Why the Shiba Inu crypto is up 27% today
Shiba Inu continued its 2021 rocket-ship journey Tuesday, shooting up 27% as other cryptos saw much more moderate gains (and some losses).
The China-based meme coin that looks to follow in the paw prints of Dogecoin once again caught the attention of speculators after Kraken, a major U.S. cryptocurrency exchange, confirmed it would add support for the coin. Trading on SHIB began today on the exchange.
At the same time, tech e-tailer Newegg announced Tuesday that it would begin accepting Shiba Inu as payment in early December.
“We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies,” said Andrew Choi, director of brand marketing at Newegg.
Shiba Inu has had an impressive run in 2021. Year to date, the meme coin is up 63,740,000%, an increase that has made some traders rich. It currently boasts a market cap of over $29 billion.
The individual coins, though, have a long way to go before they’re at any notable level. At 11:11 a.m. ET, a single Shiba Inu coin was trading for $0.000049. You’d need 20,408 of them to be worth a penny.
It’s a rebound for Shiba Inu, which has traded for as high as $0.000089 this year. The crypto first began to ping the radar of dog lovers and speculators in May, then really began to surge in October, reaching its high on Oct. 27. It hit bear territory in early November, though, a victim of the extreme volatility of cryptocurrencies and meme stocks.
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