Shiba Inu (SHIB), a token derived from Dogecoin (DOGE), hit an all-time high after a price surge of more than 46% in just two days. The SHIB / USD trading pair had a high value of $ 0.00003941 at press time.
The last jump in The price of the SHIB token is attributed to an ongoing uptrend since October 15, which helped the cryptocurrency’s value to rise more than 26%. Since October 17, SHIB held a one-week support at roughly $ 0.00002796 before resuming its bull run to its all-time high.
In the past seven days, the market value of Shiba Inu has risen more than 50% and is currently ranked as the 13th largest cryptocurrency in terms of market capitalization, just three positions from Dogecoin.
Currently, Shiba Inu has the largest supply in circulation, with almost 395 billion. Back in September, the Dogecoin-inspired token soared 40% after Tesla CEO Elon Musk tweeted the arrival of a new Shiba Inu puppy named Floki.
Floki has arrived pic.twitter.com/2MiUKb91FT
– Elon Musk (@elonmusk) September 12, 2021
An October 18 Cointelegraph analysis predicts that the SHIB token targets the mark of USD 0.00005200, determined by an expected rebound after the sales season.
The growth of Dogecoin and Shiba Inu is primarily attributed to the support of Tesla CEO Elon Musk. At a recent conference in California, Musk said:
“It is not possible, I think, to destroy cryptocurrencies, but it is possible for governments to slow down their advance.”
In addition, the businessman believes that the United States government should not “do anything” to regulate cryptocurrencies.
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