Major US Exchange Announces Shiba Inu Trading Expansion With New SHIB Listing
Release: 2024/05/03 21:51 Reading: 456
Cover image via U.Today
Kraken Pro Unveils New Margin Pairs, Including Shiba Inu (SHIB)
Kraken Pro, a prominent U.S.-based cryptocurrency exchange, has announced the addition of new margin pairs, including a spotlight on Shiba Inu (SHIB), the popular meme-inspired cryptocurrency.
Shiba Inu Margin Trading on Kraken Pro
SHIB is now available for margin trading on Kraken Pro, paired against the U.S. dollar, with a maximum leverage set at three and a cap of 1.5 billion SHIB for long and short positions. SHIB, an Ethereum-based meme coin inspired by Dogecoin, was launched in 2020 by the pseudonymous developer Ryoshi.
New Margin Pairs Announcement
As the announcement states, the project was created in response to the question: "What would happen if a cryptocurrency project was 100% run by its community?"
Rise of Shiba Inu (SHIB)
Four years later, the answer to this rhetorical question has emerged. Shiba Inu token currently ranks as the 11th largest asset on the crypto market, with a market capitalization of approximately $13.49 billion. The Shiba Inu ecosystem also includes other cryptocurrencies such as BONE and LEASH, which collectively boast a market cap of around $180 million.
Shibarium and Network Stats
Shibarium, a layer-2 EVM blockchain solution designed for Shiba Inu, was launched in August 2023 and has since gained $2.46 million in total value locked. Shiba Inu's network blockchain stats include:
- 105,393 accounts
- 1.79 million addresses
- 415.52 million completed transactions
- 2,265 verified smart contracts
src="/uploads/20240504/17147988876635c127077c4.png">SHIB Market Cap by CoinMarketCap
src="/uploads/20240504/17147988876635c127077c4.png">Source: Shibariumscan
Conclusion
The Shiba Inu project has evolved beyond its origins as a dog-inspired meme coin into a full-fledged ecosystem. SHIB, its main token, is accepted as a means of payment on major platforms, commands billions in market cap, and continues to grow with new listings on major exchanges. This demonstrates that a cryptocurrency project run by its community can achieve significant success and impact.
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