Shiba Inu which is a spin-off to Dogecoin token, reached an all-time high following a price surge of more than 46%. The SHIB/USD trading pair was valued highest at $0.00003941 during press time.
SHIB token is attributed to an ongoing bullish trend which helped the cryptocurrency’s value rally by more than 26%. SHIB maintained week-long support at roughly $0.00002796 before resuming to bull run to its all-time high.
Shiba Inu’s market value surged over 50% and currently stands as the 13th biggest cryptocurrency in terms of market capitalization, just three spots away from Dogecoin.
At Present, Shiba Inu holds the biggest circulating supply of nearly 395 trillion. Back in September, the Dogecoin-inspired token jumped 40% after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy called Floki. The growth of Dogecoin and Shiba Inu is primarily attributed to support from Tesla CEO Elon Musk.
