Shiba Inu Has Soared This Year — Here's Why It Could Rise Further

Meme cryptocurrency Shiba Inu has seen tremendous growth in just over a year of its launch—especially in October when it got listed in the top 10 cryptocurrencies by market capitalization. Since then, the altcoin has captured the interest of the industry majors along with crypto enthusiasts leading to a continuous rise in prices.

On Monday, Cryptocurrency exchange Kraken indicated that it could list the Shiba Inu currency on its platform. The San Francisco-based exchange took to Twitter and said that the company’s product lead, Brian Hoffman, said if the tweet gets 2K likes, Kraken will list Shiba Inu Tuesday. At the time of writing, the tweet has already crossed 53.7K users.

Although nothing has been confirmed yet, this will definitely be a boost for this meme crypto if it does happen.

Meanwhile, the meme currency saw an 88% price jump in the last 7-day period as a result of the petition signed by its supporters to get the trading platform Robinhood to list the altcoin. The petition has garnered 4,65,606 signatures at the time of writing.

Besides, last week the CEO of AMC Entertainment Adam Aron put up a poll asking whether his company should accept payments for the purchase of gift cards in Shiba Inu as well, along with Bitcoins, Ethereum, Litecoin, and Dogecoin. 81.2% of the 149, 618 users who participated, have affirmed that the company should go for this step.

Shiba Inu has gained a brand voice on social media platforms in the past few months with industry experts and market enthusiasts showering support globally, Tesla's CEO Elon Musk being one of them.

The altcoin’s current market cap is around $39 billion at the time of writing and the price has gone up 3.73% in the last 24 hours, according to CoinMarketCap data. In the days to come, a surge in prices could be experienced because of the increasing interest of the market.