Shiba Inu (SHIB), the popular memecoin, has taken another step forward in its journey to mainstream adoption. Kraken, a well-known cryptocurrency exchange, has announced that SHIB will be accepted as collateral for futures trading on its professional trading platform, Kraken Pro.
This development joins other established cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) that are already available for futures collateral. Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, expressed gratitude and excitement for the news on Twitter.
The news comes at a time of heightened activity for SHIB. The token’s burn rate, a mechanism designed to decrease the supply of SHIB and potentially increase its value, has experienced a significant spike. In the last 24 hours, the burn rate surged by an astonishing 139,103%, with over 96 million SHIB tokens being permanently removed from circulation.
Data from IntoTheBlock reveals that large transactions exceeding $100,000 in value also increased by 64%, indicating growing interest and activity within the Shiba Inu ecosystem. The daily active addresses, a measure of unique wallet interactions, have also seen a rise of 14%, further supporting this trend.
Despite the positive developments, SHIB’s price has remained relatively stable. At the time of writing, it is trading slightly lower than its price 24 hours ago.
This move by Kraken to include SHIB as collateral could be a sign of increasing institutional acceptance for the memecoin, potentially driving further adoption and price growth in the future.
