Shiba Inu Set To Begin Trading On Kraken Crypto Exchange On Tuesday

Shiba Inu is making its trading debut on crypto exchange Kraken on Tuesday. The meme coin had finally been listed on the exchange after weeks of expectation The crypto exchange had first teased the listing when it took to Twitter to get the community to show their support for the listing. Kraken’s tweet had read that Product Lead Brian Hoffman said that if the tweet got 2,000 likes, the meme coin would be listed on the exchange the next day.

The likes on the tweet had quickly broken past expectations as the community showed up en masse to support the listing. However, the listing did not happen the next day as promised but was largely hinted in the following weeks that the exchange would list Shiba Inu. On September 29th, Kraken announced that it would be closing out the month with the listing of the meme coin.

Related Reading | Dogecoin Rival Shiba Inu Becomes First Meme Coin To List In South Korea

Shiba Inu Trading On Kraken

The crypto exchange had announced that it would first open funding for the altcoin. Then trading would follow the next day. As of Monday, Kraken users were able to deposit and withdraw Shiba Inu from the platform, but could not trade yet.

Trading is set to begin on the exchange on Tuesday, where users will be able to place orders and have them executed. The meme coin will have trading pairs with the USD and Euro and a minimum trade value of 50,000 SHIB. Shiba Inu will be available on both Kraken and Kraken Terminal. However, Kraken Futures and Margin Trading will not be available for the cryptocurrency at launch.

Shiba Inu price chart from TradingView.com

SHIB recovers above $0.00005 | Source: SHIBUSD on TradingView.com

Kraken has a reputation in the crypto space for being one of the most secure exchanges in the space. In its over a decade of operations, the crypto exchange has never been hacked and is the only exchange that has been around so long to lay claim to this title. This has made Kraken one of the most coveted exchanges to list due to the high trust that their users have in them.

SHIB Rebounds

The price of Shiba Inu had trended low for weeks following its last all-time high. Since then, the meme coin had dropped over 50% of its ATH values. This would prove to only last for a while since the cryptocurrency had begun to rebound in price. Positive news surrounding the asset, including multiple exchange listings, has helped drive the price back up again.

Related Reading | Elon Musk Cosigns Tweet Warning Dogecoin Holders Against Margin Trading

Also, interest is returning to meme coins as faith in the market slowly returns. The past week had been a brutal one for investors as bitcoin had fallen to the $54K range. It dragged altcoins with it on its way down and panic sell-offs ensued in various cryptocurrencies.

Shiba Inu crossed the 1 million holders mark last week, causing a surge in the price. The digital asset is now trending upwards after breaking out of its low-momentum streak.

Featured image from CoinDesk, chart from TradingView.com
Publication date: 
11/30/2021 - 17:00
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