Newegg Adoption And Kraken Listing Power Shiba Inu's Resurgence

Shiba Inu dominated the charts Monday as its prices soared by around 16%. This bullish sentiment, coming after more than a week of bearishness, was triggered following the acceptance of SHIB tokens as payment by the well-known online electronic retailer Newegg and the listing of the meme coin on the Kraken crypto exchange.

Shiba Inu started the daily candle for Monday at $0.00003911, reaching a daily high of $0.00004586. The daily low for Monday was $0.00003830 as the candle closed at $0.00004522.

According to data from CoinMarketCap, as of 11:01 p.m. ET, the market capitalization of Shiba Inu was up 22.77%, standing at $26.26 billion. The daily candle for Tuesday is also bullish as buyers pushed the prices up by nearly 7%. Shiba Inu recaptured the 50-day Moving Average on the daily chart, which is a key level of support for future price action.

The upward trajectory is the outcome of the recent Twitter announcement by Newegg. As of now, the popular electronic retailer hasn’t revealed much other than the fact that it will be adding Shiba Inu as a payment method for its customers. A notable fact is that Newegg already supports BTC, ETH and DOGE via Bitpay.

The fourth-biggest cryptocurrency exchange by volume, Kraken, will also allow its customers to buy and sell Shiba Inu on its platform. The announcement came nearly a month after the platform promised to list the meme coin following the platform’s product lead Brian Hoffman’s Twitter “likes” challenge.

On Nov, 1, the Kraken officials had said that there was “more work” to be completed before the final listing of Shiba Inu on the cryptocurrency platform.

Finally, Kraken users can now buy and trade Shiba Inu using USD and EUR. The required minimum deposit is 373,000 SHIB, while the minimum number of SHIB tokens required for trading is 50,000 SHIB. But there's a catch. Futures and margin trading won’t be available for investors on the Kraken exchange.