After Becoming 11th Biggest Cryptocurrency, Shiba Inu Plunges 15 Per Cent. Here Is The Reason

After rising to the record high over the weekend and becoming the 11th-biggest cryptocurrency by market value, Shiba Inu (which is also known as SHIB) was down 15 per cent at 9:30 a.m. on Monday, reported Mint, citing CoinGecko.com.

According to the report, the possible reason of slump in SHIB’s pricing could be Tesla CEO Elon Musk, who earlier helped Shiba vault up the ranks of the largest cryptocurrencies by market value by tweeting a photo of his puppy, said he doesn’t own any SHIB.

While responding to a query from a Twitter user, who asked Musk how much Shiba Inu does he holds? In response, Musk said, “None." In a follow-up tweet, he said he has bought Bitcoin, Ether and Dogecoin, and “that’s it."

As per CoinGecko.com, SHIB was up 50 per cent in the 24 hours through 10:10 a.m. New York time on Sunday, and later it reached a record earlier in the day. 

Not only that but the token -- centered around a breed of Japanese hunting dogs -- has risen more than 400% in the past 30 days to be the 11th-largest by value.

Interestingly, a petition on Change.org imploring Robinhood to list SHIB on its platform has garnered almost 300,000 signatures. The token has gained more than 40 million percent in the past year.

Shiba Inu was founded in 2020 by an anonymous person going by the name Ryoshi, and the coin's website refers to it as “a decentralized meme token that evolved into a vibrant ecosystem.”