community observed in May-June 2021.

On October 24, at 7:37 PM, when the SHIBA INU price reached its all-time high level, the Twitter account ShibaInuHolder asked Elon Musk how many SHIB coins he is holding. The billionaire responded with a short answer “None.”

Musk’s response dropped the coin’s price to $0.00003472 within 1.5 hours. The cryptocurrency has lost 22% of its market capitalization.

At the moment of writing, the coin’s price is $0.00003946. The second-largest meme coin entered the top-15 according to market capitalization, following the “industry-leader” – Dogecoin is ranked 6th with the price of $0.269.

Since April 25, the SHIB price has jumped from $0.00000131 to $0.00003824 (2919%).

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