Shiba Inu fell by as much as 15% at 9:30 a.m. on Monday from a new all-time high reached on Sunday after Tesla CEO Elon Musk said he does not own the crypto token.
Musk says he only owns Bitcoin, Ether, and Dogecoin. Dogecoin rose about 10% at 9:30 a.m. on Monday following Musk’s comments before retreating lower.
Musk’s comments raised eyebrows among Shiba fans who had believed that Musk owns the proclaimed dogecoin killer after tweeting a photo of his puppy, synonymous with Shiba token.
Shiba has gained more than 400% in the last month to become the 11th largest cryptocurrency following Musk’s tweet. It also got a bullish sentiment over a potential listing on Robinhood.
Analysts now warn that there is little reason for the recent surge in Shiba Inu, saying it could struggle to maintain the recent momentum.
SHIBUSD is currently up +5.41%, DOGEUSD is down -4.17%.
