Shytoshi Kusama Hails Big New SHIB Listing on Top US Exchange

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Contents

1. Shytoshi Kusama boasts new SHIB exposure on Kraken
2. SHIB price reaction to Kraken futures exposure
3. FAQs

Shytoshi Kusama Boasts New SHIB Exposure on Kraken

Prominent Shiba Inu lead developer, well-known under the pseudonym Shytoshi Kusama, has addressed the meme coin community on the social media platform X (formerly Twitter) to celebrate a significant milestone for the SHIB token. This development revolves around a major new exposure for SHIB on Kraken – one of the largest and most respected U.S.-based cryptocurrency exchanges.

Enhanced Collateral on Kraken Futures

In a tweet shared by Kusama, it was revealed that SHIB has been added as new collateral for futures trades on Kraken Pro. Here’s how this development unfolds:

• Futures Trading: From now on, SHIB holders can use their tokens as collateral for trading over 200 perpetual futures contracts on the Kraken platform.
• Ease of Process: Users can easily transfer their SHIB coins from the spot wallets to their futures wallets on Kraken to commence trading.
• Expansion Beyond Spot Trading: This listing positions SHIB in a more complex futures market dominated by sophisticated traders, which could potentially drive up the demand for SHIB.

Apart from SHIB, other Solana-based meme cryptocurrencies, such as BONK, WIF, and PEPE, have also been accepted as collateral, further diversifying the range of options available to traders.

Community Response

The SHIB army, known for its enthusiasm and loyalty, reacted positively. Many among the community expressed gratitude towards Kraken for this decisive development. Some users have also voiced their anticipation for Kraken to extend the same benefits to BONE – another token from the Shibarium ecosystem trio that includes SHIB, BONE, and LEASH.

Implications for SHIB

By integrating SHIB into its futures trading platform, Kraken has effectively amplified the coin’s utility:

• Market Sophistication: Linking SHIB to the futures market attracts more experienced traders, potentially enhancing liquidity.
• Increased Demand: As more traders engage with SHIB as a collateral option, the demand for the token is likely to increase, impacting its market perception and price dynamics.

External Link: For more details about Kraken’s futures trading, you can visit their official futures trading guide.

SHIB Price Reaction to Kraken Futures Exposure

Despite this positive development, the price of Shiba Inu (SHIB), the second-largest meme-inspired cryptocurrency, has faced a notable decline. In the past 24 hours, SHIB’s price has dropped by 3.77%. However, on the hourly chart, the meme coin attempted a marginal recovery, increasing slightly by less than 1.5%.

Market Performance

At the time of this writing, SHIB is trading at $0.00001409. This price trajectory mirrors that of Bitcoin (BTC), the leading cryptocurrency, which saw a significant price drop of 3.4% over the last 24 hours but managed to recover slightly, rising by 1.08% earlier today.

Influencing Factors

Several factors have contributed to SHIB’s price performance:

• Bitcoin’s Movement: The recent sale of $100 million worth of Bitcoin by Ark Invest, led by Cathie Wood, has had rippling effects across the cryptocurrency market. This large sell-off momentarily plummeted BTC’s price, affecting associated tokens like SHIB.
• Market Sentiment: The detention of Pavel Durov, a prominent figure in the crypto space, in France has also influenced market sentiments, causing instability.

FAQ

What is Shytoshi Kusama’s role in the SHIB community?

Shytoshi Kusama is a lead developer and a prominent spokesperson for the Shiba Inu ecosystem. He is widely recognized for his strategic announcements and community engagement.

What is Kraken Pro?

Kraken Pro is a professional trading platform that offers advanced trading features, including futures trading. It is designed for more experienced traders seeking a comprehensive array of trading tools.

How does SHIB’s new listing on Kraken impact its future?

The listing of SHIB as collateral on Kraken futures significantly enhances its utility by exposing it to a more sophisticated trading environment. This can potentially increase demand, leading to greater market liquidity and stability.

What caused SHIB’s recent price decline?

SHIB’s recent price decline can be attributed to broader market dynamics, including Bitcoin’s significant sell-off by Ark Invest and the overall market sentiment affected by external factors such as prominent detentions in the crypto industry.

Conclusion

The integration of Shiba Inu (SHIB) as collateral for futures trading on Kraken marks a significant milestone, offering the coin broader utility and engaging a more sophisticated market segment. While the immediate price reaction has been a decline, the long-term implications could pivot SHIB into higher demand and liquidity. Considering these developments alongside market dynamics is crucial for investors and traders navigating the cryptocurrency landscape.