On October 24, cryptocurrency values remained a combination of green and red. While BTC is fiddling to stay above $6K, ETH has been comparatively bullish as it is up 2.2%. The other top coins, ADA, SOL, XRP and DOT are trading in red. Amidst this killing the game is Shiba Inu, the meme crypto has just hit an All time high.
Shiba Inu (SHIB), a Dogecoin (DOGE) spin-off token, has hit an all-time high after a 46 percent price increase in just two days. During press time, the SHIB/USD trading pair was trading at $0.00003941.
SHIB token’s recent price increase can be ascribed to an ongoing bullish trend that began on Oct. 15 and helped the cryptocurrency’s value rise by more than 26 percent. SHIB has held week-long support at around $0.00002796 since Oct. 17 before starting its bull run to its all-time high.
Shiba Inu’s market value has increased by more than 50% in the last seven days, and it is now the 13th largest cryptocurrency in terms of market capitalization, just three spots below Dogecoin.Shiba Inu now has the largest circulating quantity of almost 395 trillion coins.
Catalyst Behind SHIB Price Rally
The Dogecoin-inspired token rose 40% in September when Tesla CEO Elon Musk tweeted about the birth of a new Shiba Inu dog named Floki.
Over the last week, Shiba Inu price activity has been consolidating in a narrower range. After a robust gain in early October that sent SHIB/USD to a new all-time high of $0.000035, the pair began to consolidate with a regression to $0.00002.
Over the last few weeks, SHIB/USD has made several lower highs and higher lows, finally settling below $0.00003. Shiba Inu has been trading sideways below resistance for the majority of this week, indicating a possible push higher later this week.
Shiba Inu finally broke higher yesterday, quickly touching the previous all-time high of $0.000035. After a brief pause, the previous all-time high was broken overnight, bringing SHIB/USD to its current level of $0.0.