Kraken Pro, a prominent U.S.-based cryptocurrency exchange, has recently announced the addition of new margin trading pairs, featuring Shiba Inu (SHIB), a popular meme-inspired cryptocurrency.
This new offering allows SHIB to be traded on margin against the U.S. dollar.
The exchange has set the maximum leverage for these transactions at three times, with a limit of 1.5 billion SHIB for both long and short positions.
Shiba Inu, known as an Ethereum-based meme coin, was first launched in 2020 by an anonymous developer named Ryoshi.
The coin was conceptualized to explore what could happen if a cryptocurrency was entirely community-driven.
This initiative poses the question: “What would happen if a cryptocurrency project was 100% run by its community?”
Four years after its inception, Shiba Inu has risen to become the 11th largest cryptocurrency by market capitalization, which now stands at about $13.49 billion.
Alongside SHIB, the Shiba Inu ecosystem comprises other cryptocurrencies such as BONE and LEASH, accumulating a market capitalization of approximately $180 million.
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The ecosystem also includes Shibarium, a layer-2 Ethereum Virtual Machine (EVM) compatible blockchain, which was launched in August 2023.
Since its launch, Shibarium has locked in a total value of $2.46 million.
The blockchain statistics for Shiba Inu are notable, with 105,393 accounts, 1.79 million addresses, 415.52 million completed transactions, and 2,265 verified smart contracts, according to Shibariumscan.
The growth and development of Shiba Inu reflect its significant evolution from a mere dog-inspired meme to a substantial crypto ecosystem.
Its primary token, SHIB, not only enjoys widespread acceptance as a payment method across various large platforms but also shows promise for further expansion with its continued inclusion on major trading platforms.
This progress underscores the coin’s potential beyond the typical expectations of a meme-based cryptocurrency.
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