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After the Shiba Inu coin went live on the Kraken trading platform on 30th November 2021, its price is up by 20%.
This comes as a savior to the coin that has been experiencing price fall for the last few weeks. At the time of writing this article, Shiba’s price is trading at $0.00046. Although this is 10% lower than yesterday’s price, it is still 20% higher.
Kraken listing comes a month after the platform’s previous attempt to list the coin was never realized. This was late last month when the coin did a Twitter post requesting for likes to enable it to list SHIB which they got in plenty.
However, they later said some elements were not ready to enable the listing.
Kraken Listing of SHIB
Finally, after a month’s wait, Kraken made the listing announcement with traders only being able to trade in the Euro and Dollar pairs. They also set the minimum trading amount to 50,000 Shiba tokens.
However, the trading of margin and futures is not available currently. Kraken’s availing the coin on its platform helps in exposing it to more potential investors.
It is also a positive market trigger hence the price rise.
The Shiba Inu Coin Kraken listing is enhancing hopes Robinhood could follow. There has been a sustained campaign for the platform list Shiba. However, this is yet to happen with Robinhood insisting it is not in a hurry to do so.
This petition currently has over 500 thousand petitioners and the list are growing.
Effects of Listing in Major Platforms
In the past, the listing of a coin on a major platform causes the price to rise. This has happened before when dogecoin was listed on Robinhood and recently with Shiba on Binance.
Hence, the listing of Shiba on Robinhood will be a big boost in the coin’s price. The availability of these platforms usually gives the coin some form of credibility and power.
It is a validation that investors interpret as an opportunity to buy and hold. Because different platforms are usually found in different countries, it is usually necessary for a coin to be on as many platforms as possible.
Future of Shiba Inu Price
The recent spike after the Kraken listing indicates the bullish momentum is building and could attract more buyers. Soon the price could see up to 100% rise.
The combination of coin listing with other factors such as the recent Shiba NFTs and Shiba Metaverse games will be key in driving the coin higher.