“Dogecoin Killer” Shiba Inu (SHIB) Rises 25% After Listing on Kraken Crypto Exchange

By | November 30, 2021

These are golden times for meme token SHIB, the crypto coin that was marketed as “Dogecoin killer”. Since today you can buy and trade Shiba Inu on crypto exchange Kraken. The coin has rised in value since the announcement of this news.

shib kraken
In the meantime, Kraken has also indicated that it will drop another altcoin; the exchange no longer lists Monero in the UK.

Why is this Important?

SHIB is a Dogecoin-inspired cryptocurrency that has gained a lot of popularity following the boom of meme tokens during the COVID-19 lockdown. The Shiba Inu community had been urging Kraken to list the coin for some time now.

Kraken, the eighth largest crypto exchange in the world according to data from Coingecko, already announced on Monday that it would begin supporting SHIB trading.

The Kraken Tweet

The exchange does not want to make its users wait a second longer to start trading the token, at least according to the Twitter announcement:

Kraken knows how to serve its customers. Shiba Inu may be the platform’s most popular listing. The Twitter announcement of the decision to include the meme coin in the offering got 41.2K likes in a single day and just over 16.4K retweets.

This makes it the crypto exchange’s second most popular tweet, beaten only by a challenge where the Community Management team promised to list Shiba Inu if their tweet reached more than 2,000 likes.

Following the tweet’s success, the stock market kept its word – at least in part. The team assured that they would consider the interaction, although they warned that listing processes take a long time.

They didn’t list it right away, but today’s announcement shows they didn’t let the SHIB community down in the end.

SHIB – 11th Largest Crypto Coin

  • According to an official blog post, SHIB will be available on Kraken and Kraken Terminal. But futures and margin trading will have to wait a bit.
  • The token will only be traded against dollars and euros.
  • SHIB bounced after the announcement, and is worth $0.00004896 at the time of writing. It has been the 11th largest cryptocurrency by market value for some time now.

Bad News for Monero

There is also other crypto news in which Kraken is taking the lead: the exchange stopped trading in privacy cryptocurrency Monero for British customers last week. That was stated in a company email shared on Reddit.

The email stated that from November 26, UK users will no longer be allowed to trade Monero (XMR) on the platform against Bitcoin, the dollar or the euro. Any deposits made in the UK will no longer be credited after this Friday, but balances can be withdrawn from that date to a personal wallet or other exchange, the email said.

A spokesman for Kraken said the company adhered to guidelines from the Financial Conduct Authority, the UK’s financial markets regulator.

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