The Truth Behind Elon Musk's Rejection of Investment in Shiba Inu

Tech entrepreneur Elon Musk is known for his strong support of Dogecoin (DOGE), but interestingly, he has not invested in the competing meme coin “Shiba Inu (SHIB).” Since publicly revealing his holdings of Dogecoin at the end of 2020, Musk’s portfolio strategy has remained consistent. What was behind this decision?

The Dramatic Rise of Dogecoin Paved the Way for the Meme Coin Era

During the bullish market from 2020 to early 2021, Dogecoin dominated the market. At that time, this dog-themed meme coin saw an astonishing increase of over 36,500% in just six months.

Specifically, it surged rapidly from $0.002 in November 2020 to an all-time high of $0.73 in early summer 2021. Elon Musk, founder of SpaceX, publicly started talking about this coin, attracting new investors worldwide.

He called Dogecoin a “people’s currency” in interviews, regularly tweeted about it on social media, and even hosted the TV show “Saturday Night Live,” actively promoting it. Thanks to the influence of Tesla’s CEO, Dogecoin transformed from a joke coin into a mainstream asset.

Shiba Inu (SHIB): The Rise of a New Rival

As the bullish market of 2021 peaked, a new challenger emerged in the meme coin space: Shiba Inu (SHIB). This token experienced a leap of over 85 billion percent from 2020 to 2021, drawing significant attention from investors.

Both Dogecoin supporters and Shiba Inu fans engaged in fierce rivalries across social media platforms. Some members of the Shiba Inu community speculated that this tech entrepreneur might also be invested in SHIB.

Therefore, a user tagged Elon Musk directly on X (formerly Twitter), asking, “How many SHIB tokens do you hold?” Surprisingly, Tesla’s CEO decided to respond directly to this inquiry.

Elon Musk’s Clear Stance: He Does Not Hold SHIB

His response was straightforward. Musk said, “No.” By publicly confirming his digital asset holdings on social media, the SpaceX founder dispelled market speculation.

He only owns Dogecoin, Bitcoin, and Ethereum. This was a clear declaration that he does not invest in other cryptocurrencies. This response suggests that Elon Musk is not just a crypto trader but has a philosophical commitment to certain projects.

His negative stance on Shiba Inu reflects his strong belief in Dogecoin. Amid the flood of many meme coins in the market, Musk remained loyal to his original choice, Dogecoin.

The Trajectory of Both in Today’s Meme Coin Market

Since then, the market has experienced significant fluctuations. Dogecoin has fallen 45.79% over the past year, currently trading around $0.09. Meanwhile, Shiba Inu (SHIB) also declined by 54.55% over the same period, as the overall market entered a correction phase.

From its initial rapid rise to the current correction period, both coins tell a tumultuous story of meme coin culture. Whether Musk’s refusal to invest in SHIB was the right decision or a market misjudgment may change over time. However, his investment philosophy remains consistent, and his lack of commitment to Shiba Inu is a defining feature of Elon Musk’s crypto portfolio strategy.