How Kraken’s U-turn impacted Shiba Inu prices

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How Kraken’s U-turn impacted Shiba Inu prices

shiba inu coin news, shiba inu for sale, Kraken, SHIB army VS Kraken, SHIB army, cryptocurrency news
Image source: © Igorigorevich | Megapixl.com

Highlights 

  • Shiba Inu's price is trading at US$0.00005644, representing a drop of 20% in the last seven days
  • The fall represents market sentiment after Kraken, a cryptocurrency exchange, reneged on its promise to list the token on their platform, citing a thorough listing review process.
  • Shiba Inu recently gained the spotlight after entering the top ten cryptocurrency by market capitalisation, beating rival dogecoin.

Shiba Inu is currently one of the darlings of the cryptocurrency world. The coin, which has been promoted as “Dogecoin Killer”, has gained traction since its debut in 2020.

However, the SHIB army recently received a big jolt after Kraken, a cryptocurrency exchange located in the United States, didn’t live up to its promise to list the token on their platform. As a result, SHIB fans are riled up and have vowed to deactivate their Kraken accounts.

Shiba Inu's price also suffered a setback due to Kraken's half-baked promise, and is now trading at US$0.00005644, representing a drop of 20% since 2 November 2021.

Related Article: Shiba Inu Killed Dogecoin, Enters Top Ten

Let us look at why the SHIB army is bracing for an uphill struggle.

The big Kraken betrayal

Kraken announced in a tweet to list Shiba on 2nd November if the tweet garnered 2,000 likes. The Twitter post was enough to electrify the SHIB army, which swung into action. Within minutes of being posted, the tweet garnered 2,000 likes and now has over 81,000 likes.

Kraken, on the other hand, sprung up an unhappy surprise for SHIB supporters when the crypto exchange said that there was more work to do regarding the listing review process and it could not list Shiba on 3rd November as promised.

This affected SHIB price adversely. Kraken too was not left unharmed. People argued that making fake promises will harm Kraken's credibility as a cryptocurrency exchange, with some opting to transfer funds to Coinbase Global Inc.

shiba inu coin news, shiba inu for sale, Kraken, SHIB army VS Kraken, SHIB army, cryptocurrency news

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Related Article : Crypto market cap crosses US$2.5 trillion; SHIB hits all time high

Dogecoin eclipses Shiba Inu

Shiba has been making news in recent weeks due to a quick price hike in October, as well as Tesla CEO Elon Musk's tweet "snubbing" the coin. Last month, the SHIB army achieved a big milestone by topping its cousin Dogecoin and entering the top ten in terms of market capitalisation.

However, the latest betrayal by Kraken has sent Shiba Inu back at 11th rank in market cap, way behind Dogecoin which is ranked 9th.

Related Article: The "Dogecoin-killer" Shiba Inu returns to the crypto spotlight with a price hike

What’s next?

Shiba Inu fans have been fuming over Kraken going back on its promise, and many have taken to Twitter to vent their concerns. The SHIB army isn't going to sit quietly, so keep an eye out for their next move!

Related Article: Shiba Inu soars on a record-breaking bull run to become the 13th largest crypto

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