Key Takeaways
- Shiba Inu (SHIB) has rallied over 35% despite most cryptocurrencies struggling to make significant gains.
- The rally was propelled by Kraken allowing users to trade in SHIB on its exchange.
- A possible Shiba Inu Metaverse game has also caused a FOMO outbreak.
YEREVAN (CoinChapter.com) – The meme cryptocurrency Shiba Inu (SHIB) price continues to rise as most popular tokens keep leaving red trails on the charts.
According to the data available on CoinMarketCap, SHIB has rallied over 35% in the last 24 hours alone. The impressive bull run comes days after one whale took advantage of the market dip to top-up his wallet with 35 billion new SHIB tokens.
According to WhaleStats, the whale now holds 604,539,541,846 Shiba Inu tokens valued at $31,000.
Today’s rally also saw SHIB flip Avalanche (AVAX) and Dogecoin (DOGE) to temporarily claim the 10th spot by market cap. At the time of writing, Shiba Inu’s market cap has crossed $28.9 billion.
Meanwhile, other than the mega whale shopping, some other factors caused SHIB to put on its running shoes.
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Kraken lists Shiba Inu (SHIB)
One of the most exciting news for SHIB fans came yesterday from the popular cryptocurrency exchange Kraken.
Kraken ended a month-old wait for the SHIB army by announcing it is finally allowing users to trade in the Shiba Inu token effective Nov 30. It also claimed to have started accepting deposits starting from a minimum of 373,000 SHIB.
The news created much excitement within the community, resulting in the token jumping 16% within hours of the announcement. The enthusiasm comes largely because Kraken finally made good on its promise to list the token almost an entire month after saying it would.
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Shiba Inu flirts with Metaverse. Will it get serious?
If some chose to keep SHIB at bay because of its lack of utility, well, that may have just changed.
Last week, SHIB developer Shytoshi Kusama took to Twitter to claim something big was coming for Shiba Inu fans.
While it created a temporary buzz, it took days for Kusama to clarify his tweet. Nevertheless, it would be fair to say that it was worth the faith.
On Nov 27, Kusuma revealed what his previous tweet was about, and it sent waves of excitement. It turns out there are plans to develop a metaverse Shiba Inu game with a triple-A game studio.
Kusuma also revealed that celebrated developer William David Volk would be the consultant for the game.
“Ladies and gentlemen, Shibians of all ages, I’m happy to announce that the consultant who will lead the charge for the Shiba Inu Games version of the Shiboshi game is none other than William David Volk,”
he disclosed on his website.
In recent weeks, Metaverse projects such as Decenterland, Axie Infinity, Sandbox, and MetaCity have registered impressive gains owing to the ongoing FUD. Facebook’s name change to META has also been one of the major catalysts behind the surge in popularity. A metaverse game with SHIB could be a gamechanger for the token.
In other good news, last week, online retail giant Newegg Commerce announced it would start accepting payments in SHIB soon.
Today, Newegg Commerce confirmed that it will accept SHIB via BitPay in early December.
“Hey, #ShibArmy, how we looking on America’s largest digital out-of-home billboard? @ShytoshiKusama #Shib We’ll be officially accepting @Shibtoken in by early December via @BitPay,” the retail giant tweeted.
Now that the popular meme token is back to giving big returns to holders, it remains to be seen how high SHIB can go. But, if Shiba Inu can keep printing green candles on the charts in December, people may have to start taking it seriously.
