Isabelle Lee
Kraken is listing shiba inu coin nearly a month after the cryptocurrency exchange teased the move on Twitter only to fail in immediately following through.
In a blogpost Monday, Kraken said trading will go live on November 30, at which point it will enable order entry and execution.
The coin will be tradeable against the US dollar and the euro with a trading minimum of 50,000 shiba inu (roughly $US2.10 ($AU3) if multiplied by Monday’s price of $US0.00004217).
It will also have a price precision of 8 decimal places and a quantity precision of 5 decimal places, the exchange said in the post.
Kraken has yet to respond to Insider’s request for comment.
The move does not come as a total surprise, especially after the San Francisco-based crypto exchange on November 1 teased Twitter users about the possibility of listing the ethereum-based asset.
Through its official Twitter account, Kraken said if the tweet gets 2,000 likes, it will list the coin the following day. It added: “SHIBArmy where you at?”
Within minutes of posting, Kraken’s post easily hit that target, as Insider previously reported. The next day, the post had surpassed the goal and garnered almost 60,000 likes.
Despite this, Kraken in a Twitter thread said it had decided to not list the coin after all. “There’s more work for us to do as we move through our listing review process,” the crypto exchange, founded in 2011, said.
The shiba inu community, known to be a united and vocal one, wasn’t happy. Some questioned why the exchange would make a pledge it did not intend to honor in the first place, while others threatened to delete their Kraken accounts.
Kraken’s Monday decision coincided with the growing roster of crypto exchanges in listing the new coin amid a surge in demand from retail investors.
Gemini and Public listed shiba inu earlier this month. Coinbase, the largest crypto exchange in the US, listed the dogecoin killer in September. Crypto.com listed shiba inu in May, while eToro listed it in July.
But Robinhood still hasn’t, saying it is taking a more cautious approach.
The eye-popping rally of shiba inu has propelled it to become the 12th largest cryptocurrency by market valuation, according to CoinMarketCap, after being created only in August 2020. It has gained almost 54,310,000% year-to-date compared with a rise of 100% in bitcoin, the largest crypto by market value.
About the Author
