Kraken Pro Expands Margin Trading with Shiba Inu Cryptocurrency, Emphasizing Community-Driven Growth
Release: 2024/05/05 18:28 Reading: 335
Kraken Pro Adds Margin Trading for Shiba Inu (SHIB)
Kraken Pro, a leading U.S.-based cryptocurrency exchange, recently announced the addition of new margin trading pairs featuring Shiba Inu (SHIB), the popular meme-inspired cryptocurrency.
This new offering enables traders to trade SHIB on margin against the U.S. dollar. The exchange has set a maximum leverage of three times for these transactions, with a limit of 1.5 billion SHIB for both long and short positions.
Shiba Inu: From Meme Coin to Cryptocurrency Ecosystem
Shiba Inu, an Ethereum-based meme coin, was launched in 2020 by an anonymous developer known as Ryoshi. Its conceptualization explored the potential of a cryptocurrency driven entirely by its community, posing the question: "What would happen if a cryptocurrency project was 100% run by its community?"
Over the past four years, Shiba Inu has surged to become the 11th largest cryptocurrency by market capitalization, currently valued at approximately $13.49 billion. The Shiba Inu ecosystem also includes other cryptocurrencies, such as BONE and LEASH, with a combined market capitalization of approximately $180 million.
Shibarium: Expanding the Shiba Inu Ecosystem
The Shiba Inu ecosystem includes Shibarium, a layer-2 Ethereum Virtual Machine (EVM) compatible blockchain launched in August 2023. Since its launch, Shibarium has locked in a total value of $2.46 million.
Shiba Inu's blockchain statistics are impressive, with 105,393 accounts, 1.79 million addresses, 415.52 million completed transactions, and 2,265 verified smart contracts, according to Shibariumscan.
Shiba Inu's Evolution and Promise
The growth and development of Shiba Inu demonstrate its evolution from a dog-inspired meme to a substantial crypto ecosystem. Its primary token, SHIB, enjoys widespread acceptance as a payment method on various platforms and continues to expand its presence on major trading platforms. This progress highlights the coin's potential beyond the typical expectations of a meme-based cryptocurrency.
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