Starting the day with a nice rise, the meme cryptocurrency Shiba Inu (SHIB) is again getting its investors excited by showing a 13% increase in the last 24-hour period. It ranks 12th in the list of the most valuable cryptocurrencies with its instant price value.
When Shiba, which first appeared as a simple joke, was listed by the South Korean cryptocurrency exchange Korbit on November 23, no investor would have thought we would see these days.
However, Elon Musk’s tweets, a ShibaInu incubator that sponsors artists, and the release of an NFT collection that can be purchased with ShibaInu tokens, and the fact that it leverages the security-approved Ethereum network, soon led us to refer to SHIB as the “DOGE killer.”
On the other hand, successive listing news was among the factors that added value to SHIB’s value. Even though it is 40% behind its ATH as of now, SHIB has an irresistible feature of its own. As a matter of fact, the fact that even Bitcoin fell by 1.5% in the top 100 is by far the most important best performing crypto currency, which provides important data for the value of Shiba Inu.
The 3 main reasons behind the latest rally of the meme-based cryptocurrency can be listed as follows:
Online retail giant Newegg’s announcement that it will soon begin accepting SHIB as a payment method.
— Newegg (@Newegg) November 26, 2021
The day after this news, the alias of the Shiba Inu project, Shytoshi Kusama, announced that he was preparing to make a very impressive entrance to the game world, and as of yesterday, it was announced that Shiba will be listed on Kraken, one of the world’s most well-known exchanges.
➡️ Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0
— Kraken Exchange (@krakenfx) November 29, 2021
These 3 reasons we have mentioned are undoubtedly among the most important reasons for the instant rise of SHIB. The famous cryptocurrency continues to trade at $0.00004723 as of the moment.