Shiba Inu (CCC:SHIB-USD) fans are having a heck of a week. Surprise announcements of things like the Shiba Games studio have cropped up to much excitement. But beyond this, the pupcoin is finally getting its listing on crypto exchange Kraken. Consequently, the token is continuing its upward tear. Many now hope the digital currency can fly back up to its all-time high. Shaking things up this afternoon is news of a new Shiba Inu whale, but that’s not stopping the token from going anywhere but up.
Gains for Shiba Inu have been consistent since about August; around that time, the pupcoin became reinvigorated and took off on a run in the hundreds of percentage points. It dropped multiple zeroes from its valuation in that time, and developers are capitalizing on the moment with some key announcements. The network is unveiling Shiba Games, a games studio which will roll out a series of mobile Shiba Inu titles. Additionally, the token ecosystem is taking a stab at the metaverse, a product which will launch on the also newly announced Shibarium layer-2 scaling environment.
This is an awful lot of new stuff for investors to digest. The news hits on just about every buzzword that crypto bulls like to throw around when talking about the next big thing. Of course, SHIB fans are sure that the Shiba Inu team can pull these products off. And helping out the network on the path toward these goals is the long awaited Kraken listing.
A Shiba Inu Whale Reveals Itself After Kraken’s SHIB Listing
SHIB holders have had a contentious relationship with the Kraken platform, which is one of the largest exchanges in the world. Earlier in the month, Kraken tweeted that it would list Shiba Inu immediately if its post received 2,000 likes. Of course, that metric was quickly met, thanks to the SHIB army’s massive numbers. Yet, Kraken did not list the token. Naturally, this led to a bit of anger from the scorned Shiba Inu community.
Today, the exchange is finally making good on its promise. Users can finally swap SHIB using the Kraken platform starting this afternoon. The exchange says it is listing SHIB now because the token had to go “through the listing process,” an excuse for the listing being quite overdue. That doesn’t much matter now; the Shiba team is celebrating the listing as a huge victory regardless of any delays.
Shaking things up a bit today, though, is the emergence of a new Shiba Inu whale. Investors aren’t sure what to think as it comes to light that an investor is buying $1 million worth of SHIB, a volume of about 25 billion tokens.
Now, 25 billion might seem like a lot, and it could be stirring up fear among some. After all, the SHIB community knows what it’s like when a whale moves large amounts of the tokens at one time. Such transactions can breed unwanted volatility. Ethereum (CCC:ETH-USD) founder Vitalik Buterin demonstrated this when he moved trillions of the tokens at once earlier in the summer.
But, in the grand scheme of things, a 25 billion SHIB purchase isn’t that much of a cause for alarm. Sure, it could cause some volatility if this whale were to profit-take and sell off all their SHIB. However, for a token with a 1 quadrillion total supply, it’s just a drop in the well. If anything, the purchase is a cause for celebration.
And celebrating SHIB holders are this afternoon as the news precedes big gains. Shiba Inu is up over 16% as we get deeper into the afternoon. Transaction volume is soaring — thanks in large part to the $1 million transaction — over 220%.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.