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Shiba Inu Gains 40% but Musk Not a Buyer

Shiba Inu was one of the top performing coins on the week with gains of over 40%.

However, Elon Musk has put a dent in the coin’s price by clarifying his stance on the coin and said that he only owns Bitcoin, Ethereum and Dogecoin.

Musk wrote: “I acquired some ascii hash strings called ‘Bitcoin, Ethereum & Doge.’ That’s it.

There has bene speculation that SHIB will be added to the Robinhood trading platform, but many investors assumed that Musk was a buyer after recent tweets were supportive of the coin.

SHIB Price Forecast

The daily chart on SHIB is showing a strong rebound from the cryptocurrency market crash into the summer of 2021. SHIB languished around those lows into October but has since found strong buyers. The price has now topped the early October highs around the $0.000030 level and trades at $0.000040. The previous top would still ne 100% higher from this level.

There is a danger in holding SHIB after the recent comments from Elon Musk. The price may be rising on pure speculation and clever marketing, so there is downside risk to the coin. SHIB currently trades at number 13 in the list of the most valuable cryptos but does it really have any long-term utility compared to the likes of Solana and Chainlink?

SHIB Price Chart (daily)