Prominent Shiba Inu lead developer famous under the pseudonym Shytoshi Kusama has addressed the meme coin community on the X social media network as he celebrates a big new exposure of the SHIB token on Kraken – one of the largest US-based cryptocurrency exchanges.
Shytoshi Kusama boasts new SHIB exposure on Kraken
Kusama shared a tweet published by Kraken, in which it says that SHIB has now been added as new collateral for futures traded on Kraken Pro.
From now on, the tweet says, SHIB can be used to get exposure to more than 200 perpetual futures contracts on Kraken. All users need to do is transfer their SHIB coins from their spot wallets on Kraken to their futures wallets and they can begin trading.
😇 https://t.co/h2ujVqxAu7
— Shytoshi Kusama™ (@ShytoshiKusama) August 29, 2024
Apart from SHIB, Solana-based meme cryptocurrencies BONK, WIF, and PEPE can also be leveraged as collateral.
This listing now gives the SHIB token a substantially wider use case than just spot trading as it has been allowed into the much more complex futures market. Since much more sophisticated dominate when it comes to futures trading, the demand for SHIB, PEPE and the other coins added by Kraken can greatly increase in the near future.
The SHIB army responded very enthusiastically with many users thanking Kraken for adding SHIB as futures collateral and asking when they will decide to do the same with BONE, another token from the Shibarium trifecta: SHIB, BONE, and LEASH.
SHIB price reaction to Kraken futures exposure
Despite the positive news call, the second largest meme-inspired cryptocurrency Shiba Inu has demonstrated a price decline of 3.77% in the last 24 hours.
Today, SHIB made an attempt to recover and printed a green candle on an hourly chart, rising marginally by slightly under 1.5%. At the time of this writing, the meme coin is changing hands at $0.00001409.
SHIB’s trajectory here mirrors that of the leading cryptocurrency Bitcoin. During the last 24 hours, BTC plummeted by 3.40% (showing a massive red hourly candle on Thursday) and then recovered slightly earlier today, rising by 1.08%.
As reported by U.Today earlier, on August 28 prominent fund manager Ark Invest spearheaded by Cathie Wood sold a massive $100 million worth of Bitcoin, which pushed the flagship crypto’s price down. Besides, it is likely that the market still reacts to Pavel Durov’s detention in France.