Shiba Inu Token Up 31% After Kraken Lists SHIB, Overtakes Avalanche

Shiba Inu (SHIB), a popular meme coin and Dogecoin competitor, has soared to an intraday high above $0.00005097 on Tuesday morning, marking an increase of 31.4% in the last day.

For Shiba Inu, this is the highest level since November 19, when the token traded above $0.00005100 before plummeting to $0.00003660 a week later, according to data from CoinGecko.

Launched in August 2020, SHIB is an Ethereum-based token created by a pseudonymous developer nicknamed Ryoshi. The meme coin garnered plenty of attention in recent months—in no small part due to the indirect involvement of Vitalik Buterin, a co-founder of Ethereum.

With a current market cap of $26.8 billion, Shiba Inu has also flipped Avalanche (AVAX) to become the 11th-largest cryptocurrency on the market. On several occasions in recent weeks, SHIB has topped DOGE in terms of total market cap on CoinGecko’s overall ranking.

One possible reason for SHIB’s latest price action was Kraken, America’s second-largest crypto exchange in terms of trading volume, announcing support for the coin on Monday.

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.

More integrations for 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.