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The month of October has been green for the meme token Shiba Inu. The token has seen a disruptive surge of over 370% in the last 7 days. The dogecoin killer token saw a progressive rise in price from october 2 and since the month of october has been all smiles for the meme coin holders.
This recent price surge was as a result of anonymous whales who purchased over 6 trillion Shiba Inu tokens last weekend. Another reason that may have led the dogecoin competitor to be on the rise is the recent tweet made by Tesla CEO and meme coin fan Elon Musk in which he posted a picture of his \shiba Shiba Inu Dog named Floki.
This resulting price surge has pushed Shiba Inu among the first 20 cryptocurrencies standing presently at the 13th position with a market cap of over $12 billion.
Meanwhile, other top cryptocurrencies are still in the red, with Bitcoin unable to stay above the new $55,000 high. Top altcoins are also struggling to maintain their prices as well, including ETH, XRP and even Cardano which has moved massively recently. As most of the altcoins depend on the momentum of Bitcoin to rise, it is safe to say that they may stay down pending when the number one cryptocurrency starts another movement up.
Some analysts say that the SHIB token may gain another 100% after breaking above the $0.00003 price level which it has since surpassed. If this is true and the news of whales buying trillions of the token is also true, SHIB may be on its way to new price levels in the coming days. It will be interesting to see what happens to memecoins in general as Musk continues to flaunt his new dog.
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