The crypto market has certainly experienced a downturn in August. Few have been safe, with Bitcoin falling as low as $58,000 Friday. Yet, things could be turning soon. Moreover, meme coin mainstay Shiba Inu could get help from crypto exchange Kraken to push SHIB back to its $0.000015 level.
The asset has enjoyed a rough go over the past several weeks. Indeed, the asset’s profitability has fallen below 50%, experiencing a massive 60% drop, according to IntoTheBlock. However, that may be changing, with data supporting increased interest and positive sentiment that could have the token surging once again.
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Shiba Inu Poised to Bounce Back? Kraken May Help
August has not been kind to the second-largest meme coin by market cap. Indeed, Shiba Inu has struggled mightily. Over the last 30 days, the asset has fallen more than 15% according to CoinMarketCap. Moreover, it has dropped more than 7% in the last seven days, currently trading at $0.00001375.
Yet, that could be set to change. As with most meme coins, sentiment can have a massive impact on price. Just as Dogecoin hypeman Elon Musk. The connection between news and price action is undeniable. And for SHIB, that could massively come into play.
Shiba Inu may be set to get help from Kraken, as SHIB looks to return to $0.000015. The meme coin hasn’t sustained above that level since August 23rd and has struggled to break free from its current mark. However, the cryptocurrency exchange could help.
Also Read: Shiba Inu To Reach 5 Cents? Here’s When SHIB Could Hit $0.05
Kraken recently added Shiba Inu as collateral for crypto futures trading. In an announcement to X (formerly Twitter), the platform unveiled the news. “You can now use SHIB to get exposure to over 200 perpetual futures,” the platform announced.
This move only increases the overall market support for the asset. Furthermore, it drives the utility and adoption of the token. Conversely, Kraken isn’t alone. Both Robinhood and Coinbase have enabled increased trading services for SHIB throughout the year.
This could be j just what the asset needed and at the perfect time. Data shows that a huge spike in large transactions has taken place, increasing 62% in the last 24 hours. That shows increased interest in large holders. More importantly, that should drive profitability, and increase the value through a surge in activity.