Shiba Inu (SHIB), the recently surging Dogecoin-inspired ERC-twenty coin, suffered a twenty% retracement in ii hours as Tesla founder and hypothetical DOGE CEO Elon Musk announced to Twitter that he doesn't hold any Shiba Inu tokens.

The retracement came after SHIB surged past its previous best high to tag a local top of $0.000044 on Sunday post-obit a more-than-500% rally since the start of Oct.

Amid the token's bullish price action, Twitter user ShibaInuHodler asked Musk how much SHIB he was property, to which Musk responded, "None."

While SHIB sellers had already stepped in to take profits at the token's local all-fourth dimension high, SHIB would quickly lose a further x% to merchandise for $0.000035 within roughly half an hr of Musk's reply. SHIB has since been oscillating between $0.000035 and $0.00004.

Reactions to Musk'due south comments from SHIB investors take been varied, with ShibaInuHodler suggesting Musk should invest in some Shiba Inu tokens.

Others criticized ShibaInuHodler for engaging Musk, with Shibalaskan imploring them to "plz stop pestering celebrities when the community is doing fine without this sort of foolishness."

Related: Dogecoin loses lxx% against Bitcoin during vi months of celebrity DOGE endorsements

The dog token drama comes as Musk has returned to Twitter to espouse the virtues of Dogecoin (DOGE).

On Sunday, the SpaceX founder tweeted, "Lots of people I talked to on the product lines at Tesla or edifice rockets at SpaceX ain Doge. They aren't fiscal experts or Silicon Valley technologists. That'southward why I decided to support Doge – it felt like the people's crypto."