Shiba Inu (SHIB) Price Pumps 30% in the Wake of Kraken Listing, Can it Retest ATH?

By Prashant Jha
November 30, 2021 Updated November 30, 2021
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Shiba Inu Kraken
Source: Kraken

Kraken, one of the leading global crypto exchanges finally added Shiba Inu (SHIB) support on its platform earlier today. The SHIB listing comes after nearly a month of teasing from the platform and trading will go live on November 30. The listing announcement had an immediate effect on the altcoin’s price as SHIB jumped 30% to register a new two-week high above $0.000050.

SHIB will be paired against USD and EUR to start with and a minimum of 50,000 SHIB would be required to make a trade on Kraken. The crypto exchange also confirmed that Kraken and Kraken Terminal will be available for the meme currency while Futures and Margin Trading will be restricted at launch.

November has proven to be quite bearish for Shiba Inu as it lost more than 50% of its valuation from its all-time high of $0.0000885 in October. Despite the continuous price decline, the SHIB community has been focused on building the ecosystem. Shiba Inu team recently announced its Metaverse aspiration with the launch of its gaming venture. The team on-boarded William Volk, former VP of tech at Activision to help it develop its Play-To-Earn NFT games.

Can Shiba Inu (SHIB) Price Bounce Back?

Shiba Inu had a record October where its price surged nearly 1,000% helping it make it to top-10 in the crypto ranking and also take over Dogecoin (DOGE). However, November proved to be quite a contrast in terms of price behavior for SHIB despite a growing ecosystem. Shiba Inu reached 1 million active wallet addresses last week and Whales continued to hodl more SHIB.

SHIB’s price was trading at $0.00004811 at the time of writing and currently looking to conquer the $0.00005 mark. The altcoin has also broken out of the downward channel on the long-term one-day chart, which indicates the bulls are finally back after 4 weeks of bearish dominance. Shiba Inu needs to breach the key resistance of $0.000066 before it could retest its last month’s ATH.

Shiba Inu Kraken
Source: TradingView

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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