The long awaited listing of Shiba Inu on the Kraken exchange has become a reality. The token reacted immediately and its price increased by slightly less than 40% in two days.
On November 1, a message appeared on Twitter in which Kraken made it clear that if a minimum of 2,000 votes appeared under the indicated post, the exchange would list Shiba Inu within 24 hours. Despite the great popularity of the post and reaching the required goal, the event did not happen.
This was the time when Kraken had to face the self-created negative PR. The community on the exchange’s side, as well as Shiba Inu’s, took the inattentiveness with considerable disapproval, repeatedly suggesting that the account be deleted irretrievably.
Meanwhile, Kraken, on November 29, after a very long period of reflection, stated that the given word, however, will become a fact, and trading on SHIB token will begin the next day. The price of Shiba Inu immediately reacted, recording increases equal to 38.8% within two days. Thus, trading on the popular meme token opened in pairs to USD and EUR, with a trading minimum of 50,000 SHIB.
What the chart says
Back on November 1, while Kraken put out a request to its community for SHIB listings, the price responded, trading up 6.8%. Unfortunately, thereafter, the exchange, by not making any move, may have contributed to the deepening declines in the token’s value.
Thus, stretching the Fibonacci retracements from the September low to the recent ATH, we see that the SHIB price stopped only at 0.618. Importantly, this area also indicates the vicinity of the local peak from early October (pale rectangle). Such a convergence of two factors, is a bullish sign for the popular dog coin. Importantly, it is supported by a bullish pennant formation, from which a breakout occurred in response to the Kraken listing.
However, excessive optimism is not advisable. The Shiba Inu recently saw a loss of value of nearly 60%, and the downtrend it was in was very aggressive. Thus, it appears that the bottom of the correction may have been reached, but the upward movement has not necessarily already been initiated. In similar situations, most assets tend to experience extended periods of accumulation, which we would expect here as well. Nevertheless, this is a SHIB – a highly speculative asset, which can often lead to unpredictable scenarios.
Thus, the eventual upward path should result in the breakout of a higher high, which would be equivalent to a new ATH and at the same time an increase of as much as 95% from the point where Shiba Inu is currently located.
Listing on Kraken vs. coin ranking
Just recently, we reported that the Shiba Inu had broken into the top ten coins with the highest market capitalization. As a result of the aforementioned deep correction, the token fell out of the top, ranking just behind it. It currently ranks 12th with a market capitalization of about $25 billion.
And if you want to learn more about the Shiba Inu project, we invite you to the article titled “What is Shiba Inu”, in which we give a close-up look at its properties.