A recent announcement of Kraken around the three top meme coins, Shiba Inu, Pepe Coin, and dogwifhat, has caught investors eyes. This latest development has also fueled discussions over a potential rally of the tokens due to the update. As per the latest announcement, the crypto exchange has added these three meme coins as collateral for futures trading.
Kraken Expands Futures Collateral Options
Kraken, one of the top crypto exchanges, has caught the traders’ eye with its recent announcement to expand its future trading options. Notably, the addition of Shiba Inu, dogwifhat (WIF), and Pepe Coin (PEPE), has also fueled discussions over its potential impact on the prices.
Notably, this move is expected to provide more flexibility and accessibility to investors, which in turn could potentially drive the engagement of these tokens higher. To utilize this feature, investors need to transfer SHIB, WIF, or PEPE from their Kraken spot wallets to their futures wallets.
Meanwhile, this functionality expands the utility of Shiba Inu and the other meme coins beyond traditional spot trading, giving them a foothold in the more complex futures market. As these tokens become part of more sophisticated trading strategies, their market demand and visibility could increase, leading to potential price movements.
In other words, the announcement has been met with enthusiasm from the crypto community, as investors speculate on the impact this could have on the market performance of these tokens. With the addition of these assets, the crypto exchange appears to be catering to the growing demand for top meme coins.
Will SHIB, WIF, & PEPE Prices Rally?
The introduction of Shiba Inu, WIF, and PEPE as collateral on Kraken comes at a crucial time, just before the scheduled listing of WIF and PEPE on Kraken Pro for Canadian users. This timing has fueled speculations about a potential rally for these tokens. Notably, the expanded collateral options can often lead to increased trading activity and investor interest.
Meanwhile, market pundits suggest that this move could enhance the liquidity of these tokens and potentially drive their prices upwards. By integrating popular meme coins into its futures trading infrastructure, the exchange is tapping into a dedicated and enthusiastic community of investors.
As of writing, SHIB price was up 1.58% to $0.000014, with its trading volume dropping 23% to $192.23 million. Pepe price stayed near the flatline at $0.00000763, after touching a 24-hour high of $0.000008188. On the other hand, the WIF price was down over 1% to $1.54, down from its 24-hour high of $1.69.
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Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
