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After Kraken Lists Shib, Shiba Inu Token Is Up 31%.

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Shiba Inu (SHIB), a famous meme coin and Dogecoin competitor, reached an intraday high of $0.00005097 on Tuesday morning, representing a 31.4 percent increase in the previous day.

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According to CoinGecko data, this is the highest position for Shiba Inu since November 19, when the token traded over $0.00005100 before dropping to $0.00003660 a week later.

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SHIB is an Ethereum-based coin launched in August 2020 by a pseudonymous developer known as Ryoshi. The meme coin has received a lot of attention in recent months, thanks in part to the engagement of Vitalik Buterin, a co-founder of Ethereum.

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

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One probable explanation for SHIB’s recent price movement is that Kraken, America’s second-largest crypto exchange by trading volume, announced support for the coin on Monday.

Deposits for the “Dogecoin killer” are already open, according to a blog post, with trading set to commence on Tuesday between 10 a.m. and 12 p.m. EST.

The exchange also stated that SHIB will be tradeable against the euro and the US dollar, with a minimum order size of 50,000 SHIB, or $2.5, necessary to place an order.

Shortly after the announcement, an anonymous crypto whale going by the handle Gimli purchased an additional 24.8 billion SHIB tokens, worth over $1 million at the time of purchase.