On Tuesday morning, Shiba Inu (SHIB), a popular meme coin and Dogecoin competitor, reached an intraday high above $0.00005097, up 31.4% in a single day.
According to CoinGecko, this is Shiba Inu’s highest level since November 19, when it traded over $0.00005100 for a week before declining to $0.00003660.
Ryoshi is a pseudonymous developer who created SHIB on the Ethereum platform in August 2020. The meme coin has attracted plenty of attention in recent months-in no small part because Vitalik Buterin, co-founder of Ethereum, indirectly involved himself in its development.
Avalanche (AVAX) has also been flipped by Shiba Inu to become the 11th-largest cryptocurrency on the market with a market cap of $26.8 billion. Several times in recent weeks, SHIB has surpassed DOGE in CoinGecko’s ranking based on total market capitalization.
The latest price movement may be attributed to Kraken’s announcement to support the coin on Monday, America’s second-largest crypto exchange by trading volume.
Per a blog post, deposits for the “Dogecoin killer” are now live, with trading expected to begin on Tuesday between 10 am and 12 pm EST.
The exchange also clarified that SHIB will be tradeable against the euro and the U.S. dollar with a minimum of 50,000 SHIB, or $2.5, required to open an order.
Shortly after the announcement, an anonymous crypto whale going under the alias of Gimli increased their SHIB holdings by an additional 24.8 billion tokens worth over $1 million at the time of the purchase.
As data from Whalestats shows, Gimli currently owns over $59 million in SHIB.
Kraken is the latest U.S.-based digital asset exchange to list SHIB in recent months. The coin launched on Coinbase in mid-September, with Gemini following suit earlier this month.
On November 1, Shiba Inu became available on Binance, currently the world’s largest crypto exchange.
The meme coin also saw several important integrations in recent weeks.
Earlier this month, crypto payments service CoinGate announced the official integration of Shiba Inu, allowing users, merchants, traders, and gift card shoppers to accept, buy, trade, or spend the token.
More positive news for SHIB came on Monday when Newegg, a California-based tech e-retailer, said it would accept the token as a means of payment on its platform in early December.
Original article can be found at //decrypt.co/87236/shiba-inu-token-up-after-kraken-listing-overtakes-avalanche
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
