Cryptocurrency Shiba Inu has plunged from its record high after popular investor Elon Musk disclosed that he has no holdings of the digital token, Bloomberg reported.

  • SHIB fell as much as 15% on Monday morning from the record-high it reached on Sunday. The digital token climbed over 400% in the past month to become the 11th-largest token in terms of value.
  • The surge of the token is attributed to several factors such as its listing on Robinhood, its system, which involves non-fungible tokens, and the attraction for meme assets.
  • The drop came as Musk on Twitter responded to a query by saying he has no SHIB holdings, noting that he has only invested in Bitcoin, Ether, and Dogecoin.
  • In a follow-up tweet, Musk said “don’t bet the farm on crypto” as he noted that true value is building products and providing services, and not money in any form.

Doge has jumped as much as 10% on Monday. SHIB is down 2.81%, while DOGE is up 3.60%.