Shiba Inu surges 31% after Kraken listing


TL; DR Breakdown

  • Shiba Inu surges 31% after Kraken listing
  • The twisting was one of the major triggers
  • SHIB continues to ink partnerships

Over the last couple of weeks, digital assets have been showing mixed signals despite more traders in the market. However, some coins were doing numbers even in the face of the bears. One particular token, Shiba Inu, has won the hearts of so many in the crypto market with its massive rise. Following the rise, Kraken, a crypto exchange based in the United States, announced that traders can now trade the asset on its platform. Following that update, the digital asset has seen a massive climb of 31% just over 24 hours after the listing was announced.

Kraken listing was a major trigger

According to statistics and data, the dog-based digital asset saw a climb as it registered a massive price of $0.00005097. This is the second time the token will witness such a big climb after the first surge saw it move close to $0.00005100 on November 19. As per data culled from CoinGecko, the token didn’t last long during the period as it came down flat to trade at $0.00003660.

Created by its anonymous developer, Ryoshi, Shiba Inu entered the crypto market in 2020 as a token based on Ethereum. After its debut in the market, there was a lot of activity surrounding the token, thanks to Ethereum boss Vitalik Buterin. Shiba Inu has also displaced Avalanche from the 11th position in market cap rankings after its market cap went up to $26.8 billion. The token has also pushed Dogecoin below the market cap rankings throughout the last few weeks, with the latter always fighting hard to restore its position.

SHIB continues to ink partnerships

One of the major triggers for the recent performance of the coin has been attributed to the move by Kraken to list the asset. Although trading has not kickstarted on the exchange, deposits have now gone live. Kraken also mentioned that traders who want to trade the asset could only open a trade at $2.5 against the dollar or euro.

After the Kraken announcement, SHIB whale, Glimli added more Shiba Inu to his wallet, increasing his holding by a little over $1 million. Presently, the whale holds about $59 million worth of Shiba Inu token. Kraken became one of the three high-profile crypto exchanges that have listed the token in the last few months. Coinbase announced its listing in September, while Gemini listed the token at the start of the month.

At the beginning of this month, Binance also announced that traders could start to purchase and trade Shiba Inu on its platform. Asides from the listing, Shiba Inu, has been seeing massive partnerships. CoinGate announced recently that its users can now accept or spend SHIB on its platform. Newegg has also announced the integration of SHIB as a method of payments which is set to kick off in the next few days.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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