Shiba Inu Grows Stronger: New SHIB Utility Expands Opportunities

The Shiba Inu crypto project has achieved a significant milestone with the addition of SHIB as collateral for over 200 perpetual futures contracts on Kraken. This major development unlocks new opportunities for Shiba Inu holders, offering increased utility and potential for price appreciation.

In a significant development for the Shiba Inu crypto project, Kraken, a leading cryptocurrency exchange, announced Thursday that SHIB can now be used as collateral for over 200 perpetual futures contracts.

This new SHIB utility allows users to leverage their SHIB holdings to gain exposure to a wide range of assets, including major cryptocurrencies, indices, and commodities. By depositing SHIB into their Kraken Futures wallets, users can open positions on various futures contracts, potentially amplifying their returns or losses.

Shytoshi Kusama, the visionary lead developer of the Shiba Inu crypto project expressed his enthusiasm for the recent announcement that SHIB has been added as collateral for futures contracts on Kraken. Kusama retweeted Kraken’s X post, adding a smiley face emoji to convey his positive sentiment. This endorsement from Kusama further reinforces the significance of this development for the Shiba Inu community.

The addition of SHIB as collateral for futures contracts has several significant benefits, including:

Increased Utility: SHIB’s utility extends beyond simple holding and trading. Its use as collateral for futures contracts opens up new investment opportunities, potentially attracting more investors to the Shiba Inu ecosystem.

Potential Price Appreciation: As demand for SHIB as collateral increases, it could lead to a shortage of available tokens, driving up its price.

Enhanced Ecosystem: The expanded utility of SHIB can attract new users and developers to the Shiba Inu ecosystem, fostering increased activity and innovation.

Diversification: By using SHIB as collateral, investors can gain exposure to a wider range of assets, helping to diversify their portfolios and manage risk.

This latest development is one for the books for the Shiba Inu crypto project. It offers new opportunities for investors and traders, potentially driving up the price of SHIB and strengthening the ecosystem as a whole.

As of 6:30 a.m. ET on Friday, Shiba Inu is trading at $0.00001418 with a 24-hour trading volume of $196,220,833. This represents a slight 0.05% increase on the day, offering a glimmer of hope amidst a broader market downturn.

However, over the past week and month, SHIB has experienced a more significant decline, with a 1.46% dip in the last seven days and a 13.28% plummet in the past 30 days. Shiba Inu boasts a circulating supply of 589,270,140,382,591 tokens and a market capitalization of $8,347,676,311, representing a slight 0.05% increase in the past 24 hours, based on data from CoinMarketCap.

Shiba Inu’s small gain today provides a brief respite from the recent downward trend. However, the broader market downturn and selling pressure on SHIB continue to weigh on its price.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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