Shiba Inu, the purported Dogecoin killer, seems to be flourishing in its mission.
Cryptocurrency exchange Kraken has finally decided to add support for the meme of the meme token after a month of anticipation.
According to a CryptoNews.net report, the trading platform has begun accepting deposits for the Shiba-Inu cryptocurrency. The minimum deposit for opening an account is 373,000 SHIB.
Shiba Inu Starts Trading on Kraken Crypto Exchange on Tuesday
Kraken users will be allowed to purchase and trade SHIB with U.S. dollars and euros when trading goes live on Tuesday.
Earlier in November, Kraken was reported to have announced that it would list Shiba Inu, but the plans have since dragged on, frustrating the Shiba Inu community.
In addition to the San Francisco, California-based crypto exchange, Shiba Inu is also trading on major platforms such as Binance, Coinbase, CoinDCX and Gemini, the report added. The crypto token had also begun trading in South Korea.
On Monday, Shiba Inu climbed 14.44 percent further to $0.00004494, as per real-time figures from CoinMarketCap, after surging 4.6 percent after the Kraken announcement.
Prior to the announcement, Shiba Inu had been on a slump, dropping 54 percent from its record high of $0.00008616. This is due to the turmoil in global markets that affected the entire cryptocurrency market. In the past weekend, bearish sentiment started to die down, with investors considering a return to risk as the first sign of the new Omicron COVID variant was actually not as harmful as expected, FX Street reported.
The Kraken announcement further fueled a bullish trend.
Shiba Inu Price Prediction: 125% Boost Expected
An increase in buy volume is expected to lift the price further, especially in December when bulls are forecasted to break above the 61.8 percent Fibonacci level, or that retracement area where traders see a turning point for the crypto. It would then follow-up with a quick return approaching the 50-percent Fibonacci at $0.00005690, per FX Street.
As long as bullish sentiment is maintained, Shiba Inu is expected to break out by the end of the year, eventually soaring to $0.000089, a massive 125 percent increase in value.
Shiba Inu price is also expected to get a big lift when SHIB trading starts on Kraken, which has around 6 million users that should potentially allow the Shiba Inu community to expand dramatically. Following this successful listing on Kraken, the Shiba Inu backers may soon focus their attention to the prominent crypto platform Robinhood, which is currently not yet supporting the token, Planet Crypto posted.
Over 500,000 signatures appear in a petition for Robinhood to add Shiba Inu.
Should you invest in Shiba Inu? Because of its volatility, investors should have a very high risk tolerance, just like sacrificing a lot of money just for fun. But with the signs pointing at a huge breakout, investors should give this once laughable meme coin another serious look.