The Price Of Dogecoin Rival Shiba Inu Is Suddenly Soaring—Here’s Why

Shiba Inu, the meme-based cryptocurrency that’s this year emerged as a challenger to Tesla
TSLA
billionaire’s pet project dogecoin, is suddenly surging.

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The shiba inu price, after rocketing into the crypto ten last month and battling with dogecoin for memecoin dominance, is up 30% over the last 24 hours. Dogecoin itself is up more than 6%.

The shiba inu rally comes after major U.S. cryptocurrency exchange Kraken confirmed it would add support for the memecoin, following through with a promise made at the beginning of November.

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“We’re thrilled to announce that Kraken now supports shiba inu,” Kraken posted to its blog. “Funding is live, and we anticipate trading will begin … November 30—at which point Kraken will enable order entry and execution.”

The required shiba inu deposit is 373,000 shib and there will be a trading minimum of 50,000 shib, the exchange said. Shib margin and futures trading will not be available.

At the beginning of November, Kraken posted to Twitter that its crypto platform product lead “Brian Hoffman said if we get 2,000 likes we will list shiba inu tomorrow—but he doesn’t think we can do it.”

The post has racked up over 80,000 “likes” but the exchange said in a follow-up tweet there’s still “more work” for it to do before it can add shiba inu support.

“We’ve heard you loud and clear,” Kraken said via Twitter. “Community is an important part of our considerations for all listings, and you have clearly shown your support.”

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Last month, wild speculation on social media that popular trading app Robinhood could add support for shiba inu helped it briefly become the eighth most valuable cryptocurrency, as measured by CoinMarketCap.

After dogecoin captured investor imagination earlier this year, there’s been a rush among developers to create a successor with hundreds of meme-based, tongue-in-cheek cryptocurrencies scrambling for attention.

Dogecoin, created in 2013 to poke fun at bitcoin and other cryptocurrencies, has seen its popularity soar in recent months in large part thanks to the support of Tesla billionaire Elon Musk, who has continued to back the memecoin over the likes of bitcoin and ethereum.