Shiba Inu Lead Developer Shytoshi Kusama Reacts As Kraken Adds Memecoin As New Collateral — Burn Rate Fires 139103%
Portfolio Pulse from Aniket Verma
Shiba Inu (SHIB) has been added as a collateral currency for futures trading on Kraken Pro, joining Bitcoin, Ethereum, and Cardano. This coincides with a massive 139103% increase in SHIB's burn rate, though its price remains relatively unchanged.
August 30, 2024 | 6:56 am
News sentiment analysis
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NEUTRAL IMPACT
Cardano (ADA) is mentioned as one of the cryptocurrencies accepted as collateral on Kraken Pro, alongside SHIB, BTC, and ETH.
Cardano's mention as a collateral option on Kraken Pro is not new and does not directly impact its price. The news is centered around SHIB's addition, making ADA's mention less relevant.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20
NEUTRAL IMPACT
Bitcoin (BTC) is mentioned as one of the cryptocurrencies accepted as collateral on Kraken Pro, alongside SHIB, ETH, and ADA.
Bitcoin's mention in the context of collateral options on Kraken Pro is not new information and does not directly impact its price. The focus of the news is on SHIB's addition, making BTC's mention less relevant.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20
NEUTRAL IMPACT
Ethereum (ETH) is mentioned as one of the cryptocurrencies accepted as collateral on Kraken Pro, alongside SHIB, BTC, and ADA.
Ethereum's mention as a collateral option on Kraken Pro is not new and does not directly impact its price. The news primarily focuses on SHIB's addition, making ETH's mention less significant.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20
POSITIVE IMPACT
Shiba Inu (SHIB) has been added as a collateral currency for futures trading on Kraken Pro, which could increase its utility and demand. Despite a massive increase in its burn rate, the price remains stable.
The addition of SHIB as collateral on Kraken Pro could increase its utility and demand among traders, potentially leading to a positive impact on its price. The significant increase in burn rate suggests deflationary pressure, which could also support price appreciation. However, the current price remains stable, indicating that the market has not yet fully reacted to these developments.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90