The decentralized meme token Shiba Inu (SHIB) is outperforming the broader crypto market on Tuesday, following the dog coin’s listing on prominent cryptocurrency exchange Kraken.
SHIB has rocketed to an intraday high of more than $0.00005127 on Tuesday morning, indicating a 31.6% gain in the previous day. This is Shiba Inu’s highest level since November 19, when the token traded over $0.00005100 before dropping to $0.00003660 a week later, as per CoinMarketCap statistics.
Interestingly, the token built on the Ethereum network and created by the developer nicknamed Ryoshi is now listed on all of the top 10 cryptocurrency exchanges. Indeed, the Dogecoin competitor is now listed on top exchanges such as Binance, Coinbase, KuCoin, and Kraken, among others listed in the top 10 on CoinMarketCap.
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In addition, amid the assets growing adoption, it’s also listed on rapidly growing exchanges and trading platforms such as CoinGate and VirgoCX, which are coming to the forefront of the cryptocurrency space.
Demand for SHIB
After its listing on Coinbase, the token saw an influx of $870 billion within 24 hours of its debut on the cryptocurrency exchange. We indicated in a previous report when SHIB officially hit the 1 million holders milestone that the number of Shib holders has continued to grow despite a tiny reduction on November 19, which was the first decrease in holders since October.
Notably, after such a parabolic rise to all-time highs, the number of people who own SHIB has continued to grow at an exponential rate. The report also highlighted that with the currency still not listed on popular platforms like Kraken at the time; it could suggest more retail investors expect the coin to gain value again in the foreseeable future.
Shiba Inu has done just that, with Kraken America’s second-largest crypto exchange in terms of trading volume stating trading would go live today.
The coin is currently trading at $0.00005127, up 31.66% in the last 24 hours and 20.75% over the previous seven days.
Whatsmore, the assets market cap now stands at $28.1 billion, meaning that it has climbed above the popular Avalanche (AVAX) token in the rankings into eleventh place.
Due to the increasing pump, Shiba Inu is now also the number one gainer in the last 24 hours out of the top currencies, with over $9.3 billion in volume traded in the same time frame.
SHIB ecosystem is growing
Besides that, SHIB has recently teamed up with game creator and former Vice President of Technology at Activision William David Volk to consult on its play-to-earn non-fungible token (NFT) game.
Shytoshi Kusama, the decentralized meme currency project leader, stated that Shiba Inu had formed a partnership with a AAA gaming company to develop an NFT game, which would most likely use the Shiboshi NFTs.
He also added the game, which will run primarily on iOS and Android devices. At the same time, the game itself will have Shibarium functionality and decentralized aspects.
The digital asset is attempting to disassociate itself from the meme token label by attempting to establish a healthy crypto-ecosystem that includes legitimate applications and projects.
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