Leading U.S.-based exchange Kraken expands its support for Shiba Inu by adding a new margin trading pair for the dog-themed token.
According to a recent announcement, Kraken expanded its margin offering by pairing Shiba Inu against the euro under the pair name SHIB/EUR.
The move will allow European users who mainly use the aforementioned currency to borrow funds to trade Shiba Inu with the potential of greater risks and returns. It bears mentioning that the SHIB/EUR margin trading is currently available on Kraken’s advanced trading platform, Kraken Pro.
In a follow-up blog post, Kraken revealed that it offers up to 3X leverage for the SHIB/EUR margin pair. The exchange placed a ceiling of 2 billion SHIB on opening long and short positions for the SHIB/EUR pair.
Furthermore, the post summarized Shiba Inu’s history, highlighting how it was created. Notably, Kraken stated that an anonymous developer, Ryoshi, created Shiba Inu in 2020 to give investors an asset entirely run by the community.
Shiba Inu Margin Pair on Kraken
At the moment, Kraken supports two Shiba Inu margin pairs: SHIB/USD and SHIB/EUR. As reported earlier, Kraken added support for the SHIB/USD pair in May 2024. At the time, Kraken set the trade position limit at 1.5 billion SHIB.
However, at press time, the exchange had raised the SHIB/USD margin pair trading limit to 6 billion SHIB.
Besides Shiba Inu, Kraken also paired Pepe, Sei, and Near Protocol against the euro on its margin trading platform. The tokens were listed under PEPE/EUR, SEI/EUR, and NEAR/EUR. Each offering has up to 3x leverage and different position limits.
Kraken’s Growing Support for SHIB
Meanwhile, Kraken has expanded Shiba Inu support since it first listed the token in November 2021. In May 2023, the exchange added a new perpetual futures trading pair for Shiba Inu (SHIB/USD), with up to 10x leverage.
To celebrate the listing, Kraken announced a fee reduction for Shiba Inu futures trading, offering 0% maker fees and 0.1% taker fees for the first 100 days.
In the meantime, Shiba Inu is changing hands at $0.00001416, marking a 3.90% increase over the past day. SHIB’s price has also soared 3.27% over the past week.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
