Shiba Inu’s lead developer, known as Shytoshi Kusama, announced a significant milestone for the SHIB community on the X social media platform. Kusama proudly highlighted that SHIB, the popular meme coin, has gained new exposure on Kraken, one of the largest US-based cryptocurrency exchanges.
SHIB Now Available as Collateral on Kraken
In a recent tweet from Kraken, the exchange announced that SHIB has been added as collateral for futures trading on Kraken Pro. Users can now transfer their SHIB coins from spot wallets to futures wallets to begin trading. This listing allows SHIB holders to gain exposure to more than 200 perpetual futures contracts on the platform.
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In addition to SHIB, Kraken has also added Solana-based meme cryptocurrencies BONK, WIF, and PEPE as collateral options. This move significantly expands SHIB’s utility beyond spot trading, as it enters the more complex and sophisticated futures market. The listing could drive increased demand for SHIB, PEPE, and the other meme coins added by Kraken.
SHIB Community’s Enthusiastic Response
The SHIB army, known as the Shiba Inu community, responded enthusiastically to the news. Kraken recently announced. Many users thanked Kraken for the listing and inquired about the possibility of adding BONE, another token from the Shibarium trifecta (SHIB, BONE, and LEASH), as futures collateral.
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Despite the positive news, SHIB’s price has declined by 3.77% over the past 24 hours. However, the coin has shown signs of recovery, with a slight increase of nearly 1.5% on the hourly chart. At the time of writing, SHIB is trading at $0.00001409. This price movement mirrors that of Bitcoin, which also saw a decline followed by a minor recovery.
Ark Invest, led by Cathie Wood, triggered the recent drop in Bitcoin’s price by selling $100 million worth of Bitcoin on August 28. Market reactions may also still be influenced by Pavel Durov’s detention in France.
