Launched as a ‘Dogecoin Killer’, Shibu Inu hits an all-time high after a surge of 46% in its price in just two days. Shibu Inu touched its all-time-high $00004018 on Oct. 24, 7:00 UTC.
The most recent price rise of SHIB token can be attributed to a bullish trend that has been in place starting on Oct. 15 that aided the cryptocurrency’s value rise to more than 26%. Since October. 17 SHIB held steady for the week at around $0.00002796 before beginning the bull market to reach its all-time highest level. This meme coin has raised 39.50% in the last 24 hours.
In the last 7 hours, Shiba Inu’s market value has risen by more than 50%. It is now ranked as the 13th most valuable cryptocurrency by market capitalization, just three positions from Dogecoin. Shibu is one such coin that makes its place within the top 20 in just a few months.
This sudden surge in Shibu Inu price is expected to come after a recent tweet from Tesla Owner Elon Musk tweets about his Shibu Inu puppy named Folki:
Floki has arrived pic.twitter.com/2MiUKb91FT— Elon Musk (@elonmusk) September 12, 2021
Launched in August 2020 by an anonymous person named Ryoshi, this coin quickly gained momentum. Like its rival Doge, many prominent crypto personalities such as Elon Musk and Ethereum creator Vitalik Buterinn show their interest through tweets. Shibu Inu is currently being traded on major exchanges like Binance and Coinbase.
Musk’s unique interests with Dogecoin and now with Shibu Inu has previously shown a sudden spike in prices. A month before, Elon Musk’s tweeted about the birth of a newly-born Shibu Inu puppy. Recently after this tweet went viral, popular meme cryptocurrency Dogecoin price increased by 40%.
Along with BTC trading on $60K after smashing its all-time high and touching a special $67K, the entire crypto market is on a bull run. Currently, Shibu Inu is trading at $0.00003890, just a few per cent below its ATH. The technical’s show a bullish outlook of this coin, and it could break its ATH again before seeing a correction.
Gargi Sinha is working as Senior Journalist at Confea. She has completed her Masters in Journalism from Delhi University. She has interest in crypto and blockchain technology.