Shiba Inu (SHIB), a Dogecoin-inspired meme cryptocurrency, has emerged as one of the best performers across traditional and crypto markets entering the new weekly session as its price climbed by over 30% week-to-date.
SHIB’s price reached $0.00005155 Tuesday after bouncing from its technical support near $0.00003560 at the beginning of this week. Its rebound signaled a shift in trend, especially after the last week’s broader market sell-off, induced by concerns related to the new COVID-19 strain, dubbed Omicron.
At the core of Shiba Inu’s upside retracement was Kraken, a United States-based cryptocurrency exchange that announced Monday it would effectively enable SHIB trading on its platform from Nov. 30. However, Kraken clarified that it would not offer SHIB futures and margin trading services.
— Kraken Exchange (@krakenfx) November 29, 2021
Additionally, at the beginning of this week, Shiba Inu received bullish cues from a broader recovery across the top digital assets, including Bitcoin and Ether. Bitcoin rallied by more than $3,000 from its Nov. 26 low near $53,500 — the day the Omicron variant caused turbulence across the traditional and crypto markets.