The Shiba Inu, the Dogecoin-inspired meme cryptocurrency, soared nearly 30 percent on Tuesday after listing on the popular Kraken exchange.
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Buyers were able to trade the China-based coin against the US dollar and euro on Tuesday – a milestone that capped a record year.
Kraken, which is US-based, is the fourth largest crypto exchange in the world.
The Shiba Inu, which currently has a market capitalization of over $30 billion, has seen an increase of 63,740,000 percent year-on-year in value.
According to The Motley Fool, it recently crossed over 1 million wallet holders. Its listing on Kraken means it will become available to a large pool of investors and speculators.
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But each coin could still be had cheaply. As of Tuesday afternoon, SHIB was trading at $0.000049. This means that you have to buy 20,408 coins for the equivalent of one penny’s worth.
In early November, Kraken pledged to list the Shiba Inu if a Twitter post received more than 2,000 likes. The post has been liked over 60,000 times.
Various online petitions have generated hundreds of thousands of signatures, demanding that the cryptocurrency be made available on trading platforms such as Robinhood.
The Shiba Inu rose on Tuesday, while other cryptocurrencies either posted modest gains or lost some of their value.
Well-known cryptocurrency bitcoin fell almost 2% on Tuesday – trading at $56,823.20 per coin. Earlier this month, it hit a record high, surpassing $67,000 per coin.
Its rival, Ethereum, rose a little over 2%. It was trading at $4,546 per coin.
Shiba Inu is a meme coin or a cryptocurrency that originated from an internet meme.
It follows in the footsteps of Dogecoin, which was previously dismissed as a joke before investors started taking it seriously.
In May, Dogecoin saw its value increase by more than 7,000 percent in a short period of time – making it and other meme coins attractive to investors.
Elon Musk sent Dogecoin rising price after tweeting about it.
Shiba Inu, the name of an ancient Japanese breed of dog, is believed to be an Ethereum-based cryptocurrency that was intended to be a main alternative to Dogecoin.
It was launched in August last year by an anonymous organization named Rayoshi.
The founders chose the Ethereum blockchain as the host for the Shiba Inu because it provided security and structure while keeping the currency decentralized.
Over the past few months, SHIB has steadily increased its value with a gain of over 500 percent.
According to Business Insider, after the coin was listed on Kraken, the crypto whale known as Gimli bought 24.8 billion SHIB tokens for approximately $1 million.
Zack Horn, vice president of ADAcash, a bounty-stakes project for the Cardano network, said, “Shiba Inu is a classic meme token, so we can expect rapid price fluctuations, as well as large amplitude fluctuations. Huh.”
Cardano is a public blockchain platform that facilitates peer-to-peer transactions with Ada, its internal cryptocurrency.
Horn said the Shiba Inu could see its value rise even more if mainstream platforms like Robinhood start listing it.
“If they back Shiba, we could see a new price record,” he said.
“However, there is a greater risk that exchanges will be under pressure from regulators, whose positions are usually prohibitive with respect to such coins,” Horn said.