Shiba Inu (SHIB) Continues to Surge – Price Analysis

Cryptocurrency News Price Analysis Shiba Inu (SHIB)

Shiba Inu (SHIB) has encountered multiple ups and downs over the recent months. However, the meme coin recorded a 25% rally on Tuesday, bucking the trend by the global market. That came after SHIB achieved Kraken listing.

Kraken users can now trade the DOGE-competitor under Euro and US Dollar pairs, and the token makes headlines as SHIB bulls prepare a massive surge. Meanwhile, data indicates that a Shiba Inu whale purchased 24.8 billion $SHIB for nearly $1 million. Is this what drove SHIB’s recent upswings?

More SHIB Gains

Shiba Inu trended throughout the year and surged 28.3% over the past 24 hours, standing at $0.00005022 early on Wednesday (TradingView data). Keep in mind that SHIB started in 2020 August to compete with the original meme coin, Dogecoin. Shiba Inu has seen an almost 80,000 times value growth in 2021. That attracted the attention of market participants, contributing to SHIB’s top trend this year.

Kraken has been hinting at SHIB addition to its trading platform. Meanwhile, the Shiba Inu community attacked. Nearly 60,000 individuals reacted, and Kraken tweeted that it would introduce SHIB trading if its posts received 2,000 likes.  That was an easy bet for the SHIB Army. Kraken now has the meme coin trading against the euro and US Dollar.

Shiba Inu Whales

Besides all the impressive news on Shiba Inu, market analysts discovered a crypto whale that invested about $1 million into $SHIB. That comes when the crypto dropped a fifth of its price within a day recently after the 2nd-largest SHIB whale moved $SHIB tokens worth nearly $2.3 billion out of its wallet early in November. That raised concerns on massive Shiba Inu concentration in few hands. For now, the meme coin continues to battle for the top ten spots by market value.

The latest SHIB rally had the canine-themed token claiming the 12th position in the crypto space by value. The crypto gained nearly 54m percent on YTD, higher than about 100% BTC increase at the same time.

What do you think about Shiba Inu’s performance after arriving in the market almost a year ago? Comment below.

Leave a Reply

Your email address will not be published.