Despite the sky-rocket value of the Shiba Inu coin, the cryptocurrency has declined for the past 2 weeks.

Currently, the Shiba Inu coin price closed at 0.000053.

Meanwhile, it's proven that Elon Musk Shiba Inu's meme coin is nowhere near his portfolio.

Shiba Inu Coin

Early adopters of the Shiba Inu currency have made life-changing gains.

Shiba Inu debuted on Aug. 1, 2020, with SHIB tokens trading for $0.00000000051.

SHIB, on the other hand, set an all-time intraday high of $0.00008841 on Oct. 27, less than 15 months after its inception. By that time, the Shiba Inu coin has increased by a staggering 17,300,000%.

Shiba Inu has profited from a variety of factors, several of which are centered on increasing visibility and strengthening its community.

SHIB's seemingly self-sustaining development, for example, has prompted more cryptocurrency exchanges to list Shiba Inu coins.

Increased listings imply improved liquidity, increased coin knowledge, and a larger overall community. SHIB tokens are now held in about 941,000 different wallets, according to Etherscan.

Shiba Inu News

However, the Shiba Inu price had a significant change.

Over a two-week period, the top-performing cryptocurrency has fallen down to its usual high stake price. SHIB has retraced all the way back to $0.00004997 in the 14 days since setting an intraday high of $0.00008841.

For the math-phobes among you, this corresponds to a massive 43% decrease.

The cryptocurrency market is begging the question of how low can the meme coin can go.

According to Sean Williams of Fool.com, it is predicted to drop 93% to 99% within the next two years.

However, aside from Bitcoin, no digital currencies have witnessed the magnitude of profits produced by the Shiba Inu coin, but there have been a number of prominent cryptocurrencies that have created life-changing gains in a short period of time:

1. In little than ten months, Nano grew 461,575%.

2. In just over a year, NEO has increased by 163,711%.

3. In just ten months and a week, the price of XRP has risen by 62,452%.

4. In roughly 13 months, NEM has increased by 57,359%.

5. In a 30-month period, Litecoin increased by 24,613%.

Elon Musk's Shiba Inu

Tesla's CEO is a cryptocurrency fanatic, as his followers know, especially on Twitter, where he tends to speak about the topic openly.

However, Musk revealed he only has three cryptocurrencies.

First, Bitcoin. Musk was even rumored to be the person behind Satoshi Nakamoto, the mysterious creator of Bitcoin, back in 2017, although it has been proven incorrect.

Nevertheless, Tesla, earlier this year has purchased $1.5 billion in Bitcoin. It's even started taking Bitcoin as payment for its electric vehicles.

However, due to worries about the energy consumption required to create the biggest cryptocurrency, this only lasted a few months.

Nevertheless, Tesla is expected to resume taking cryptocurrency, according to Musk.

Second, Dogecoin. Elon Musk has essentially taken up the role of Dogecoin's public face.

According to The Motley Fool, in 2020, aside from Shiba Inu coins, Musk had started tweeting about Dogecoin on a regular basis. As a result, the price of the meme coin increased with each tweet.

But it was in May of this year, when Tesla CEO Elon Musk hosted Saturday Night Live, that the company received the most attention. On the broadcast, Musk referred to himself as "the Dogefather."

Musk stated during the summer that he does own some Dogecoin. He supports it because it feels "like the people's crypto," he remarked.

Lastly, Ethereum. Musk's first public encounter with Ethereum was not pleasant as the tech CEO seems to be undecided about the cryptocurrency.

"I'm not developing anything on Ethereum. Not for or against it, just don't use it or own any," he said in response to a tweet.

However, Musk now appears to have jumped the barrier. He revealed this year that he holds Ethereum tokens, alongside Bitcoin and Dogecoin.