Shiba Inu Hits Highest Price Point, Up 46 Percent In Two Days

Floki, Elon Musk's Shiba Inu puppy. (photo: twitter)

JAKARTA— Shiba Inu (SHIB), a spin-off token of Dogecoin (DOGE), hit an all-time high after a price spike of more than 46% in just two days. The SHIB/USD trading pair was highest at $0.00003941 during press time.

The latest spike in the price of the SHIB token is associated with the ongoing bullish trend from October 15th, which helped the cryptocurrency rally in value by over 26%. Since October 17th, SHIB has maintained support for the week around $0.00002796 before extending gains to an all-time high.

In the past seven days, the market value of Shiba Inu has surged by more than 50% and currently stands as the 13th largest cryptocurrency in terms of market cap, only three positions away from Dogecoin.

Currently, the Shiba Inu holds the largest circulating supply of nearly 395 trillion. Back in September, Dogecoin-inspired tokens surged 40% after Elon Musk, Tesla CEO, tweeted about the arrival of a new Shiba Inu puppy named Floki.

Cointelegraph analysis from October 18 predicts the SHIB token will target the $0.000005200 mark, determined by the expected rebound after the sell-off season.

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

“In my opinion, it is impossible to destroy crypto, but it is possible for the government to slow its progress.”

Moreover, this entrepreneur believes that the United States government should “do nothing” to regulate cryptocurrencies.