Kraken, one of the leading crypto exchanges in the market, has recently announced that it is adding Shiba Inu (SHIB), the popular meme token, to its list of offerings. They have opened the platform for deposits and SHIB trading will commence from Tuesday onwards on the platform. After the announcement by the crypto exchange, the price of the Shiba Inu token surged in the market. Kraken had made the official announcement on Monday and told users that deposits were live straight away, but they would have to wait for a day to commence the actual trading. The exchange announced that they were thrilled to be able to add Shiba Inu to its offerings.
The exchange said that order entry and execution would be enabled for Shiba Inu from November 30th onwards. The exchange also clarified that margin and futures trading service for the token would not be available at the time of launch. Other details that could be found in the announcement included the ability of users to trade the Shiba Inu token against EUR and USD on the Kraken platform. Furthermore, it also mentioned that a trading minimum had also been established, which is around 50K SHIB. There is a quantity precision of 5 decimal places applicable whereas 8 decimal places in terms of price precision is applicable.
Kraken also elaborated that 20 confirmations are required for making SHIB deposits and it estimates this process will take about five minutes to complete. As far as the minimum deposit limit is concerned, it is around 373 SHIB. Prior to the announcement of the crypto exchange, Shiba Inu was trading at a value of $0.00003899, but after the announcement, the price of the token experienced a 13% increase. At the time of writing, one Shiba Inu token was worth $0.00004422. Investors of this popular meme token have been waiting for more than a month for the crypto exchange to come through on its promise of listing the Shiba Inu token on its platform.
On November 1st, Kraken had tweeted that if they were able to get 2,000 likes on the said tweet, the exchange would go ahead and list the Shiba Inu token on their platform the next day. The SHIB community welcomed the challenge and stepped up. In the given time frame, the supporters of the meme token were able to deliver a whopping 45,000 likes. However, the crypto exchange did not fulfill its promise. Rather than listing the coin, Kraken tweeted that they considered community an important part of their listing and SHIB supporters had done their job.
But, it said that they had to do more work for taking its listing review process forward. It took the exchange almost a month to finally make the token available, but it has fulfilled on its promise. Meanwhile, supporters of the SHIB token have been petitioning for Robinhood to list the meme token as well. They have gotten more than 540,000 signatures at the time of writing, but Robinhood had recently stated that it wasn’t in a hurry to add more coins.