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Alex Dovbnya

Shiba Inu is back above Avalanche after a 25% price spike

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The price of Shiba Inu has added more than 25% over the past 24 hours, vastly outperforming the rest of the cryptocurrency market.

The meme token has now surpassed Avalanche, and it’s now close to flipping rival Dogecoin once again.

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The most recent spike came after Kraken, one of the largest crypto exchanges, added support for Shiba Inu on Monday, putting an end to almost a month-long wait. 

A few hours ago, a mysterious Ethereum whale nicknamed “Gimli” also bought an additional 24.8 billion SHIB tokens that were worth roughly $1 million at the time of the purchase. They currently own $56 million in the second-largest canine cryptocurrency, which is the wallet’s second-biggest holding after Ether.  

The whale also holds $26 million worth of Decentraland ($MANA), the largest metaverse token on the Ethereum blockchain.

Shiba Inu is still down 42% from its lifetime peak that was reached on Oct. 28.

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