Kraken Crypto Exchange Announced Support For Shiba Inu

The popular Kraken crypto exchange announced support for the meme coin Shiba Inu which has been continuously rising over the last day so let’s read more in our latest cryptocurrency news.

Kraken is the eighth biggest cryptocurrency exchange according to Coinecko. Today, the Kraken crypto exchange announced support for Shiba Inu, dogecoin-inspired crypto which gained plenty of popularity after the boom of the meme coins in this COVID-19 lifetime. The exchange didn’t want to wait another minute for the users to start trading with the token and the Twitter announcement made it clear that the exchange follows the wishes of its users. Kraken reads well its userbase and the decision to include Shiba Inu was the most popular listing on the platform. The announcement got 41.2K likes in one day and a little over 16.4K retweets.

This makes it the second most popular tweet of the exchange beaten by a challenge in which the community management team pledged to list SHIB if they tweet went over 2000 likes. They surpassed 80,000 likes in the past day and after the tweet’s success, the exchange kept its word and the team reassured that they will take the interaction into account but they warned that the listing process can be quite lengthy. They didn’t list it right away but the announcement from today shows that they kept the promise made to the community so as per the official blog post, Kraken and Kraken Terminal will be available for Shiba Inu but the futures and margin trading will not be available.

The price of Shiba Inu surged after the announcement and increased by more than 15% on the daily candlestick from $0.00004522 to a high of $0.00004573 breaking past the EMA 20 resistance which marked the top of the downtrend which started after its ATH a month ago and was then confirmed in November. Right now, SHIB is trying to consolidate a trend reversal and look for possible recovery, and the candlestick today on formation seems to point to a bullish sentiment among traders. By the time of writing, SHIB has a price of $0.00004894 like 8% up since the opening on the daily candlestick.  The real activity starts in a few hours as Kraken got more liquidity in the token and the resistance is getting even more flatter which indicates a slowdown in the decline.
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