Kraken Lists Shiba Inu, SHIB Comes Within Striking Distance of Dogecoin's #10 Market Cap Spot

Key highlights:

• Kraken has listed Shiba Inu (SHIB)
• SHIB will be available for trading on Kraken against USD and EUR
• SHIB gained almost 30% in the last 24 hours, and is now close to overtaking Dogecoin in the market cap rankings

Kraken listing propels Shiba Inu (SHIB) to the verge of the crypto top 1 0

The Kraken cryptocurrency exchange has listed Shiba Inu (SHIB), the popular meme coin inspired by Dogecoin. The exchange expects SHIB trading to go live on its platform today (November 30), with trading pairs against USD and EUR. For now, Kraken’s SHIB offering will be limited to spot trading, as the exchange says SHIB won’t be available for futures and margin trading at launch. 

The minimum amount of SHIB that can be traded via Kraken is 50,000 SHIB. While this might sound like a lot, it translates to only about $2.5 because of SHIB’s low price per unit (SHIB’s maximum supply is 1 quadrillion tokens). This is a common practice among meme coins, as having a low price per unit makes the cryptocurrency appear less “expensive” to potential buyers. 

Shiba Inu, which started as a sort of tribute to Dogecoin on the Ethereum blockchain, is now trying to become a more well-rounded project by introducing features like the ShibaSwap platform, which has a decentralized exchange, staking functionality and “Shiboshi” NFTs. 

When SHIB was initially launched, half of the token’s supply was locked in Uniswap, while the other half was sent to a wallet owned by Ethereum inventor Vitalik Buterin (who is not affiliated with the project in any way). Buterin eventually decided to donate a portion of the SHIB tokens in his wallet to help fight COVID-19, and burned the remainder of his SHIB holdings.

Even though SHIB might not have much of a reputation among old school cryptocurrency fans, the demand for SHIB trading is large enough that the coin has been listed on several leading cryptocurrency exchanges. In addition to Kraken, SHIB is also available for trading on exchanges like Binance, Coinbase and FTX.

The Shiba Inu community has been pressing for a Kraken listing for quite some time now, and the exchange’s announcement has helped spark a rally in the SHIB markets. The coin is up almost 30% in the last 24 hours, and is now on the verge of entering the cryptocurrency top 10. Ironically, SHIB is currently competing with DOGE for the 10th spot in the market cap rankings. Shiba Inu currently has a market capitalization of $27.7 billion, while Dogecoin is sitting on a market cap of $28.8 billion.