Why SHIBA INU Surged 38% on Tuesday
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Why SHIBA INU Surged 38% on Tuesday

8 months ago

Unfortunately, the boost to SHIBA INU's price proved short-lived — and at the time of writing, it's fallen by about 15% from the highs seen on Tuesday.

Why SHIBA INU Surged 38% on Tuesday

Daftar Isi

SHIBA INU has surged sharply after being listed by the Kraken crypto exchange.

The joke coin rose by 38% in the space of 24 hours… hitting highs of $0.00005361 as a result.
Momentum began on Monday after Kraken confirmed the listing. Given how a single unit of this altcoin costs a fraction of a cent, a minimum of 50,000 SHIB needs to be traded at any given time — that's worth about $2.27 at the time of writing.

It's an act of redemption for the exchange, which had irritated the ever-vocal #SHIBARMY after a social media stunt on Nov. 1.

On Twitter, the exchange had vowed that — if one of its tweets got 2,000 likes — it would list SHIBA INU within 24 hours.
The post ended up garnering more than 70,000 likes… but Kraken failed to make SHIB available as it promised, writing:

"Community is an important part of our considerations for all listings, and you have clearly shown your support. There’s more work for us to do as we move through our listing review process."

A flurry of angry tweets soon followed. Some SHIB devotees threatened to move to other exchanges, while others accused Kraken of making false promises in order to gain traction on social media.

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SHIB Fades

Unfortunately, the boost to SHIBA INU's price proved short-lived — and at the time of writing, it's fallen by about 15% from the highs seen on Tuesday.

Cryptocurrencies do tend to experience upward momentum when they are listed on major exchanges. SHIB witnessed an even bigger spike on Sept. 16 when it was added to Coinbase.

But there's one trading platform that is refusing to offer support for the memecoin — Robinhood — despite more than 540,000 people signing a petition and urging it to reconsider.

Back in November, chief operating officer Christine Brown said Robinhood had decided to be a little more selective when it came to the coins it lists, arguing:

"We think that the short-term gain we might get is not worth the long-term trade off for our users."

Robinhood appears to have paid dearly for this approach, as fees from crypto transactions came in at $51 million during the third quarter of 2021 — down 78% in the space of three months. A lot of this was blamed on diminishing demand for Dogecoin.
The company made its debut on the stock market at the end of July, with shares changing hands for $38 apiece — surging to highs of $85 days later. As of Tuesday's close, HOOD was trading at $26… down 70%.
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