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Shiba Inu token up 31% after Kraken listed SHIB, overtaking Avalanche

Shiba Inu token up 31% after Kraken listed SHIB, overtaking Avalanche

The Shiba Inu meme token outperformed the broader cryptocurrency market Tuesday after cryptocurrency exchange Kraken listed the coin, Decrypt.co. reported. Shiba Inu (SHIB), a popular meme coin and Dogecoin competitor, soared to an intraday high above $0.00005097 on Tuesday morning, marking a 31.4% rise in the last day.

For Shiba Inu, this is the highest level since Nov. 19, when the token traded above $0.00005100 before falling to $0.00003660 a week later. Launched in August 2020, SHIB – is an Ethereum-based token created by a pseudonymous developer nicknamed Ryoshi. The meme coin has attracted a lot of attention in recent months – thanks in no small part to the indirect involvement of Vitalik Buterin, co-founder of Ethereum. With a current market value of $26.8 billion, Shiba Inu has also overtaken Avalanche (AVAX) to become the 11th largest cryptocurrency on the market. Several times in recent weeks, SHIB has outperformed DOGE in terms of total market capitalization in CoinGecko's overall ranking. One possible reason for SHIB's latest price move was that Kraken, America's second-largest cryptocurrency exchange by trading volume, announced Monday that it was backing the coin.  

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