When Elon Musk Disclosed How Much Shiba Inu (SHIB) He Holds

Elon Musk's Role in Dogecoin's Rise

Technology entrepreneur and CEO of Tesla and SpaceX, Elon Musk, is a prominent figure in the cryptocurrency market. In late 2020, he disclosed his investment in Dogecoin (DOGE), a meme-inspired digital currency.

Musk's association with Dogecoin significantly impacted its value, leading to a remarkable surge. Between November 2020 and May 2021, DOGE price skyrocketed from $0.002 to $0.73, marking a phenomenal 36,500% increase within six months. This surge made it a profitable investment for many market participants.

Musk's enthusiasm for Dogecoin extended beyond mere ownership. He frequently tweeted about the cryptocurrency, referring to it as "the people's currency." He also dedicated an episode of Saturday Night Live (SNL), titled The Dogefather, to discuss it. Musk's advocacy introduced millions of new investors to cryptocurrencies, further driving interest in the sector.

Shiba Inu: A Rising Competitor

Around the same time, another meme-based cryptocurrency called Shiba Inu (SHIB) gained attention. Its rapid ascent made it a notable competitor to Dogecoin, creating a divide among meme token enthusiasts.

Between 2020 and 2021, SHIB experienced an unprecedented rise of 85,000,000% (85 million percent), making it an exceptional asset during the bull run.

Musk's Clarification on SHIB Investment

As SHIB gained prominence, speculation arose regarding Musk's potential involvement in the cryptocurrency. Some theorized that he might even be the mysterious founder of SHIB. In response to such rumors, a user on X asked Musk about his SHIB holdings.

Musk responded succinctly, "None," clarifying that he does not invest in Shiba Inu (SHIB). This statement dispelled rumors of any involvement with SHIB.

Musk's Cryptocurrency Portfolio

Furthermore, Musk confirmed that his cryptocurrency portfolio includes only three assets: Dogecoin, Bitcoin, and Ethereum. His transparency dispelled rumors of any involvement with SHIB.

Rivalry Between Dogecoin and Shiba Inu (SHIB)

The rivalry between Dogecoin and Shiba Inu was evident during the bull run, with their communities often clashing on social media. Supporters of both tokens debated the merits of their chosen cryptocurrency, fostering a competitive environment in the meme-token market.

While Dogecoin had the benefit of Musk's endorsement and recognition as a "people's currency," Shiba Inu gained traction due to its meteoric rise in value and grassroots community-driven initiatives. Both tokens significantly influenced the meme-coin segment, attracting mainstream attention and new investors.

Conclusion

Despite his significant role in the cryptocurrency market, Musk's portfolio remains focused on Dogecoin, Bitcoin, and Ethereum. His public disavowal of Shiba Inu highlights his selectivity in investing, despite the rampant speculation surrounding his influence.