Shiba Inu (SHIB), a derivative of Dogecoin (DOGE) token, hit an all-time high after a price surge of more than 46% in just two days. The SHIB / USD trading pair valued higher at $ 0.00003941 at press time.
The latest price jump for the SHIB token is attributed to an ongoing uptrend since October 15, which helped the cryptocurrency's value rebound by more than 26%. Since Oct 17, SHIB held the one-week support at roughly $ 0.00002796 before resuming the bull run to its all-time high.
In the past seven days, the market value of Shiba Inu has risen more than 50% and it currently ranks as the thirteenth largest cryptocurrency in terms of market capitalization, just three places behind Dogecoin.
Currently, Shiba Inu has the largest circulating supply of nearly 395 billion. In September, the Dogecoin-inspired token jumped 40% after Tesla CEO Elon Musk tweeted about the arrival of a new Shiba Inu puppy named Floki.
Floki has arrived pic.twitter.com/2MiUKb91FT
- Elon Musk (@elonmusk) September 12, 2021
A Cointelegraph analysis from Oct. 18 predicts SHIB token to target the $ 0.00005200 mark, determined by an expected rebound after the settlement season.
Related: Cryptocurrencies are impossible to destroy, says Tesla CEO Elon Musk
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 that governments will slow down their advance."
Furthermore, the businessman believes that the US government should not "do anything" to regulate cryptocurrencies.
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