Shiba Inu the popular meme coin has soared to an intraday high above $0.00005097 on Tuesday morning, marking an increase of 31.4% in the last day.
This is the highest level for Shib since November 19, when the token traded above $0.00005100 before plummeting to $0.00003660 a week later, according to data from CoinGecko.
Shiba Inu (SHIB) is an Ethereum based token created by a pseudonymous developer nicknamed Ryoshi in August 2020. The self-acclaimed Dogecoin killer garnered plenty of attention in recent months in no small part due to the indirect involvement of Vitalik Buterin, a co-founder of Ethereum.
With a current market cap of $26.8 billion, Shiba has also flipped Avalanche (AVAX) to become the 11th largest cryptocurrency on the market.
One possible reason for SHIBA's latest price action was Kraken, America's second-largest crypto exchange in terms of trading volume, announcing support for the coin on Monday.
According to a blog post, deposits for the "Dogecoin Killer" are now live, with trading expected to begin on Tuesday between 10 am and 12 pm EST.
The exchange also clarified that SHIBA will be tradeable against the euro and the U.S. dollar with a minimum of 50,000 SHIBA, or $2.5, required to open an order.
Shortly after the announcement, an anonymous crypto whale going under the alias of Gimli increased their SHIBA holdings by an additional 24.8 billion tokens worth over $1 million at the time of the purchase.
As data from Whalestats shows Gimli currently owns over $59 million in SHIBA.
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