Elon Musk doesn’t own any Shiba Inu Coin (SHIB). This fact was enough to temporarily drive SHIB’s price down by 21% over the weekend.
After Musk’s admission, SHIB recovered pretty quickly, even hitting a new All-Time High of 0.0000594 earlier today.
However, something is different - the ShibArmy no longer considers Elon Musk its ally.
SHIB Cuts Ties With Elon
For some SHIB hodlers, Musk’s role in SHIB’s growth has been exaggerated.
“SHIB did it without Elon — so I don’t believe the project is hurt because of what Elon said today,” said David Gokhshtein, founder of Gokhshtein Media. “If Elon said that about DOGE, that would have been a different story.”
The Tesla CEO, who had never tweeted about SHIB before denying he owned any of the token, has become a key figure in the memecoin sphere because of his Dogecoin advocacy. His more ‘generic’ doge tweets, including an image of his new Shiba Inu puppy, attract various Doge-related cryptocurrencies and their holders, including SHIB, to his replies.
One of the most recent of these came on October 18. Musk’s text-based image of a Doge holding a rocket sent SHIB’s price up by 15% in just 20 minutes.
While there is some bitterness towards Musk, SHIB hodlers have also expressed relief, especially after the recent recovery. Their coin is not reliant on the opinion of one person - the opposite of decentralisation.
One r/ShibArmy commenter said: “Anytime someone talks about Elon and Shib I tell them to remember the Doge SNL Dip! We don't need that kind of energy here.”
This is in reference to Elon Musk’s appearance on SNL on May 8 that triggered a DOGE dip of 40%, which it still has yet to recover from.
Regardless of Musk’s previous influence on SHIB, it has prompted a change in the community. Coming full circle, there has been a shift in the messaging and organic marketing from SHIB hodlers towards utility.
With Musk out of the picture, much of the community has turned its attention to the wider Shiba ecosystem to push their favourite coin.
“We moved past 'the meme', and went through hard months where recovery seemed so far away. And the team kept building and building,” said ShibInformer on Twitter. “And by now, even if an Elon's reference would pump the price, we are laser eyes focused on giving SHIBA value. Which is a financial ecosystem”.
Of course, this doesn’t mean SHIB is out of the woods. With misinformation contributing towards the hype for a potential Robinhood listing, any further debunking from Robinhood could send SHIB spiraling.