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Kraken has joined other crypto exchanges that took advantage of the hype around the increased demand for the memecoin from retail investors.
Crypto exchange Kraken has announced that it is listing popular Dogecoin-inspired memecoin Shiba Inu (SHIB). In a blog post on Monday, the exchange revealed that as of November 30, users would be able to add SHIB to their accounts.
— Kraken Exchange (@krakenfx) November 29, 2021
This comes after a November 1 tweet from the exchange that their Crypto Platform Product Lead Brian Hoffman said 2000 likes of that tweet were needed for the exchange to list SHIB the following day. Despite the tweet reaching the target within minutes, the coin wasn’t listed the following day as Kraken revealed that “more work” had to be done as they had to go through their token listing review process before the coin could be listed.
According to the crypto exchange, users will be able to trade the token against the United States dollar and the Euro. The trading minimum is 50,000 SHIB while the minimum deposit volume is 373,000 SHIB. Price precision and quantity precision are at 8 decimal places and 5 decimal places respectively. As for futures and margin trading, Kraken has revealed that these will not be available at today’s launch.
Kraken has joined other crypto exchanges that took advantage of the hype around the increased demand for the memecoin from retail investors and listed it. Some early adopters include Crypto.com listed the coin in May with eToro following suit in July. Popular crypto exchange Coinbase also added SHIB to their list of supported tokens. Gemini and Public also listed the Ethereum-based coin earlier this month. Binance and FTX also support SHIB. recently popular exchange Robinhood is yet to adopt the token. This has a Shiba Inu supporter to start a Change.org petition to get the exchange to list the coin. At present, the petition has more than 500,000 signatures. It remains to be seen how Robinhood will respond to this. The exchange’s Chief Operating Officer Christine Brown said that their “strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now.”
Kraken Australian Managing Director Janathon Miller, while acknowledging the regulatory concerns that have resulted in skepticism from other exchanges, emphasized that Kraken was in support of high-demand projects like Shiba Inu.
“There are certain services that we have that don’t really fit the regulatory mold. So there’s this gray area that the whole industry exists in, and that’s not specific to us […] That’s just the nature of the fact that we’re dealing with an innovative technology that really doesn’t have doesn’t necessarily fit the criteria that existing regulators perceive as possible,” said he.
Inspired by the memecoin Dogecoin, Shiba Inu was created in August last year. It has gone on to become the 11th lagest cryptocurrency in terms of market valuation, according to data by CoinMarketCap. Year-to-date, SHIB had increased by 54,310,000% in value. At the time of this writing, SHIB has risen 23% in the past 24 hours.