As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies, I must say I find it fascinating to witness the rapid expansion of trading options for Canadian users on Kraken. The addition of meme coins like Pepe (PEPE) and dogwifhat (WIF), despite their uncertain trajectories, is a testament to the exchange’s commitment to catering to diverse interests within the crypto community.
TL;DR
The Canadian clients of a popular crypto exchange can now trade meme coins Pepe (PEPE) and dogwifhat (WIF).
The company recently added Shiba Inu (SHIB) as a new margin trading pair and collateral asset, offering more trading flexibility and leverage options.
More Options for Canadian Users
As a researcher, I’m excited to share that starting from X date, popular meme coins such as Pepe (PEPE) and dogwifhat (WIF) have been made available for trading to my fellow Canadians on the prominent cryptocurrency exchange, Kraken.
Although the company reinforces its backing for the previously mentioned assets, it cautions that participating might entail a risk of incurring losses. Traders are frequently urged to invest an amount they can afford to potentially lose and delve into the system only after thorough investigation.
Further support from a prominent exchange such as Kraken could potentially boost the prices of associated cryptocurrencies by enhancing liquidity and credibility. Nevertheless, PEPE and WIF have been steadily decreasing in value over the past week, reflecting the general downward trend across the digital asset market.
The total worth of the global market for this specific industry is approximately $2.05 trillion right now. Currently, Bitcoin (BTC) has dipped below $56,000, and Ethereum (ETH) is being traded at around $2,400.
In the world of meme coins, the scenario appears to be deteriorating further. Coins inspired by cats, such as Popcat (POPCAT) and Mog Coin (MOG), have been among the worst performers, experiencing a steep decline of more than ten percent.
Kraken and SHIB
Previously, the company boosted its backing for one of the most significant meme tokens by market capitalization – Shiba Inu (SHIB). They introduced several margin trading pairs on their platform, such as SHIB/EUR, providing expanded opportunities for European users, particularly those primarily transacting in the Eurozone’s official currency.
Margin trading allows clients to use borrowed funds to make leveraged trades. To participate, they must offer collateral, which can be in the form of cryptocurrencies. This option provides the opportunity for greater profits but also comes with a higher risk of being liquidated. The SHIB/EUR pair offers up to 3x leverage with a $2 billion limit on opening long and short positions.
A short while later, Kraken announced the addition of the meme coin as a fresh collateral option for futures trading. “Now, you can utilize SHIB to gain exposure to over 200 perpetual futures,” they shared. “All you need to do is transfer your SHIB from your Kraken spot wallet into your Futures wallet to begin.”
In cryptocurrency future trades, collateral assets are the tokens that traders put up to back their positions. This deposit acts as a safety net to cover potential losses and ensures that the trader is able to fulfill their financial obligations as per the terms of the contract.
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2024-09-06 11:58