Shiba Inu (SHIB), a by-product of the Dogecoin (DOGE) token, reached its all-time high following a price surge of over 46% in a matter of two days. As at the time of writing this report, SHIB/USD trading pair had peaked at $0.00003941.

As earlier stated,this recent price jump of SHIB token is definitely linked to an ongoing bullish trend from Oct. 15, that has seen the cryptocurrency value rallying by more than 26%. In fact, since Oct. 17, SHIB maintained a week-long support at nearly $0.00002796 before ‘bull-ying’ its way to the all-time high.

Now, within the past one week, Shiba Inu’s market value has seen a surge of over 50%, presently standing as the 13th biggest crypto with regards to their market capitalization. That’s just three positions behind Dogecoin.

In addition, Shiba Inu currently holds the biggest circulating supply nearing 395 trillion. Back in September, the token which is a spin-off to Dogecoin, jumped 40% after CEO of Tesla, Elon Musk tweeted about the arrival of a new Shiba Inu puppy called Floki.

Meanwhile, many are attributing the growth of Dogecoin and Shiba Inu, to the support from Tesla CEO Elon Musk. In a recent conference hosted in California, Musk said insisted it’s not possible to destroy crypto. He however admitted that it is possible for governments to slow down its advancement.

According to the entrepreneur, he believes that the United States government should “do nothing” with regards to regulating cryptocurrencies.

Do you really think Musk’s influence is responsible for the growing popularity of these coins?