Shytoshi Kusama Boasts New SHIB Exposure on Kraken

Prominent Shiba Inu lead developer famous under the pseudonym Shytoshi Kusama has addressed the meme coin community on the X social media network as he celebrates a big

Shiba Inu’s Lead Developer Celebrates SHIB’s New Exposure on Kraken

Shiba Inu’s prominent lead developer, who goes by the pseudonym Shytoshi Kusama, has taken to the X social media platform to address the meme coin community. He celebrated a significant new development regarding the exposure of the SHIB token on Kraken, one of the largest US-based cryptocurrency exchanges.

Boasting New SHIB Exposure on Kraken, Kusama Shares Tweet

In a recent tweet, shared by Kraken, the exchange announced that SHIB is now available as new collateral for futures that are traded on Kraken Pro.

The tweet went on to explain that SHIB can now be used to gain exposure to over 200 perpetual futures contracts on Kraken. To begin trading, users simply need to transfer their SHIB coins from their Kraken spot wallets to their futures wallets.

Apart from SHIB, Solana-based meme cryptocurrencies, such as BONK, WIF, and PEPE, are also available to be used as collateral.

This listing serves to expand the use cases for the SHIB token substantially, moving beyond spot trading and into the more complex futures market. With more sophisticated parties typically dominating futures trading, the demand for SHIB, PEPE, and the other coins added by Kraken could be poised to increase significantly in the upcoming period.

The SHIB army responded enthusiastically, with several users expressing gratitude to Kraken for adding SHIB as futures collateral and inquiring about the potential addition of BONE, another token from the Shibarium trifecta (SHIB, BONE, and LEASH).

Shiba Inu Price Shows Mixed Response to Kraken Futures Exposure

Despite the positive news regarding its addition as futures collateral on Kraken, SHIB experienced a price decline of 3.77% over the last 24 hours.

However, the second largest meme-inspired cryptocurrency attempted to recover on Thursday, displaying a green hourly candle and a marginal increase of slightly less than 1.5%. At the time of writing, the meme coin is valued at $0.00001409.

Interestingly, SHIB’s price trajectory mirrored that of the leading cryptocurrency, Bitcoin. Over the last 24 hours, BTC experienced a significant drop of 3.40% (evidenced by a large red hourly candle on Thursday) before recovering slightly earlier on Friday, showing an increase of 1.08%.

As reported by U.Today, on August 28, prominent fund manager Ark Invest, led by Cathie Wood, sold a massive $100 million of Bitcoin, which may have contributed to the price decline. Additionally, the market could still be reacting to the news of Pavel Durov’s detention in France.

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