Kraken Announces Support for Shiba Inu (SHIB)

The adorable Shiba Inu puppy bit into the bloodthirsty Kraken, infecting it with bullishness.

Kraken, eighth-largest cryptocurrency exchange worldwide according to Coingecko announced today that it will support the trading of Shiba Inu(SHIB), a Dogecoin inspired cryptocurrency that gained popularity following the explosion of meme tokens during COVID-19 lockdown.

Trade Shiba Inu On Kraken… NOW!

The exchange does not want its users to be waiting for another second to play with the token. Its Twitter announcement clearly states that.

New Listing on Kraken: @Shibtoken

$SHIB deposits begin NOW! Trades are available starting November 30.

Learn more: https://t.co/yUUKaBXKBq pic.twitter.com/L2IUHugyG0

— Kraken Exchange (@krakenfx) November 29, 2021

Kraken is a good reader. This was probably the most popular Platform listing. This announcement received 41.2K likes in one day and just under 16.4K retweets.

It is now the second most-liked tweet on the crypto exchange. Only beaten by a challenge where the Community Management team promised to list Shiba inu if their tweet received over, erm, 2000 likes.

They beat 80.000 likes within 24 hours.

The exchange kept its word, at least partially, after the success of the tweet. Although they assured the team that they would consider the interaction, they cautioned that listing processes can be lengthy.

Although they didn’t list it immediately, today’s announcement proves that they did not fail the community. Official blog post states that Kraken Terminal and Kraken Terminal will both be available to Shiba Inu. Futures and Margin Trading will not.

It can only be traded against USD or EUR.

$SHIB Rebounds: But is That Enough?

The strong reaction to the Bitcoin rally also drove Shiba Inu’s price up.

SHIB rose by more than 15% on the daily candlestick, moving from $0.00004522 up to a high point of $0.00004573. This broke through the EMA 20 resistance, which marked the peak of a downtrend, which began after the ATH on October 28. It was confirmed on charts on November 16.

Shiba Inu is currently trying to stabilize a trend reversal, and aim for possible recovery. Today’s candlestick, which is currently in formation, seems to indicate a little bullish sentiment among traders.

Shiba Inu’s Price 24h candlesticks. Image by Tradingview

Shiba Inu’s price is $0.00004894 at the time this article was written. This is 8% higher than the daily candlestick opening.

The real activity will begin in a few hours, as Kraken gains more liquidity in token. Holders will notice a decrease in resistance, which is usually a good sign.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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