San Francisco-based cryptocurrency exchange Kraken has announced the listing of new EUR margin pairs for Shiba Inu (SHIB) and Pepe (PEPE), the two leading meme coins.
Apart from the aforementioned meme cryptocurrencies, Kraken has also added EUR margin pairs for Sei (SEI) and Near Protocol (NEAR).
Kraken users will be able to trade these pairs with up to 3x leverage. This means that traders will be able to open positions that exceed the size of their balances. For instance, a 5% gain in the Shiba Inu (SHIB) price would mean a 15% gain in a 3x long position. However, margin trading is quite risky, and inexperienced traders should not try it due to potential losses that can be quite dramatic due to market volatility.
Tomiwabold OlajideFor the SHIB/EUR, the limit for both long and short positions is set at 2 billion tokens. For the PEPE meme coin, for comparison, the limits are set at 3.5 billion tokens.
As reported by U.Today, SHIB was eventually listed by Kraken back in November 2021 following an aggressive campaign launched by the community behind the leading meme cryptocurrency.
Kraken, one of the oldest cryptocurrency exchanges, launched margin trading all the way back in 2015. Initially, only the Bitcoin/EUR currency pair was available for margin trading.
Over the past years, Kraken has been dramatically expanding the list of cryptocurrencies that are available for margin trading. In June, the exchange introduced margin trading for eight stablecoin pairs.
Earlier this year, the top exchange margin trading for USD pairs with SHIB, PEPE, and some other cryptocurrencies.
Godfrey Benjamin
Arman Shirinyan