Kraken Pro Boosts Shiba Inu with New Margin Trading Option

Kraken Pro's announcement of Shiba Inu's (SHIB) inclusion in its margin trading pairs signifies a significant milestone for the meme-inspired cryptocurrency. This move underscores SHIB's growing prominence within the crypto market and its appeal to investors seeking diversified trading options.

Shiba Inu: From Meme Coin to Mainstream Trading Asset

Kraken Pro's latest move to include Shiba Inu (SHIB) in its margin trading pairs represents another breakthrough for popular meme-inspired cryptocurrency, as per U.Today.

Kraken Pro, a large US-based exchange, has announced its latest development: the inclusion of additional margin pairs, with a focus on Shiba Inu (SHIB), the well-known meme-inspired cryptocurrency.

SHIB will now be available for margin trading on Kraken Pro, matched against the US dollar, with a maximum leverage of three and a long and short position limit of 1.5 billion SHIB. The pseudonymous developer Ryoshi launched SHIB in 2020, describing it as an Ethereum-based meme coin inspired by Dogecoin.

As stated in the release, the project was founded in response to a simple question: what would happen if a cryptocurrency project was entirely managed by its community?

Kraken Pro's Strategic Move: Meeting Investor Demand

Four years later, some response can be given to this rhetorical question. Currently, the Shiba Inu token is the 11th most valuable asset on the cryptocurrency market, with a market valuation of around $13.49 billion.

More specifically, the Shiba Inu ecosystem is supported by a number of other cryptocurrencies, including BONE and LEASH, which have a combined market capitalization of approximately $180 million.

Shibarium, a layer-2 EVM blockchain system intended for Shiba Inu, is also included. The project was launched in August 2023 and has since added $2.46 million in total value locked. Shiba Inu's network blockchain statistics include 105,393 accounts, 1.79 million addresses, 415.52 million completed transactions, and 2,265 confirmed smart contracts.

Answering the question of what would happen if a cryptocurrency project was entirely managed by its community, the project is likely to grow into something more than just a dog-themed meme coin.

Shiba Inu, on the other hand, has matured into a full-fledged ecosystem. Its main token, SHIB, is accepted as a method of payment across many major platforms. It commands billions of dollars in market capitalization and still has the capacity to grow with fresh listings on key exchanges.

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