Shiba Inu is up more than 45% in two days, reaching its all-time high

Shiba Inu (SHIB), a token derived from Dogecoin (DOGE), hit an all-time high in just two days after a price increase of more than 46%. The SHIB / USD trading pair was trading at $ 0.0003941 at press time.

The last jump in The price of the SHIB token is attributed to a sustained upward trend since October 15, which has contributed to the cryptocurrency’s value rising by more than 26%. Since October 17th, SHIB held a week-long support at around $ 0.00002796 before resuming its bull run to its all-time high.

In the past seven days, Shiba Inu’s market value has risen by more than 50% and is currently the 13th largest cryptocurrency in terms of market capitalization. on only three positions from Dogecoin.

Shiba Inu is up more than 45% in two days, reaching its all-time high
Shiba Inu is up more than 45% in two days, reaching its all-time high

Shiba Inu currently has the largest supply in circulation at nearly $ 395 billion. Back in September, the Dogecoin-inspired token rose 40% after Tesla CEO Elon Musk tweeted the arrival of a new Shiba Inu puppy named Floki.

An October 18 Cointelegraph analysis predicts this the SHIB token targets the $ 0.00005200 mark, determined by an expected recovery after the sales season.

Dogecoin and Shiba Inu’s growth is primarily attributed to support from Tesla CEO Elon Musk. At a recent conference in California, Musk said:

“I think it is not possible to destroy cryptocurrencies, but it is possible for governments to slow their progress.”

In addition, the businessman is of the opinion that the US government should “do nothing” to regulate cryptocurrencies.

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