Shiba Inu’s (SHIB) lead developer, known as “Shytoshi Kusama” in the crypto world, made an important announcement about the listing of the SHIB token on the US-based major cryptocurrency exchange Kraken. Kusama informed the SHIB community that Kraken now accepts SHIB as collateral for futures trading.
SHIB’s New Use Case: Kraken Futures
An announcement on Kraken’s official Twitter account stated that SHIB can now be used as collateral for over 200 perpetual futures contracts traded on the Kraken Pro platform. This development allows SHIB to be used in more complex financial instruments beyond just spot trading. Users can transfer their SHIB tokens from spot wallets to futures wallets and start trading immediately.
The listing expands the use case of the SHIB token and also allows Solana-based meme coins BONK, WIF, and PEPE to be used as collateral. Kraken’s move has the potential to increase the demand for SHIB, as futures trading is typically dominated by more experienced investors.
How Did the Price React?
Despite the positive development, Shiba Inu (SHIB) lost 3.77% in value over the past 24 hours. However, SHIB experienced a slight recovery today, showing a 15% increase with a green candle on the hourly chart. At the time of writing, SHIB was trading at $0.00001409.
SHIB’s price movement follows the 3.40% drop and subsequent 1.08% recovery of the leading cryptocurrency Bitcoin (BTC) in the last 24 hours. The drop in BTC’s price was triggered by a $100 million Bitcoin sale by Ark Invest, led by famous fund manager Cathie Wood. Additionally, the markets are still feeling the effects of Pavel Durov’s detention in France.
The acceptance of the meme coin SHIB as collateral on Kraken is a significant development that enhances the future potential of this cryptocurrency. The SHIB community has welcomed this new step with excitement, and attention is now on whether the cryptocurrencies BONE and LEASH will also be accepted for futures trading.
