Shiba Inu is now listed on Kraken; how to buy SHIB on Kraken?

Higlights

• Shiba Inu (SHIB) is currently trading at US$0.00005108, up 30.57%, at 10:03 am ET. It rose 84649869.3% in one year.
  
  
• SHIB is now listed on the Kraken exchange. It began accepting deposits for trading from Tuesday except for futures and margins.
  
  
• SHIB’s current market cap is US$28,04 billion, and it ranks 11th, according to coinmarketcap.com. 

After the cryptocurrency exchange Kraken announced the listing of Shiba Inu (SHIB) on its platform, the meme coin rallied. Kraken generated a lot of attention from potential buyers after it revealed plans for Shiba Inu listing on its platform. One of its tweets had received more than 2000 likes, prompting Kraken to expedite the listing process.

Shiba Inu (SHIB) surged more than 30% to US$0.00005108 on Tuesday. The meme-based cryptocurrency rallied after its listing on Kraken.

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Shiba Inu, a competitor to dogecoin, is a proof-of-work blockchain but currently transitioning to proof-of-stake. The ERC-20 based token’s market cap is US$28,04 billion, and its 24-hour volume is US$9,67 billion. The token has a current circulating supply of 549,061.05. Its maximum and the total supply are not immediately known.

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The Shiba token can be traded on Binance, Mandala Exchange, FTX, OKEx, Crypto.com Exchange, and Kraken. The token has a dog image, and it is often compared with Dogecoin. It was created anonymously in 2020. SHIB reached an all-time high of US$0.00008616 on Oct 28, 2021. Its all-time low was US$0.000000000056 recorded on Nov 28, 2020, according to coingecko.com. 

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Kraken Crypto Exchange

Kraken is the world’s eighth-largest cryptocurrency exchange, as per Coingecko.com.  

It was founded in 2011 and is the first exchange to offer spot trading with margin and regulated derivatives and index services.

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Kraken’s trading process

As per the official blog post, Kraken and Kraken Terminal will be available for SHIB, but not for futures and margins trading at the launch. The coin will be traded against USD and EUR only. One can deposit through the ‘Funding’ counter, which has the select and deposit options. The minimum deposit is 373,000 coins.  Shiba Inu deposits will need 20 confirmations, as per the blog post. The minimum trade could be 50,000 SHIB, with a price precision of eight decimal points and five decimal points of quantity precision.

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Bottomline

In September this year, Shiba Inu surged around 40% after its listing on Coinbase, another crypto exchange in the US. However, investor must exercise due diligence before investing in the crypto market.