The run-up in the price of Shiba Inu (SHIB) and so far in October has pushed the SHIB token to get the 20th largest digital asset by market capitalization.

Shiba Inu'southward circulating market place valuation jumped to $11.08 billion earlier this calendar week and is currently above $10 billion, putting it in the tiptop-20 past market place cap for the start time. As a result, the Dogecoin-inspired meme cryptocurrency became more valuable than popular blockchain projects like Stellar (XLM), Polygon (MATIC) and Tron (TRX).

SHIB market cap versus price. Source: Messari

The growth in Shiba Inu's valuation came on the heels of a tweet published by Elon Musk. On October. iv, the Tesla CEO posted the picture of his pet dog — a Shiba Inu brood — with the caption "Floki Frunkpuppy." SHIB jumped by more than forty% an hour later on the tweet.

Crypto speculators tend to read also much into Musk'south tweets. For example, the billionaire entrepreneur was instrumental in pushing the Dogecoin (DOGE) price higher earlier in 2022 via Twitter.

SHIB cost surged past almost 400% a calendar week after opening the fourth quarter of 2022 at $0.00000725. In doing so, the token retested its five-month high of $0.00003528 on Oct. 7.

Notwithstanding, SHIB underwent a twoscore%-plus price correction on the same date every bit some traders decided to unwind their spot positions for interim profits. As a result, Shiba Inu'southward marketplace cap savage in tandem, going to as low as $8.06 billion on Oct..

SHIB/USDT daily cost chart. Source: TradingView.com

The sell-off beyond Shiba Inu markets, confronting the dollar and Bitcoin (BTC), prompted buy-the-dip sentiment. A rebound rally ensued, which pushed the SHIB toll upwardly past more than 45%. At its highest on Oct. ix, the token was changing hands for $0.00003020, with its market place cap around $10.73 billion.

What is side by side for SHIB?

The Shiba Inu price dropped on Oct. nine by more than 5% to reach a fresh intraday low of  $0.00002575. In doing so, the cryptocurrency hinted at forming a potential descending triangle blueprint, suggesting additional losses ahead.

Related: 'Much ow' ahead? Dogecoin chart fractal puts Shiba Inu'southward 390% QTD rally in danger

In detail, descending triangles are typically bearish patterns that form when the price trends lower while fluctuating between an area divers by two converging trendlines: one falling and the other horizontal, such as the ones SHIB has formed in the nautical chart below.

SHIB/USDT four-60 minutes price chart featuring descending triangle setup. Source: TradingView.com

The formation of lower highs atop a standstill back up line indicates weakening buying sentiment amidst traders. As a result, the cost ultimately tends to intermission beneath the horizontal trendline. In doing and so, its target shifts to a level at a length equal to the maximum triangle height.

In other words, SHIB price may go nether $0.00001000 in the coming sessions if the abovementioned support level fails to agree.

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