Trading is Officially Live for SHIB on Kraken Exchange

Source: Bitcoinnews

Trading is now officially live for SHIB on the prominent cryptocurrency exchange, Kraken. The American exchange broke the news that it has listed the decentralized meme token Shiba Inu (SHIB) on Monday, 29th Nov.

“Shib deposits begin today!” said the statement on Twitter. “On November 30th, trading will begin.”

After Kraken failed to list the token as predicted in early November, SHIB’s fans did not expect this action. On November 1, Kraken announced that if a tweet received 2,000 likes, it would add Shiba Inu support. After a month of waiting, the crypto exchange eventually made the announcement, which received over 83,000 likes.

“As we go through our listing review process, there’s more work for us to do,” Kraken wrote in a Twitter declination post. As a result, the announcement that Kraken will now assume the role of SHIb has come as a huge relief to many token supporters.

In a blog post, Kraken stated that trading would begin today and that order entry and execution are available. The exchange also stated that SHIB will be tradeable against the euro and the US dollar. The trading minimum is 50,000 SHIB worth $2.5.

Margin Trading and Kraken Futures are not available because SHIB is only getting started on Kraken. However, this is merely for the purposes of the launch, and the crypto exchange aims to incorporate them in future. SHIB investors on Kraken, on the other hand, can currently access Kraken and Kraken Terminal.

SHIB deposits on Kraken take around five minutes on average and require at least 20 confirmations. The deposits are accessed through the Funding tab, and the minimum amount you can deposit is 373,000 SHIB. It is also confirmed that SHIB will trade against the EUR and USD, with a trading minimum of 50000 SHIB.

Shiba Inu Growth After Kraken Announcement

Shiba Inu (SHIB), a popular meme coin and Dogecoin competitor, rose 31.4 percent on the last day to an intraday high of $0.00005097 on Tuesday morning. According to CoinGecko data, this is Shiba Inu’s highest level since November 19. The token traded above $0.00005100 before dropping to $0.00003660 a week later.

SHIB is an Ethereum-based cryptocurrency designed by a pseudonymous developer known only as Ryoshi and launched in August 2020. In recent months, the meme coin has gotten a lot of attention, thanks in no small part to Vitalik Buterin, a co-founder of Ethereum.

Shiba Inu is the 11th-largest cryptocurrency, surpassing Avalanche (AVAX) with a market valuation of $26.8 billion. SHIB has surpassed DOGE in terms of total market cap on CoinGecko’s overall ranking on many occasions in recent weeks. On the news of the IPO, SHIB has risen over 25% in the last 24 hours.

Kraken has over six million users, leaving plenty of room for ShibArmy’s 1 million members to grow. Binance, Coinbase, Gemini, and Indian exchange CoinDCX are among the companies that support Shiba Inu. Following a successful listing on Kraken, the ShibArmy may return to Robinhood, which does not currently offer SHIB. Over 5, 00,000 people have signed a petition requesting Robinhood to add Shiba Inu to its platform.

Surprisingly, the Dogecoin rival is now available on all the major exchanges in the top ten on CoinMarketCap. Such exchanges include Binance, Coinbase, KuCoin, and Kraken, among others.