Shiba Inu has pushed past Avalanche in the coinmarketcap rankings once again. The meme coin is loved so much by retail traders, pumped by 25% yesterday. The move saw the token see more gains than the majority of the crypto market in the last 24 hours.
The surge in the token price came just after the token finally got listed on the Kraken exchange. Kraken hinted at listing the token first on Twitter at the beginning of this month. The company, however, made Shiba Inu faithful wait till yesterday to get their wish.
In more news that could have contributed to the price jump, a whale known only by the moniker Gimli added to his Shiba Inu portfolio just hours ago. Gimli purchased close to 25 billion Shiba Inu tokens worth about $1 million at the time of the purchase. The whale’s Shiba Inu holding is now edging close to $60 million. The only token Gimli is more invested in is Ethereum. WhaleStats reported the transaction on Twitter yesterday.
Shiba Inu Retakes its Place Above Avalanche
Just over a week ago, on the 21st of this month, Avalanche had pushed past Shiba Inu. The move made Avalanche another obstacle in Shiba Inu’s path to toppling its rival for the title of meme coin king, Dogecoin. At the time, Avalanche had pushed to an all-time high of $138, in a near 15% pump.
At the time, Avalanche reached a market cap of almost $30 billion compared to just over $25 billion for Shiba Inu. The move was attributed to Avalanche partnering with Deloitte, a prominent accounting firm. The partnership is to see the fast-growing decentralized ecosystem token build better emergency response systems for state and local governments.
Avalanche had also launched a fund to encourage developers to build projects earlier in the month. The foundation behind the token raised over $200 million with contributions from many large asset managers. Among the contributors was Three Arrows Capital, whose chief Su Zhu famously told the public that he was moving away from Ethereum due to pressing concerns he felt were not addressed by key community members. Shiba Inu surpassing Avalanche is not the only positive news for the token in recent times.
Shiba Inu Now In Over A Million Wallets
The meme coin has hit one million users just before the month wraps up. According to data from Etherscan, yesterday morning, the token was being held by just over a million wallets. The achievement came as no surprise to avid followers of the progress of the token.
The milestone would give the promotion team of the cryptocurrency more content to create hype around the crypto. The crypto has been termed by many as the Doge killer; many hope it will surpass the meme coin favored by the billionaire Elon Musk. The community behind the crypto is beginning to push back against the meme coin label. The push comes as the developers recently launched its exchange and marketplace for NFTs.
The community members want the coin to be taken more seriously, and maybe with recent strides, they will get their chance to overtake Dogecoin. The cryptocurrency started the trading day at around $0.00004353. It has pushed to $0.00005152 and has dropped to about $0.00004917 currently. The ShibArmy will be hoping for more good news.
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