Kraken Pro, a major U.S.-based exchange, has unveiled its latest development: the addition of new margin pairs, with a spotlight on Shiba Inu (SHIB), the renowned meme-inspired cryptocurrency.
SHIB will now be available for margin trading on Kraken Pro, paired against the U.S. dollar, with a maximum leverage set at three and a cap of 1.5 billion SHIB for long and short positions. Described as an Ethereum-based meme coin inspired by Dogecoin, SHIB emerged in 2020 under the pseudonymous developer Ryoshi.
As the announcement cites, the project was created as a response to a single question: What would happen if a cryptocurrency project was 100% run by its community?
Rise of Shiba Inu (SHIB)
Four years later, some sort of the answer can be given to this rhetorical question. Thus, as of now, Shiba Inu token stands as the 11th biggest asset on the crypto market, with a market capitalization of approximately $13.49 billion. More to the point, the Shiba Inu ecosystem is also presented with several other cryptocurrencies like BONE and LEASH, which also gather collectively about $180 million in market cap.
Adding to this is Shibarium, a layer-2 EVM blockchain solution designed for Shiba Inu. The project was launched in August 2023 and since then has gained $2.46 million in total value locked. As for Shiba Inu's network blockchain stats, there are 105,393 accounts, 1.79 million addresses, 415.52 million completed transactions and 2,265 verified smart-contracts.
Answering the question as to what would happen if a cryptocurrency project was 100% run by its community, the project is likely to evolve into something bigger than just a dog-inspired meme coin.
In the unique case of Shiba Inu, it has evolved into a full-fledged ecosystem, with its main token, SHIB, being accepted as a means of payment across several big platforms, while commanding billions in market cap, and still having room to grow with new listings on major exchanges.