\u201cFirst, since ShibaInu is an Ethereum-based ERC-20 token, it can be easily integrated with the Ethereum ecosystem and can be used in a variety of ways.\u00a0A decentralized exchange (DEX) called ShibaSwap is in operation, and in addition to this, a\u00a0ShibaInu\u00a0incubator that sponsors artists, and an NFT collection that can be purchased with\u00a0ShibaInu\u00a0tokens have also been launched.<\/em><\/p>\n \u201cSecond, unlike Dogecoin, which operates on its own mainnet, forked from Litecoin,\u00a0ShibaInu\u00a0benefits from the security-verified Ethereum network.\u00a0<\/em><\/p>\n \u201cThird,\u00a0ShibaInu\u00a0was distributed evenly using Uniswap\u2019s liquidity pool.\u00a0As a result, Etherscan confirms that token holders are well decentralized.<\/em>\u201d\u00a0<\/p>\n According to data by TradingView, on crypto exchange FTX, the price of the $SHIB token started the day at $0.00004550, got as high as $0.00005136 at 4:38 a.m. UTC, and currently (as of 08:30 a.m. UTC) $SHIB is trading around $0.00004878, up 24.6% in the past 24-hour period.<\/p>\n This means that $SHIB, with a market cap of around $27.04 billion, is now the 11th most valuable cryptoasset by market cap, and is comfortably ahead of $AVAX, which currently has a market cap of around $26.17 billion. <\/p>\n Furthermore, on a day that Bitcoin is down 1.5%, $SHIB is currently the best performing cryptoasset in the top 100 by far.<\/p>\n Three major pieces of news seem to have helped $SHIB.<\/p>\n First, last Friday (November 26), online retail giant Newegg confirmed via the following tweet that it would soon start accepting $SHIB as a payment method:<\/p>\n This was officially announced yesterday:<\/p>\n Second, last Saturday (November 27), Shytoshi Kusama, the pseudonymous lead for the\u00a0Shiba Inu project explained how the team is preparing to make a very impressive entrance into the world of gaming.<\/p>\n In a\u00a0Medium blog post\u00a0titled \u201cThe Future of Gaming Is Shib\u201d, Shytoshi started by saying that although he could not provide \u201cexact\u201d about the game that his team is building (because of concerns over how quickly many other people would try to steal the concept), he did reveal that their new games division \u2014 Shiba Inu games \u2014 has hired legendary veteran video game designer and developer\u00a0William David Volk\u00a0to lead the design and implementation of the game, which is being developed by a \u201cAAA Game Studio\u201d.<\/p>\n Volk \u2014 former VP of Technology at Activision \u2014 who indicates on his\u00a0LinkedIn page\u00a0that he has been working on a freelance basis for Shiba Inu Games since the start of the month, had this to say:<\/p>\n \u201cI am honored to be working with an amazing team on what will become one of the most significant games of all time.<\/em>\u201c<\/p>\n Third, yesterday (November 29), Kraken, which is one of the world\u2019s oldest (founded in 2011) and most respected crypto exchanges announced that it would be listing $SHIB on November 30.<\/p>\n In its blog post, Kraken said:<\/p>\n$SHIB\u2019s Price Action<\/h2>\n
![](\"https:\/\/cryptoglobe.s3.eu-west-2.amazonaws.com\/2021\/11\/SHIBUSD_2021-11-30_08-27-47-1-1280x669.png\")
<\/p>\nThree Main Drivers Behind $SHIB\u2019s Most Recent Rally<\/h2>\n