On October 24, Shiba Inu (SHIB) token hit a new all-time high of $0.00004442. In the last 7 days, the price went up by around 50%. SHIB is the 13th largest cryptocurrency, with a market cap of over $15.1 bln.
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At the moment, SHIB trades at around $0.00003842. The price dropped after Elon Musk said he doesn't own any SHIB on Twitter.
SHIB is one of the meme coins, inspired by the Japanese breed of dog. It was launched in August 2020 on the Ethereum blockchain.
The token mainly started to increase in price along with Dogecoin, which attracted the attention of Elon Musk, Mark Cuban and other well-known people.
On October 4, Musk shared a picture of his dog, Floki, after which SHIB set a record high. On October 6, the number of followers of Shiba Inu's official Twitter reached 1.3 million.