In a strategic move aimed at boosting the utility of Shiba Inu (SHIB), Kraken, a leading cryptocurrency exchange, has announced that SHIB will now be available as a collateral asset for futures trading on its platform. This exciting development, revealed via X, allows Kraken Pro users to leverage SHIB to access over 200 perpetual futures contracts, signaling a significant step forward for the memecoin’s adoption and appeal.
Positive Reactions from Shiba Inu’s Lead Developer
The announcement has been met with enthusiasm from Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem. Kusama’s reaction, marked by a smiling face halo emoji, underscores a positive outlook on this new development. This move is expected to bring several long-term benefits to SHIB, including enhanced visibility, increased demand, and greater mainstream recognition.
Impact on SHIB’s Price and Trading Activity
The integration of SHIB as a collateral asset has already had a noticeable impact. Over the past day, SHIB has experienced a slight price increase, though its weekly performance shows a 9% decline. Currently, SHIB is trading at $0.00001393, with a 24-hour trading volume of $196.9 million. The addition of SHIB to Kraken’s futures trading platform is likely to drive increased trading activity and liquidity, potentially reversing its recent price downturn.
Kraken’s Expanding Support for Memecoins
Kraken’s latest move is part of a broader trend of expanding support for memecoins. Alongside SHIB, Kraken has also introduced Pepe (PEPE) and Dogwifhat (WIF) as collateral assets for futures trading. This addition allows users to leverage these memecoins in over 200 perpetual contracts, further broadening Kraken’s support for alternative cryptocurrencies. Notably, the listing of WIF and PEPE on Kraken’s Canadian arm is set to commence on September 5, promising to elevate their market visibility and adoption.
Also Read: Shiba Inu’s $1 Dream – Why A 99.83% Burn Is Key To Transforming SHIB’s 583 Trillion Token Supply
Since its initial listing in November 2021, Kraken has consistently bolstered its support for Shiba Inu. Recent enhancements include reduced trading fees for SHIB, the introduction of futures trading, and the addition of new SHIB margin pairs. Just last week, Kraken launched the SHIB/EUR margin trading pair, offering up to 3X leverage, which further underscores its commitment to enhancing SHIB’s utility and growth potential.
Kraken’s decision to add SHIB as a collateral asset not only boosts the memecoin’s utility but also paves the way for increased user engagement and market activity. This move, coupled with Kraken’s ongoing support, is poised to contribute significantly to SHIB’s adoption and demand in the cryptocurrency space.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
