Fans of Shiba Inu (CCC:SHIB-USD) should mark their calendars for tomorrow, Nov. 30. Kraken, a cryptocurrency exchange, announced that trading of the SHIB crypto is slated to begin on its platform on that day. Kraken is already accepting deposits, with the minimum amount set at 373,000 SHIB.
What to Know About a Kraken Listing for the SHIB Crypto
Kraken had previously announced on Nov. 1 that if it got 2,000 likes on a tweet, it would provide coverage of Shiba Inu. The crypto exchange finally made the confirmation announcement after a month-long wait. As of today, the tweet has 83,000 likes.
🐶♥️🐶♥️🐶♥️🐶♥️🐶@brianchoffman said if we get 2,000 likes we will list $SHIB tomorrow – but he doesn't think we can do it.#SHIBArmy where you at?
👇 👇 👇
💬 🔁 ♥️
— Kraken Exchange (@krakenfx) November 1, 2021
This is definitely great news for shareholders of the SHIB crypto, as the addition of another exchange will increase liquidity and media attention around the dog-themed crypto. On Kraken, Shiba Inu will be tradable against the U.S. dollar and the Euro, with a minimum purchase of 50,000 SHIB. While that figure may seem high, 50,000 SHIB equates to only $2.19 at the time of writing.
What’s Next for Shiba Inu?
After today’s Kraken announcement, the Shiba Army certainly has reason to be happy. Additionally, the price of Shiba Inu has risen 17% in the past 24 hours in response to the news. According to CoinMarketCap, Shiba Inu is now the 12th largest cryptocurrency by market capitalization. So, what’s next?
Major exchanges, such as Coinbase (NASDAQ:COIN), Binance and FTX, already provide coverage for Shiba Inu. However, other popular exchanges, such as Robinhood (NASDAQ:HOOD), are still on the edge about listing the “Dogecoin killer.” A passionate member of the Shiba Army decided to take this issue into his own hands and started a petition on Change.org to urge Robinhood to list Shiba Inu. As of today, that petition has over half a million signatures. Based on Robinhood’s past actions, it wouldn’t be surprising if the trading platform decides to cave in and provide coverage for Shiba Inu in the coming months.
On the other hand, legacy brokerages, such as Fidelity and Charles Schwab (NYSE:SCHW), still refuse to provide coverage to buy cryptocurrencies directly. Additionally, there is no timetable for this to happen as these brokerages keep mum on crypto developments. If a legacy brokerage decided to provide coverage for any cryptocurrency, the crypto market as a whole should see a huge spike in price.
On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.