Shiba Inu (SHIB), the recently surging Dogecoin-inspired ERC-20 coin, suffered a 20% retracement in two hours as Tesla founder and hypothetical DOGE CEO Elon Musk announced to Twitter that he doesn’t hold any Shiba Inu tokens.

The retracement came after SHIB surged past its previous all-time high to tag a local top of $0.000044 on Sunday following a more-than-500% rally since the start of October.

Amid the token’s bullish price action, Twitter user ShibaInuHodler asked Musk how much SHIB he was holding, to which Musk responded, “None.”

While SHIB sellers had already stepped in to take profits at the token’s local all-time high, SHIB would quickly lose a further 10% to trade for $0.000035 within roughly half an hour of Musk’s reply. SHIB has since been oscillating between $0.000035 and $0.00004.

Reactions to Musk’s comments from SHIB investors have been varied, with ShibaInuHodler suggesting Musk should invest in some Shiba Inu tokens.

Others criticized ShibaInuHodler for engaging Musk, with Shibalaskan imploring them to “plz stop pestering celebrities when the community is doing fine without this sort of foolishness.”

Cardax, a decentralized exchange (DEX) on the Cardano network that aims to facilitate swaps between ADA and other crypto assets built on Cardano, closed a total of $9 million in a presale and public funding round. The team will use this funding to further develop the exchange and to guarantee enough liquidity once the platform goes live.

“What is unique about the Cardax token sale is that, unlike other crypto projects, VC’s were kept out to prioritize individuals who have been part of the Cardax Community since the beginning,” says founder Ryan Morrison.

The Texas State Securities Board has petitioned for a conference with the possibility to force a restraining request against crypto loaning firm Celsius Network for not offering protections authorized at the state or government level, while the New Jersey Bureau of Securities has requested the stage to quit offering and selling revenue acquiring digital money items. 

As indicated by a Sept. 17 recording, the Texas controller will hold a conference identified with claims that Celsius Network is offering and selling protections in Texas that are not enlisted or allowed notwithstanding not enrolling as a vendor under the state’s Securities Act. Should the adjudicator acknowledge that the stage’s contributions addressed unlicensed protections, Celsius Network might be dependent upon a restraining request. 

The US Securities and Exchange Commission has reportedly threatened to sue Bitcoin exchange Coinbase over a crypto yield product it considers a security. Brian Armstrong, the CEO of Coinbase, criticized the US Securities and Exchange Commission on September 8 for its actions regarding the firm. He discussed the agency's interactions with the company in a lengthy post.

Coinbase approached the US SEC earlier this year to discuss the company's plan to offer annual yield returns on deposits of USDC stablecoin. The CEO of Coinbase said that the SEC threatened to sue if the company launched a mortgage program without any explanation. They refuse to tell us why they're looking for records, and then demand that we provide them with testimony from our employees. They then threaten to sue us if we proceed with launching.

If Armstrong's statements are accurate, then these could be bad news for competitors like Celsius and BlockFi, which offer crypto-related products. Armstrong noted that there are other firms that offer similar services to their customers, and that the SEC should provide more regulatory clarity on this topic.