How Kraken’s U-turn impacted Shiba Inu prices

November 09, 2021 07:48 PM AEDT | By Aditi Saha

How Kraken’s U-turn impacted Shiba Inu prices — Image source: © Igorigorevich | Megapixl.com

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.

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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 11^th rank in market cap, way behind Dogecoin which is ranked 9th.

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!

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