Outstanding Shiba Inu lead developer well-known below the pseudonym Shytoshi Kusama has addressed the meme coin neighborhood on the X social media community as he celebrates a giant new publicity of the SHIB token on Kraken – one of many largest US-based cryptocurrency exchanges.
Shytoshi Kusama boasts new SHIB publicity on Kraken
Kusama shared a tweet revealed by Kraken, wherein it says that SHIB has now been added as new collateral for futures traded on Kraken Professional.
Any more, the tweet says, SHIB can be utilized to get publicity to greater than 200 perpetual futures contracts on Kraken. All customers must do is switch their SHIB cash from their spot wallets on Kraken to their futures wallets and so they can start buying and selling.
😇 https://t.co/h2ujVqxAu7
— Shytoshi Kusama™ (@ShytoshiKusama) August 29, 2024
Other than SHIB, Solana-based meme cryptocurrencies BONK, WIF, and PEPE will also be leveraged as collateral.
This itemizing now provides the SHIB token a considerably wider use case than simply spot buying and selling because it has been allowed into the way more advanced futures market. Since way more refined dominate with regards to futures buying and selling, the demand for SHIB, PEPE and the opposite cash added by Kraken can vastly enhance within the close to future.
The SHIB military responded very enthusiastically with many customers thanking Kraken for including SHIB as futures collateral and asking when they may resolve to do the identical with BONE, one other token from the Shibarium trifecta: SHIB, BONE, and LEASH.
SHIB worth response to Kraken futures publicity
Regardless of the optimistic information name, the second largest meme-inspired cryptocurrency Shiba Inu has demonstrated a worth decline of three.77% within the final 24 hours.
At the moment, SHIB made an try to get better and printed a inexperienced candle on an hourly chart, rising marginally by just below 1.5%. On the time of this writing, the meme coin is altering arms at $0.00001409.
SHIB’s trajectory right here mirrors that of the main cryptocurrency Bitcoin. Over the past 24 hours, BTC plummeted by 3.40% (exhibiting a large crimson hourly candle on Thursday) after which recovered barely earlier right this moment, rising by 1.08%.
As reported by U.At the moment earlier, on August 28 distinguished fund supervisor Ark Make investments spearheaded by Cathie Wooden bought a large $100 million price of Bitcoin, which pushed the flagship crypto’s worth down. Moreover, it’s possible that the market nonetheless reacts to Pavel Durov’s detention in France.