Kraken, the eighth largest cryptocurrency exchange in the world, announced today that it would start supporting the trading of the meme coin Shiba Inu (SHIB). This Dogecoin-inspired cryptocurrency has gained a lot of popularity after the boom of meme tokens in the last two years. More and more crypto exchanges around the world are now allowing Shiba Inu trading on their platforms.
— Kraken Exchange (@krakenfx) November 29, 2021
The price of SHIB surged following Kraken’s announcement.
Crypto exchange Kraken announced Monday that Shiba Inu (SHIB) deposits are live, and trading is expected to start Tuesday. The crypto exchange wrote: “We’re thrilled to announce that Kraken now supports Shiba Inu (SHIB).” “Funding is live, and we anticipate trading will begin tomorrow, November 30 — at which point Kraken will enable order entry and execution,” the exchange clarified, noting that the futures and margin trading service will not be available at launch. The announcement details that the Shiba Inu token will be tradeable against USD and EUR on Kraken, adding that there is a trading minimum of 50K SHIB, a price precision of 8 decimal places, and a quantity precision of 5 decimal places.
The minimum deposit is 373K SHIB.
Kraken explained that SHIB deposits require 20 confirmations, which it estimates to be about five minutes. The minimum deposit is 373K SHIB. The price of SHIB jumped more than 13% from the $0.00003899 level prior to Kraken’s announcement to $0.00004422 at the time of writing. Shiba Inu crypto investors have been waiting almost a month for Kraken to come through on its promise to list SHIB. The exchange tweeted on November 1 that if its tweet gets 2K likes, the platform will list SHIB the next day. SHIB supporters delivered more than 45K likes within the time frame given.