Fans of Shiba inu (CCC:SHIB-USD) should mark their calendars for tomorrow, November 30. Kraken, a cryptocurrency exchange, announced that trading of the SHIB crypto is expected to begin on its platform on that day. Kraken is already accepting deposits, with a minimum amount set at 373,000 SHIB.
What to know about a Kraken listing for crypto SHIB
Kraken previously announced on November 1 that if it got 2,000 likes on a tweet, it would cover Shiba Inu. The crypto exchange finally made the confirmation announcement after a month of waiting. To date, the tweet has 83,000 likes.
💬 🔁 ♥ ️
– Kraken Exchange (@krakenfx) November 1, 2021
This is certainly great news for shareholders of crypto SHIB, as the addition of another exchange will increase liquidity and media attention around the dog-themed crypto. On Kraken, the Shiba Inu will be exchangeable for the US dollar and the euro, with a minimum purchase of 50,000 SHIB. While that number may seem high, 50,000 SHIB equates to only $ 2.19 at the time of writing.
What’s next for Shiba Inu?
After today’s Kraken announcement, the Shiba Army certainly has reason to be happy. Additionally, the price of the Shiba Inu has increased by 17% in the past 24 hours in response to the news. According to CoinMarketCap, Shiba Inu is now the 12th largest cryptocurrency by market cap. So what’s the next step?
Large exchanges, such as Coinbase (NASDAQ:PIECE OF MONEY), Binance and FTX, already cover Shiba Inu. However, other popular exchanges, such as Robin Hood (NASDAQ:HOOD), are still on the verge of listing the “Dogecoin killer”. A passionate member of the Shiba Army decided to take this issue into their own hands and started a petition on Change.org urging Robinhood to enroll Shiba Inu. To date, this petition has over half a million signatures. Based on Robinhood’s past actions, it wouldn’t be surprising if the trading platform decides to divest and hedge Shiba Inu in the coming months.
On the other hand, traditional brokerage houses, such as loyalty and Charles Schwab (NYSE:SCHW), still refuse to provide cover to buy cryptocurrencies directly. Additionally, there is no timeline for this to happen as these brokerage houses are keeping quiet about crypto developments. If a former brokerage decides to hedge any cryptocurrency, the crypto market as a whole is expected to experience a huge price spike.
At the time of publication, Eddie Pan had (directly or indirectly) no position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.