Shiba Inu: How Kraken Can Help Push SHIB Back to $0.000015
Shiba Inu Poised to Bounce Back? Kraken May Help
The crypto market has certainly experienced a downturn in August. Few have been safe, with Bitcoin falling as low as $58,000 Friday. Yet, things could be turning soon. Moreover, meme coin mainstay Shiba could get help from crypto exchange Kraken to push SHIB back to its $0.000015 level.
The asset has enjoyed a rough go over the past several weeks. Indeed, the asset’s profitability has fallen below 50%, experiencing a massive 60% drop, according to IntoTheBlock. However, that may be changing, with data supporting increased interest and positive sentiment that could have the token surging once again.
August has not been kind to the second-largest meme coin by market cap. Indeed, Shiba Inu has struggled mightily. Over the last 30 days, the asset has fallen more than 15% according to CoinMarketCap. Moreover, it has dropped more than 7% in the last seven days, currently trading at $0.00001375
Yet, that could be set to change. As with most meme coins, sentiment can have a massive impact on price. Just as Dogecoin hypeman Elon Musk. The connection between news and price action is undeniable. And for SHIB, that could massively come into play.
Shiba Inu may be set to get help from Kraken, as SHIB looks to return to $0.000015. The meme coin hasn’t sustained above that level since August 23rd and has struggled to break free from its current mark. However, the cryptocurrency exchange could help.
Kraken recently added Shiba Inu as collateral for crypto futures trading. You can now use SHIB to get exposure to over 200 perpetual futures,” the platform announced.
This move only increases the overall market support for the asset. Furthermore, it drives the utility and adoption of the token. Conversely, Kraken isn’t alone. Both Robinhood and Coinbase have enabled increased trading services for SHIB throughout the year.
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