Tech billionaire Elon Musk’s tweets about his pet dog Floki may have been the driving force behind meme coin Shiba Inu’s rally in the past. But, this time around the script flipped on itself when Musk revealed he doesn’t actually own any SHIB tokens.
The Shiba Inu cryptocurrency was on its way ‘to the Moon’ on October 24. It rose by 50 per cent to become the 11th biggest cryptocurrency in the market.
However, one of the Shiba Inu Twitter accounts made the mistake of asking Musk how many SHIB tokens are in his kitty. The answer to which was a clear and definitive, “None.”
As at the time of press, Shiba Inu has slipped by two steps to becoming the 13th largest cryptocurrency by market cap since then.
At 3:00 pm Nigeria time on October 25, the meme coin was down 6.11 per cent to trade at $0.0003982 as compared to 24 hours ago with a price of $0.00038.
Shiba Inu is the self proclaimed ‘Dogecoin Killer’. It aims to be the Ethereum-based replacement to Doge tokens. While Bitcoin is designed to be scarce, SHIB tokens have intentionally been designed to be abundant with an overall supply of 1 quadrillion — hence, the rock bottom prices.
Right now, Shibu Inu mostly supports artistic projects like non-fungible token (NFT) art incubators. It’s also creating its own decentralised exchange called ShibaSwap.
Which cryptocurrencies has Elon Musk bought?
The Tesla and SpaceX CEO does not own any Shiba Inu. He also does not own any Floki tokens either, despite the cryptocurrency being named after his pet Shiba Inu.
Musk did, however, reiterate the names of the three digit assets he is betting on to be future proof — Bitcoin, Ethereum, and Dogecoin.
And, for Musk, if there is a meme coin he has rocognised as the coin of the people worth to bet on, and it is Dogecoin.
According to him, Dogecoin doesn’t need to be another ‘smart contract’ token in the crypto space minting NFTs. Instead, Dogecoin should be working towards becoming a medium of exchange — fast, scalable and inexpensive.
As at the press time, Dogecoin remained 2.55 per cent in the green territory at $0.2663 with the market tilting higher in favour of the coin.
