Ethereum whale buys $1.1 million worth of SHIB as token gets listed on Kraken

Source : crypto-news-flash.com

  • According to a transaction detail provided by Watcher.Guru, an Ethereum whale purchased $1.1 million worth of SHIB causing a considerable surge in its trading value. 
  • Kraken, the eighth largest crypto exchange in the world, has announced its support for SHIB tokens following a recent spike in demand.

Shiba Inu, just like many other meme coins was created out of joke but has attracted a wide number of speculators and fans. Its global adoption cannot be disputed as investors are loading SHIB into their portfolios. Today, its 24-hour trading volume has surged to $7.6 billion.  According to a transaction detail provided by Watcher.Guru, an Ethereum whale purchased $1.1 million worth of SHIB causing a considerable surge in its trading volume. 

Its recent performance has created a whole new trading synergy and according to some investors, this marks the beginning of the token.

Just recently, Bloomberg Intelligence Commodity Strategist Mike McGlone predicted that the SHIB token is bound to face a reversion worthy of its parabolic price. He also acknowledged the incredible adoption of the meme token despite its recent entry into the crypto market. 

SHIB is a unique blend of exploitation, good marketing, ESG, supply [versus]demand economics and gambling on an unprecedented 24/7 global scale and faces reversion worthy of its parabolic rise. The fact that the meme coin has reached our radar, places Shiba, at similar risk as dogecoin in May, just before its collapse.

Kraken announces support for SHIB token

In another development, Kraken, the eighth largest crypto exchange in the world, has announced its support for SHIB tokens following a recent spike in demand. In fact, the tweet has become one of the most popular announcements on its platform as it gains a massive reaction from its user base. The announcement has over 48k likes and over 18k retweets. It is just behind the tweet that the community management promised to list the meme coin if the post gets more than 2k likes. Interestingly, the tweet got over 80k likes. 

The optimistic mood of SHB has been unleashed following the adoption wave of the asset. Discussions have also arisen on the long-term sustainability of meme tokens with the founder of Bedrock Capital Geoff Lewis likening the SHIB craze to pets.com. Pets.com was considered one of the biggest commercial failures in the dot.com era. 

The SHIB community, called SHIBA Army, has become very large and popular with 2.1 million followers on Twitter compared to the 1.9 million Twitter followers of Ethereum. Many reports have also disclosed that some retailers are even considering accepting SHIB as a means of payment. 

Related: The meme-cryptos Dogecoin and Shiba Inu lead market recovery as Bitcoin fights for $50K

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