- Kraken has expanded support for SHIB, PEPE, and WIF, featuring Futures trading.
- The exchange’s new product expansion might drive adoption, boosting the token’s prices.
Kraken, a leading crypto exchange, recently announced a collateral listing featuring three popular memecoins: Shiba Inu (SHIB), Pepecoin (PEPE), and Dogwifhat (WIF). The latest announcement has raised questions and discussions among community members around an imminent rally for these tokens.
Kraken Adds SHIB, PEPE, and WIF as Futures Collateral Options
“New collateral added for futures on Krakenpro WIF, SHIB, and PEPE,” Kraken stated in Thursday’s X post. This means platform users can now use WIF, SHIB, and PEPE as collateral for futures trading. To get started, users must transfer the memecoins from their Kraken Spot wallet to their Futures wallet.
With the addition of SHIB, PEPE, and WIF to Krakenpro, users now have additional alternatives when selecting assets for collateral in futures trading. This move might increase engagement for these memecoins as their utility expands beyond traditional spot trading to more sophisticated trading strategies. Consequently, market demand and visibility for these tokens may increase, driving adoption and potentially increasing prices.
With the addition of SHIB, PEPE, and WIF on futures, Kraken now caters to the growing demand for top memecoins. In its post, the exchange even added a pictorial representation of the memecoins, along with the remark,
Why is it, when something happens, it is always you three?
The latest update sparked excitement within the crypto community and speculations about the impact this could have on the market performance of these tokens. For Kraken, it is tapping into a dedicated and enthusiastic community of investors, thus expanding its reach in the crypto space.
Possibilities of an Incoming Memecoin Rally
Meanwhile, including SHIB, PEPE, and WIF as collateral assets on Kraken follows a scheduled listing of WIF and PEPE on Kraken Pro for Canadian users. Kraken’s increased attention to these tokens marks the basis for the speculation about a potential memecoin rally.
These discussions come amid a broader market downtrend, which led to sideways movement for SHIB, PEPE, and WIF. However, the expanded collateral options can help drive increased trading activity and investor interest. Moreover, previous listings hint that this move might increase the liquidity of these tokens, potentially driving their prices higher.
As highlighted earlier, SHIB, PEPE, and WIF are among the top memecoins in the market, with 6000% growth potentials by 2025. These memecoins have continued to make waves for their outstanding relative performance. Thus, a potential rally is not impossible.
Built on the Solana blockchain, WIF has captured the market’s attention with its strong community. SHIB, on the other hand, has made strategic moves, such as introducing a burning mechanism to reduce token supply. Finally, PEPE has built a strong community with no transaction tax and a wildly acclaimed memecoin goal.
At press time, SHIB was trading for $0.0000141, down by 0.29% in the past 24 hours. In tandem, WIF’s price fell by 2.7% to $1.55 during the same period, while PEPE’s price dropped to $0.000007796 with 0.6% negative growth.
