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A memecoin that has been far from laughable, the parody Shiba Inu Coin SHIB is trending on social media channels after it hit a fresh all-time high, managing to gain more than 40% over the past week alone.
Of course, as memecoins have become nearly synonymous with the CEO of Tesla Elon Musk, many were compelled to tweet and ask him how much SHIB he owns. Much to the dismay of SHIB lovers, Musk replied saying that he does not actually own any. “Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it,” said Musk in response to the question. He then went on to add, “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”.
Musk had previously played a big role in propelling smaller currencies like Dogecoin upwards. Just weeks ago, he tweeted a photo of his Shiba Inu puppy, which many construed to be a vote of confidence for the SHIB currency. At the time, this catapulted the SHIB coin upwards, causing it to surge more than 50%. Musk’s now clear reversal on this endorsement is sure to negatively affect the coin.
Still, crypto enthusiasts have been steadily pushing to have the Shiba coin listed on Robinhood, something that would boost its value and utility greatly. The rumor of this listing alone managed to propel the coin up by 300% in just hours! The small but mighty coin also just so happens to be one of the biggest digital currencies by market value, something that does not go away overnight.
Musk doubling down on his purchase of Bitcoin, Ethereum, and Doge will also likely have a positive effect on the prices of these three coins as many see him as somewhat of a crypto guru.
The small SHIB token has gained nearly 45 million percent this year, and its market cap stands at a staggering $15.06 billion, a far cry from the $2.5 billion it held at the beginning of August.
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