Shiba Inu Rallies by Over 25% After Listing on Kraken Exchange

Shiba Inu lost its place to Avalanche in the cryptocurrency market last week but is now the eleventh largest cryptocurrency by market cap again after rallying by more than 25% over the past 24 hours.

SHIB could rally higher over the coming hours if it gets support from the broader cryptocurrency market.

Kraken Lists SHIB, Trading Starts Today

Kraken, one of the leading cryptocurrency exchanges in the world, has listed Shiba Inu on its platform. The exchange announced the listing yesterday, stating that the deposit of SHIB tokens is now live.

The crypto exchange said, “Funding is live, and we anticipate trading will begin tomorrow, November 30 — at which point Kraken will enable order entry and execution.”

This latest development comes barely two months after Shiba Inu was listed on Coinbase. Since its listing on Coinbase, SHIB dominated the weekly trading volume until it lost its place to Bitcoin and Ether last week.

Shiba Inu’s rally in September saw the cryptocurrency briefly enter the top ten list and surpassed Dogecoin in terms of market cap. Following its rally in September, Shiba Inu has been underperforming in recent weeks. At press time, SHIB’s value dipped by more than 22% over the past month. The coin dropped below the $0.000040 level despite reaching a million holders last week.

Will Shiba Inu Reach $0.001 Soon?

Shiba Inu has been one of the best-performing cryptocurrencies in the world since the start of the year. It is also the second-largest meme coin, behind only Dogecoin. Over the past six months, SHIB has added more than 600% to its value.

At press time, SHIB is trading at $0.000051, up by 31% over the past 24 hours. Shiba Inu is trading way above its 100-day simple moving average at $0.0000281. Its MACD line is currently in the neutral zone, while an RSI of 57 shows that SHIB is heading into bullish territory.

Shiba Inu has a market cap of $30 billion, making it the eleventh-largest coin in the cryptocurrency space. It remains unclear if it can rally towards the $0.001 level over the coming months. Shiba Inu, reaching that level, could push its market cap into hundreds of billions of dollars.

The coin could achieve that level if the total market cap of the cryptocurrency industry rallies higher over the coming months and years to surpass $5 trillion. However, reaching $0.001 at the current total market cap would put Shiba Inu above numerous cryptocurrencies, including Binance Coin (BNB), USDT, Solana (SOL), Dogecoin, Cardano (ADA) and XRP.