Shiba Inu (SHIB), a subsidiary of Dogecoin (DOGE) token, reached an all-time high after prices rose more than 46% in just two days. The SHIB / USD trading pair was priced at a maximum price of $ 0.0003941 at press time.

The recent jump in the price of the SHIB token is due to the continued upward trend since 15 October, which has helped the cryptocurrency to rise in price by more than 26%. Since October 17, SHIB has maintained weekly support of $ 0.000002796 before resuming its all-time highs.

Over the last seven days, Shiba Inu’s market value has increased by over 50% and is currently ranked 13th in terms of market value, just three positions from Dogecoin.

Shiba Inu currently has the largest circulation of around $ 395 trillion. Back in September, a Dogecoin-inspired token jumped 40% after Tesla boss Elon Musk tweeted about the arrival of a new Shiba Inu puppy named Floki.

Cointelegraph’s October 18 analysis suggests that the SHIB token will target $ 0.00005200, driven by expected recovery after the sales season.

Related: Cryptocurrency can not be destroyed, says Tesla CEO Elon Musk

The growth of Dogecoin and Shiba Inu is mainly attributed to the support of Tesla CEO Elon Musk. Musk said at a recent conference in California:

“I think it is impossible to destroy cryptocurrencies, but governments can slow down their progress.”
Furthermore, the founder believes that the US government “should not do anything” to regulate the cryptocurrency.

Source: CoinTelegraph