US-based cryptocurrency exchange Kraken on Monday confirmed the listing of the Shiba Inu meme token, thus fulfilling an earlier promise.
Kraken announces support for Shiba Inu
SHIB trading on Kraken will start today, but at the time of this publication has not yet started. Two pairs will be available for transactions: with the dollar and the euro. The minimum order amount is 50,000 SHIB ($2.45). Margin and futures trading are not yet available.
Earlier this month, Kraken polled Twitter users about whether to add SHIB. Subject to 2,000 likes, the exchange promised to list the token the next day but did not do this, citing the need for additional analysis.
In connection with the latest announcement, the company explained that it supports tokens for operations with which there is a clear demand.
“I would not argue that Kraken is the place where all the coins are represented. We don't have that reputation,” added exchange manager Jonathan Miller.
Users of the Robinhood trading platform are also actively seeking SHIB listing: the corresponding petition on the Change.org website has received more than half a million signatures. The company, however, says it is in no rush to add new coins until regulatory clarity has emerged. To date, Robinhood only supports 7 digital assets versus 93 for Kraken.
After the announcement, Kraken SHIB began to rise in price rapidly and exceeded $0.000049 in the morning hours of Tuesday, having added about 25% over the last 24 hours.
As a result, in terms of capitalization, SHIB is again close to its progenitor Dogecoin, which occupies the 10th line in the list of the largest cryptocurrency assets.
Computer parts retailer Newegg announced last week accepting SHIB as a means of payment. In addition, former Vice President of Activison William David Wolf joined the project, who will be developing the gaming direction.
Is Shiba Inu is a good investment?
2021 is pretty much over. For all the good things happening to Shiba Inu this year, we could say it's a good investment for the next 5 years.
For starters, the total Shiba Inu supply is set to shrink significantly within the next 5 years. Thanks to the deflationary nature of Shiba Inu and the burning of Vitalik Buterin, the supply of Shiba Inu tokens is now less than 50% of what it was at launch.
As more people transact in SHIB and more tokens are burned, the supply will decrease further. Following simple demand and supply economics, this supply contraction will help increase SHIB's value over the next 5 years.
A growing adoption
Although it started out as a worthless token with no use cases, Shiba Inu has already been used for day-to-day transactions. A few months ago, Shiba Inu was added to Shopping.io and is now one of the cryptocurrencies that can be used to make payments on major e-commerce sites like Amazon. More recently, a French restaurant started accepting Shiba Inu for payments.
Read also: Largest US Cinema Chain Plans to Accept Shiba Inu Token
As its price goes up and more and more people learn about SHIB, there's a good chance that large companies will start accepting it for payments. Dogecoin sets a positive precedent on this front. Prior to the rally that started in 2020, Dogecoin was a coin born as a joke. Today it is accepted by more than 15 large companies and many small companies. Shiba Inu has a good chance of following a similar path, and that's good for its intrinsic value.
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