Shiba Inu hit a two-week high on Tuesday, of $0.00005463, before profit-taking gave up most of the gains to close the day at $0.00004729.
After an incredible October, in which SHIB peaked at 1,140% on October 28, it has been downhill for the Doge coin rival since.
Shiba Inu bounced off this area on six occasions, and it's critical that $0.00003807 is a critical level of support. Monday s bounce at this level was set off a 17% gain on the day, suggesting that the bottom could be in.
controversies surrounding Shiba Inu, and meme coins in general, are still as relevant as ever.
What was the reason behind Shiba Inu's spike?
Shiba Inu got a boost on Tuesday after San Francisco-based Kraken announced support for SHIB.
Some major exchange listings of meme coins have proved to be contentious, as they say meme tokens do not warrant such treatment.
Robinhood has so far resisted community pressure to list SHIB, even though a change.org petition has hit over 500,000 signatures on the matter.
Newegg said on December 1 that it would accept SHIB as a payment option, an encouraging sign for Shiba Inu. Andrew Choi, the firm's Director of Brand Marketing, said:
MicroStrategy CEO Michael Saylor maintains that meme coins are a flash in the pan despite the strengthening fundamentals of Shiba Inu.
Saylor said that the character of the owners determines the destiny of the asset. Saylor meant to hit and run scalpers, which meme coin owners tend to be, shape the asset into a short-term buy only.
He said that the best way to align investing decisions with people with a long-term outlook would be to align them with strategies and belief systems.
Saylor said his conviction overBitcoin continues to grow over time, and that he believes that it is a fundamentally strong asset.