The most recent price rise of the SHIB token is due to the continuing bullish trend from October 15. Week-long support followed this at around $0.00002796.
SHIB or Shiba Inu is a spin-off of DOGE or Dogecoin tokens. It shot to an all-time high after a price increase of over 46 percent within two days. The trading pair of SHIB/USD reached the highest point at $0.00003941.
Continuing bullish trend
The token’s most recent price increase is possible because of the continuing bullish trend that began on October 15. The jump helped the value of the digital currency go up by more than 26 percent.
The token maintained at about $0.00002796 for a week-long before rising to its all-time high price.
In the last seven days, the market value of Shiba Inu increased over 50 percent and made it the 13th largest digital currency in terms of market cap, just three steps away from Dogecoin.
At present Shiba Inu holds the largest circulating supply of around 395 trillion. In September this year, the price of the Dogecoin-inspired token surged 40 percent after the CEO of Tesla, Elon Musk, took to Tweeter to declare the arrival of Floki, a new Shiba Inu puppy.
Elon Musk’s support
On October 18, analysis from Cointelegraph forecasted the Shib token to reach the $0.00005200 mark. The increasing popularity of Shiba Inu and Dogecoin is mainly due to Elon Musk’s support behind it.
The CEO of Tesla mentioned in a conference in California that he did not think it is possible to destroy Cryptocurrency. However, he feels that government may slow down their advancement.
The entrepreneur also believes that the government of the United States should not regulate cryptocurrencies.