The most trending meme coin Shiba Inu emerged as the hottest performer across the market today as its price climbed more than 30% in just 24 hours.
After bouncing off technical support near $0.00003560 at the start of the week, SHIB touched $0.000052 on Tuesday. Its recovery showed a change in trend, particularly following last week’s huge market selloff, which was triggered by worries regarding the new Covid19 strain, nicknamed Omicron.
Factors contributing to Shiba Inu surge
The biggest reason behind the surge was the United States crypto exchange Kraken that announced this Monday that it would enable SHIB trading on the Kraken platform from today. Kraken, however, clarified that it would not be offering SHIB futures and margin trading services.
Another bullish news that surged the price of the meme token was electronic retail giant Newegg announcing Shiba Inu payment support.
Along with this, nearly ten days back, Las Vegas’s one of the largest automobile companies in Nevada, Vegas Auto Gallery, also announced its SHIB acceptance.
According to data from Google Trends, during a seven-day period, the market helped raise internet searches for the keyword “Shiba Inu.” This was also accompanied by an increase in internet searches for the keyword “SHIB,” indicating a comeback in the coin and retail interest in the cryptocurrency this week.
SHIB is up by around 34% at the time of publishing, with the highest price of the day market at $0.000054. It has also breached the 50-day MA level, which also gives the coin further bullish momentum.
The trading volume of the token has surged by more than 440%, with the market capitalization approaching $29 billion.
The December start can mimic the scenario of the October first half when Shiba Inu surged by around 800%, with the coin sitting at 11th position in terms of market capitalization.