Kraken Extends Support For Shiba Inu (SHIB) Ahead Of SHIB Eternity Launch

Kraken, a prominent cryptocurrency exchange has recently expanded its support for dog themed meme coin Shiba Inu (SHIB). This notable development comes

Kraken, a prominent cryptocurrency exchange, has recently announced its support for several cryptocurrency pairs, including the popular dog-themed meme coin Shiba Inu (CRYPTO: SHIB).

According to a blog post published by Kraken on August 20, the exchange will now offer support for SHIB/EUR.

Kraken to offer new EUR margin pairs, including SHIB/EUR

The decision to offer new margin pairs for SHIB is driven by Kraken's aim to cater to its vast user base by providing more crypto trading options, particularly for European users.

The support marks a significant milestone for Shiba Inu, which has rapidly ascended from a small-cap meme coin to a widely recognized and utilized digital asset in the cryptocurrency landscape.

Shiba Inu enthusiasts in Europe and Kraken users across the globe will now have the ability to leverage positions on SHIB, opening up possibilities for potential returns from trades.

The SHIB margin pair aligns with Kraken's broader strategy to offer a diverse range of crypto trading options and continuously expand its portfolio.

By supporting new trading pairs with strong community backing, such as Shiba Inu, Kraken can potentially bolster its position as a leading cryptocurrency exchange.

While the exchange did not disclose which pairs are being considered, the team noted that they intend to expand support for more cryptocurrencies, subject to policy limitations.

Kraken urges investors to trade with caution to avoid potential losses

In its blog post, the team highlighted the requirement for investors to have at least one type of collateral cryptocurrency to trade with margin.

Kraken also emphasized that margin trading is not universally available and comes with certain requirements and limitations, including potential extra costs and fees for opening, closing and maintaining trade positions.

Moreover, the exchange strongly advises investors to trade cautiously to avoid potential losses, which can occur rapidly in the cryptocurrency market.

Shiba Inu’s new support on Kraken comes just ahead of the highly anticipated launch of SHIB Eternity.

The SHIB Eternity is a mobile trading card battle game that will feature Web3 transitions, exclusive seasonal tournaments, enhanced rewards and more.

The game is also set to utilize BONE, one of Shiba Inu's native tokens, for all blockchain transactions on its platform.

According to Shiba Inu's lead marketer, Lucie, SHIB Eternity is currently undergoing several tests.

In an X (NYSE:TWTR) post, Lucie highlighted that the launch of SHIB Eternity will be a "game changer" for the Shibarium network.

This suggests that the upcoming game is expected to have a substantial impact on the growth and development of Shibarium.

By mentioning BONE and SHIB burns, Lucie's statement may be indicating that SHIB Eternity could play a major role in reducing the supply of BONE and SHIB tokens through burn mechanisms, which could potentially drive up the prices of the cryptocurrencies.

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