Kraken, a prominent cryptocurrency exchange has recently expanded its support for dog themed meme coin Shiba Inu (SHIB). This notable development comes ahead of the highly anticipated launch of SHIB Eternity, marking a major milestone for the Shiba Inu ecosystem.
Kraken Extends Support For Shiba Inu
On August 20, Kraken released an official blog post to announce its new support for various cryptocurrency pairs including the popular dog themed meme coin, Shiba Inu. “We’re thrilled to announce that Kraken now supports new margin pairs for Shiba Inu (SHIB)!” the Kraken team stated.
Kraken revealed that it would be adding new EUR margin pairs, including the SHIB/EUR. The team’s decision to offer new margin pairs for SHIB reflects their need to satisfy its extensive users by providing more crypto trading options for European users.
More importantly, the support marks a significant milestone for Shiba Inu, which has grown from a small cap meme coin to a widely recognized and utilized digital asset in the crypto space. Shiba Inu enthusiasts in Europe and Kraken users from various parts of the world will now be able to leverage positions on SHIB, allowing for potential returns from trades.
Kraken’s SHIB margin pair aligns with the exchange’s broader strategy to offer a wide range of crypto trading options and continuously broaden its portfolio. By supporting new trading pairs with a solid community backing like Shiba Inu, Kraken can potentially strengthen its position as a leading crypto exchange.
The team revealed in its blog post that they intend to expand support for more cryptocurrencies, though they withheld details on which pairs are being considered, citing policy constraints. Kraken has also urged investors to trade with caution to avoid potential losses.
They emphasized that trading with margin will require investors to have at least one type of collateral cryptocurrency. The team highlighted that margin trading is not universally available and comes with certain requirements and limitations, such as extra costs and fees for opening, closing and maintaining trade positions.
SHIB Eternity Launch Imminent As Testing Continues
Shiba Inu’s new support on Kraken comes just ahead of the eagerly awaited launch of SHIB Eternity. The SHIB Eternity is a mobile trading card battle game which features Web3 transitions, exclusive seasonal tournaments, enhanced rewards and more. The game is also set to utilize BONE, one of Shiba Inu’s native tokens for all blockchain transactions on its platform.
According to Shiba Inu’s lead marketer, Lucie, the SHIB Eternity is currently undergoing several tests. She underscored in an X (formerly Twitter) post that the launch of SHIB Eternity would be a “game changer” for the Shibarium network. This suggests that the highly anticipated game is expected to significantly impact the growth and development of Shibarium.
By mentioning BONE and SHIB burns, Lucie may be indicating that SHIB Eternity could play a major role in reducing the supply of BONE and SHIB tokens through burn mechanisms, which could potentially drive up the prices of the cryptocurrencies.
Featured image created with Dall.E, chart from Tradingview.com
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