Shiba Inu’s (SHIB) principal developer, known as “Shytoshi Kusama” in the cryptocurrency realm, has announced a significant development for the SHIB community. Kraken, a major US-based cryptocurrency exchange, will now accept SHIB as collateral for futures trading. This enhancement broadens the utility of SHIB, allowing it to be utilized in advanced financial instruments beyond spot trading.
SHIB’s Collateral Usage on Kraken
According to an official announcement on Kraken’s Twitter account, SHIB can now be used as collateral for over 200 perpetual futures contracts available on the Kraken Pro platform. This means users can transfer their SHIB tokens from spot wallets to futures wallets and begin trading immediately. This development marks a significant step in expanding SHIB’s role in the crypto ecosystem.
What Other Tokens Can Be Used?
In addition to SHIB, other Solana-based meme coins such as BONK, WIF, and PEPE are now accepted as collateral on Kraken. This move is anticipated to increase the demand for SHIB, given that futures trading typically attracts more seasoned investors. The listing of these tokens for futures trading opens new avenues for their use and potential market impact.
Key Inferences for Investors
– SHIB’s acceptance as collateral on Kraken offers a new utility for the token, potentially increasing its demand.
– The introduction of SHIB and other Solana-based meme coins for futures trading could attract more experienced traders to these assets.
– The ability to use SHIB in more complex financial instruments may enhance its market presence and value.
Result and Market Reaction
Despite the positive news, Shiba Inu (SHIB) saw a 3.77% decrease in value over the past 24 hours. However, a slight recovery was observed today, with SHIB rising by 15% and trading at $0.00001409 at the time of writing. The price movement of SHIB mirrors the recent fluctuations in Bitcoin (BTC), which saw a 3.40% drop followed by a 1.08% recovery.
The acceptance of SHIB as collateral on Kraken marks a pivotal moment for the cryptocurrency, potentially boosting its future prospects. The SHIB community has greeted this move enthusiastically, and there is now heightened interest in whether BONE and LEASH will also be accepted for futures trading.