Shiba Inu Makes Waves as Kraken Includes SHIB as Futures Collateral
Kraken’s recent announcement revealed that Shiba Inu (SHIB) is now available as collateral for over 200 perpetual futures contracts on Kraken Pro. In order to use SHIB as collateral, Kraken Pro users need to transfer their funds from their spot wallets to futures wallets.
Kusama Response
The news has sparked enthusiasm among SHIB enthusiasts, particularly Shytoshi Kusama, lead developer of Shiba Inu, who responded to the announcement with a positive emoji. This suggests that he views the development as favorable and potentially impactful for SHIB’s long-term performance.
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The addition of SHIB as a collateral asset coincides with a slight 1.37% increase in Shiba Inu’s price in the past day, although the memecoin has experienced a 2.3% decrease on the weekly charts. At the time of writing, Shiba Inu is trading at $0.00001407 with a 24-hour trading volume of $195.95 million.
Kraken Added Other 2 Token
In addition to SHIB, Kraken has also added Pepe (PEPE) and dogwifhat (WIF) as collateral assets for futures trading. These additions come just before the scheduled September 5 listing of WIF and PEPE on Kraken’s Canadian branch.
Kraken’s support for Shiba Inu has expanded since the token’s listing in November 2021. This includes reduced trading fees for SHIB, the introduction of futures trading, and the addition of new SHIB margin pairs. Last week, Kraken introduced the SHIB/EUR margin trading pair, offering up to 3X leverage for the pair.
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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
