The Shiba Inu cryptocurrency meme coin is trading at all-time highs, even after Tesla CEO and dog-related crypto enthusiast Elon Musk announced on Sunday that he does not own any of the world’s second-largest dog-related coin.
On Sunday, the price of Shiba Inu coin, which trades as SHIB, skyrocketed to a peak $0.000044, over 50% higher than its price on Saturday. Shiba Inu dropped 10% to trade at $0.000040 as of Monday. Before this weekend, SHIB had never traded above $0.000035.
The Shiba Inu coin is now the 11th-largest crypto token by market cap, valued at an estimated $20.3 billion, roughly the same as U.S. cereal giant Kellogg’s. Dogecoin, the world’s largest dog-related meme coin, is the ninth-largest crypto token, with a $35 billion valuation, according to crypto data aggregator CoinGecko, or nearly equivalent to the market cap of technology firm HP.
The 10% drop in Shiba Inu’s price on Monday is due, at least in part, to Musk’s Twitter activity on Sunday. A Twitter user with the handle @ShibaInuHodler asked Musk how much SHIB he held. Musk replied “none.”
He later tweeted that crypto users should beware of investing their entire savings into meme coins like SHIB or the Floki Inu coin, an asset inspired by Musk’s decision to name his real-life Shiba Inu puppy Floki.
“Don’t bet the farm on crypto!” Musk wrote on Twitter. “True value is building products & providing services to your fellow human beings, not money in any form.
That Shiba Inu is still trading higher than its pre-surge price may reflect that Musk’s power over the dog-related coin markets may be fading. In early October, a single Musk tweet about his new puppy helped spark a 400% rise in Shiba Inu coin’s price.