The exchange has imposed a threefold maximum leverage on these trades, with a limit of 1.5 billion SHIB for long and short positions, respectively.
Shiba Inu (SHIB), a famous meme-inspired cryptocurrency, is now part of new margin trading pairs revealed by Kraken Pro, a renowned U.S.-based cryptocurrency exchange.
Margin trading in SHIB vs. USD is now possible with this new product. Long and short holdings on the exchange cannot exceed 1.5 billion SHIB, and the maximum leverage for these trades is three times.
Ryoshi, an unidentified developer, introduced the Ethereum-based meme coin Shiba Inu for the first time in 2020.
The idea behind the coin was to test the waters of a community-driven cryptocurrency. In the four years since its launch, Shiba Inu has grown to become the eleventh biggest cryptocurrency by market valuation, which is now over $13.49 billion.
The Shiba Inu ecosystem includes SHIB and additional cryptocurrencies like BONE and LEASH, with a total market worth of around $180 million.
As of August 2023, the ecosystem also has Shibarium, a blockchain that is compatible with the Ethereum Virtual Machine (EVM) and operates at layer 2.
Shibarium has secured a total of $2.46 million since its start. According to Shibariumscan, the Shiba Inu blockchain has an impressive number of users, 11,79 million addresses, 105,393 accounts, 415.52 million completed transactions, and 2,265 validated smart contracts.
Shiba Inu has come a long way from being a simple dog-themed meme to a sizable cryptocurrency ecosystem, and its growth and development are evidence of that.
Its main token, SHIB, is not only accepted as payment on many big platforms, but it also has the potential to grow as it stays listed on more and more significant exchanges.
The potential of the coin goes beyond what one would anticipate from a meme-based cryptocurrency, and its progress highlights that.
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