Musk denies SHIB Holdings, revealing the true state of the portfolio

That topic was all the rage. During the memecoin war in 2021, when DOGE and SHIB were fiercely competing against each other. There were rumors among investors that “Musk might also hold SHIB.”

Then Musk, who was directly questioned on X, simply replied “No.” It was a response that left no room for argument.

What has become clear is that Musk's portfolio consists only of three types: DOGE, BTC, and ETH. He doesn't hold any other cryptocurrencies.

Looking back, the influence of Musk's support for DOGE was tremendous. From $0.002 in November 2020 to $0.73 in May 2021, a staggering 36,500% increase in just 6 months. Meanwhile, SHIB recorded a crazy increase rate of 85 million percent from 2020 to 2021.

Musk's denial of SHIB seems to have rapidly cooled the faith in memecoins from that time. The fact that the market fluctuates so much based on whether or not there is a celebrity endorsement is both an interesting and dangerous aspect of the cryptocurrency market.