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Crypto Exchange Kraken to List Shiba Inu ($SHIB) After Investors Show Overwhelming Support

Crypto Exchange Kraken to List Shiba Inu ($SHIB) After Investors Show Overwhelming Support


Popular cryptocurrency exchange Kraken has tweeted out it plans to list the meme-inspired cryptocurrency Shiba Inu ($SHIB) and asked investors to signal whether they would like to see the cryptocurrency trading on its platform on social media.

After Kraken called on Shiba Inu supporters to back the idea on Twitter, suggesting Kraken product lead Brian Hoffman would only add SHIB to the platform If the tweet asking about it got over 2,000 likes, the so-called SHIBArmy rallied in support.

The 2,000 like target was reached in only 20 minutes, with Kraken’s tweet having over 62,000 likes at press time. The tweet was shared over 15,000 times showing how strong support has been for the listing.

On the microblogging platform, Shiba Inu supporters urged others to “make some noise” for the listing on Kraken, welcoming newcomers to the space and saying they expect the cryptocurrency’s price to keep on rallying.

As CryptoGlobe reported, supporters of the cryptocurrency have also been fighting for a listing on commission-free trading platform Robinhood (NASDAQ: HOOD). Through a petition that has over 470,000 signatures titled “Kindly request of Robinhood to list Shiba Inu coin;” they ask the platform to list the cryptocurrency.

Not everyone is a fan of SHIB, which saw explosive price performance so far this year, so much so that an investor who bet $8,000 on it in August of 2020, buying up 70 trillion SHIB with his initial investment, at one point held over $5.7 billion worth of the cryptocurrency.

It is now the third-most Googled cryptocurrency so far this year. A study has shown Shiba Inu received 2.8 million searches on average per month so far this year, while bitcoin received 22 million average monthly searches. In second place came Ethereum, with 6.3 million average searches per month.




Famous American whistleblower Edward Snowden has cautioned investors against the cryptocurrency, suggesting it’s more of a gamble than an investment. He urged them to “carefully consider” their “odds of outsmarting a market” that sold them its stake in “not even dog money but a CLONE of dog Money.”

Michael Burry, the investor best known for his lucrative bet against the housing bubble ahead of the 2008 financial crisis that was immortalized in the book and movie “The Big Short,” has also warned against SHIB.

In a now-deleted tweet, the head of Scion Asset Management shared Coinbase’s description of the cryptocurrency and highlighted its supply, which exceeds one quadrillion tokens, and suggested it is not a good investment because of the vast amount in circulation.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured image via Unsplash





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