In an attempt to expand the utility of Shiba Inu (SHIB), prominent cryptocurrency exchange Kraken has added the memecoin as a collateral asset for futures trading.
This development, announced on x, enables Kraken Pro users to leverage SHIB to access over 200 perpetual futures contracts, potentially increasing the memecoin’s appeal and adoption.
Shiba Inu Lead Developer Reacts Positively
Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, expressed enthusiasm for the news with a smiling face halo emoji. It is safe to assume that the reaction suggests that Kusama views Kraken’s move as a positive development. This development has potential long-term benefits for SHIB, including increased visibility, demand, and mainstream recognition.
Kraken’s move may have contributed to a slight price uptick in the past day, although SHIB’s weekly performance shows a 9% decline. Currently, SHIB trades at $0.00001393, with a 24-hour trading volume of $196.9 million. This addition as a collateral asset may lead to increased trading activity and liquidity for SHIB.
Expanded Support for Memecoins
In addition to SHIB, Kraken has added Pepe (PEPE) and Dogwifhat (WIF) as collateral assets for futures trading. This move allows users to access over 200 perpetual contracts using these memecoins, further expanding the exchange’s support for alternative cryptocurrencies.
The listing of WIF and PEPE on Kraken’s Canadian arm is scheduled for September 5, potentially increasing their visibility and adoption.
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Kraken’s Ongoing Support for Shiba Inu
Since officially listing SHIB in November 2021, Kraken has continued to expand its support for the memecoin. Recent developments include reducing SHIB’s trading fees, introducing futures trading, and adding new SHIB margin pairs.
Last week, Kraken introduced the SHIB/EUR margin trading pair, offering up to 3X leverage position for the pair. This ongoing support demonstrates Kraken’s commitment to enhancing SHIB’s utility and potential for growth.
By adding SHIB as a collateral asset, Kraken enhances the meme coin’s utility and possibility for growth, potentially attracting new users and increasing its appeal. This move and Kraken’s ongoing support will most likely contribute to increased adoption and demand for SHIB.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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