Shiba Inu’s unbelievable bullish momentum halted yesterday after the meme coin saw a correction of nearly 10%. However, the latest decline failed to push SHIB’s market cap below $35 billion.
While the rivalry between Dogecoin (DOGE) and Shiba Inu (SHIB) has heated up in the last few weeks, SHIB became the world’s most valuable meme coin on 28 October when its market crossed $50 billion for the first time in history.
Even with a correction of nearly 10% yesterday, Shiba Inu is still up by 25% in the last 7 days, compared to Dogecoin’s jump of 17% during the same period. SHIB is the 9th most valuable digital asset in the world while DOGE stands at number 10 with a market cap of $35 billion.
Earlier this week, the cryptocurrency Exchange , Binance opened trading for SHIB/DOGE pair amid a rise in demand from retail traders. Apart from Binance, several other leading digital asset trading platforms are exploring the possibility to list SHIB. On 1 November, Kraken teased its followers about the listing of SHIB.
Kraken and Shiba Inu
Through a tweet earlier this week, Kraken hinted at a possible listing of Shiba Inu but later cleared its stance on the listing review process. “SHIB ARMY we’ve heard you loud & clear. Community is an important part of our considerations for all listings, and you have clearly shown your support for Shiba Inu. There’s more work for us to do as we move through our listing review process,” Kraken mentioned on its official Twitter account today.
SHIB’s retail craze has pushed its price to a record high. Furthermore, the cryptocurrency received immense criticism from some of the leading crypto stakeholders for having absolutely no ‘intrinsic value’. While Shiba Inu’s recent bullish run turned small investments into multi-billion dollar profits for some investors, it will be interesting to see if the meme coin can sustain this rally.
