Shiba Inu (SHIB), a spin-off of Dogecoin (DOGE), reached an all-time high following a toll surge of more than 46% in but two days. The SHIB/USD trading pair was valued highest at $0.00003941 at the time of writing.

The latest price bound of SHIB is attributed to an ongoing bullish trend from Oct. xv, which helped the cryptocurrency's value rally by more than than 26%. Since Oct. 17, SHIB maintained week-long support at roughly $0.00002796 before resuming to bull run to its all-time high.

In the final seven days, Shiba Inu'due south marketplace value has surged over 50% and currently stands as the 13th-biggest cryptocurrency in terms of market capitalization, simply three positions away from Dogecoin.

Currently, Shiba Inu holds the biggest circulating supply of virtually 395 trillion. Back in September, the Dogecoin-inspired token jumped 40% after Elon Musk, CEO of Tesla, tweeted well-nigh the inflow of a new Shiba Inu puppy called Floki.

A Cointelegraph analysis from Oct. eighteen foresees SHIB to target the $0.00005200 mark, adamant by an expected rebound after the sell-off season.

Related: Crypto is incommunicable to destroy, says Tesla CEO Elon Musk

The growth of Dogecoin and Shiba Inu is primarily attributed to support from Musk. In a recent conference hosted in California, Musk said:

"Information technology is not possible to, I call back, destroy crypto, but information technology is possible for governments to tedious down its advancement."

Moreover, the entrepreneur believes that the U.s.a. authorities should "do cipher" in terms of regulating cryptocurrencies.