Shytoshi Kusama Hails Big New SHIB Listing on Top US Exchange

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless cryptocurrencies come and go. However, the recent development of Shiba Inu (SHIB) being added as collateral for futures trading on Kraken, one of the largest US-based crypto exchanges, has caught my attention.

Notable developer of Shiba Inu, known by the alias Shytoshi Kusama, has spoken to the meme coin community via X social media platform, marking the increased visibility of the SHIB token on Kraken – a prominent U.S. digital currency exchange.

Shytoshi Kusama boasts new SHIB exposure on Kraken

As a crypto investor, I just got excited about my Shiba Inu (SHIB) holdings! Kraken, where I often trade, recently announced through a tweet that SHIB is now an option for collateral when trading futures on their pro platform. This could potentially mean more opportunities for me to grow my SHIB investment. Keeping a close eye on this development!

Starting now, the tweet indicates that Shiba Inu (SHIB) tokens will provide access to over 200 perpetual futures contracts available on Kraken. To start trading, users simply need to move their SHIB coins from their Kraken spot wallets into their futures wallets.

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— Shytoshi Kusama™ (@ShytoshiKusama) August 29, 2024

In addition to SHIB, you might also consider using alternative meme tokens based on the Solana platform, such as BONK, WIF, and PEPE, as a form of security or pledge.

This update broadens the utility of the SHIB token beyond mere spot trading, as it’s been integrated into the intricate world of futures trading. Given that futures trading is largely dominated by more complex strategies, the demand for SHIB, PEPE, and other coins added by Kraken could potentially surge significantly in the coming days.

The supporters of SHIB coin expressed great excitement as numerous users expressed gratitude towards Kraken for including SHIB in their list of assets for futures collateral, and they also inquired about when they might consider adding BONE, another token from the Shibarium trio – SHIB, BONE, and LEASH.

SHIB price reaction to Kraken futures exposure

Contrary to the upbeat tone of the recent call, it’s worth noting that over the past day, the value of the second largest meme-based cryptocurrency, Shiba Inu, has actually dropped by 3.77%.

Currently, Shiba Inu is trying to bounce back, as indicated by a small increase of approximately 1.5% in an hourly chart. As I write, the meme token is being traded at a price of around $0.00001409.

SHIB’s path recently seems to follow that of the front-runner cryptocurrency, Bitcoin. Over the past 24 hours, Bitcoin dropped significantly by 3.40%, as indicated by a large red hourly candle on Thursday. However, it has since made a slight recovery today, increasing by 1.08%.

According to an earlier report by U.Today, on August 28, Cathie Wood’s prominent investment firm Ark Invest sold approximately $100 million of Bitcoin. This significant sale could have contributed to a decrease in the price of Bitcoin. Additionally, it seems that the market is still being influenced by the detention of Pavel Durov in France.

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2024-08-30 10:57