As a seasoned crypto investor with a knack for spotting trends and a penchant for meme coins, I find the recent developments surrounding Shiba Inu (SHIB) nothing short of exhilarating. The addition of SHIB as collateral for futures trading on Kraken, one of the most reputable exchanges in the crypto sphere, is a significant step forward for this once-joked-about token.
TL;DR
- Kraken added Shiba Inu as collateral for futures trading, enhancing its support for the popular meme coin.
Robinhood and Coinbase have also enabled new trading services for SHIB earlier this year.
SHIB’s Adoption on the Rise
Kraken, a US crypto exchange, added Shiba Inu (SHIB) to their platform back in November 2021. Since then, they’ve been boosting their backing of the so-called ‘Dogecoin-killer’, offering various trading options with it.
At the start of this month, the company included SHIB/EUR in its roster of margin trading pairs. This feature enables users to utilize borrowed funds for leveraged trades, potentially yielding greater profits. However, it’s essential to note that such an operation also increases the risk of liquidation significantly.
Kraken continued its expansion, introducing Shiba Inu as a fresh collateral option for futures trading effective August 29. This means you can now utilize SHIB to access over 200 perpetual futures contracts. To begin, just move your SHIB from your Kraken spot wallet to your Futures wallet. The exchange made this announcement on X.
In cryptocurrency futures trading, a collateral asset is a type of token that traders deposit to guarantee their positions. This deposit acts as a safety measure to cover any potential losses and ensures that the trader can meet their financial responsibilities according to the contract terms.
One of the main figures behind the Shiba Inu project, known as Shytoshi Kusama, re-shared Kraken’s post with a cheerful emoji. On the other hand, SpecialK – another anonymous member of the SHIB community – expressed his thoughts more articulately, saying:
This is a significant achievement for the Shibtoken community! Previously, this very factor fueled our growth during the last Bull Run, and now, with Kraken Pro – renowned for its stringent standards and decentralized philosophy similar to Bitcoin – we’re on the verge of another big event.
Who Else Hopped on the Bandwagon?
Besides Robinhood and Coinbase, other popular firms now offer trading opportunities for the meme coin as well.
Initially, it was possible for New York State residents to acquire SHIB, whereas subsequently, a launch of 1000SHIB-PERP perpetual futures contracts took place.
This kind of financial instrument enables investors to predict the future fluctuations in the value of underlying assets without actually owning them. It provides substantial borrowed capital (leverage), is not tied to an end date, and necessitates maintaining a specific collateral amount to preserve open positions.
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2024-08-30 19:54