Today we see another notable coin at the top of the list of top risers for the day, the Shiba Inu (SHIB). The coin is up 30% in the last 24 hours. In the past seven days, the coin has been performing rather poorly, with SHIB only up 20% here. This means that the file Cryptocurrency It was initially in a slump this week, but today’s surge has corrected that.

Shiba Inu has become very popular and big in a short time. Due to the rise of the day, the total market capitalization of the coin is nearly $28 billion and it took the eleventh place in the list of the largest cryptocurrencies. SHIB is trading at $0.00005159 at the time of writing and has seen some very exciting price action.

What is a Shiba Inu?

You may have seen the coin passing by, but you may not yet know what exactly is the project behind it. Shiba Inu wants to become the counterpart of Dogecoin, which becomes bejeweled Based on the Srypt algorithm, but based on Ethereum. However, the currency does not immediately have serious use case, but it is set up more like same angle. In the period when there was a lot of hype around Dogecoin, this hype was made possible by Elon Musk and his many tweets about the coin. SHIB was designed in response to this hype, for investors who missed the boat on Doge coin.

However, the currency rose sharply again today, how is it possible? All this is due to the fact that Shiba Inu and its symbol SHIB are now listed on the Kraken exchange. The exchange He sent out a tweet earlier this month saying that if this tweet gets 2,000 likes, the exchange will start offering SHIB.

🐶 ♥ ️🐶 ♥ ️🐶 ♥ ️🐶 ♥ ️🐶Tweet embed He said if we get 2,000 likes, we’ll include them gray dollars Tomorrow – but he doesn’t think we can do that.#SHIBarmy where are you?

👇 👇 👇
💬 🔁 ♥ ️

– Kraken Exchange November 1, 2021

The tweet received overwhelming support. The 2,000 likes limit was reached almost instantly. The tweet has around 83,000 likes at the time of writing. And as promised, the investors got what they wanted. SHIB has been listed on the Kraken Market as of today, and will be trading as of tomorrow.

New listing on Kraken: Tweet embed 🐶gray dollars Deposits start now! Trading started on November 30th.

➡️ Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0

– Kraken Exchange November 29, 2021

Technical Analysis

If we look at the SHIB chart, we see that the coin needs this strengthening. The price had entered a downtrend from its peak on October 28th. For weeks, investors failed to break through the upper resistance line. This was until yesterday, when the announcement caused the price to spike, effectively ignoring the resistance line. It will be interesting to see where SHIB can rise. Shall we get a new one absolutely high See in December?