Shiba Inu (CRYPTO: SHIB) lead developer Shytoshi Kusama welcomed the addition of the popular memecoin as a collateral currency for backing futures positions on the cryptocurrency exchange Kraken.
What happened: Kraken Pro, the exchange's interface for professional traders, stated Thursday that users would be able to use SHIB as collateral to place futures trades.
With this, the dog-themed cryptocurrency joined other coins such as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Cardano (CRYPTO: ADA) that are accepted as futures collateral.
Shiba Inu's pseudonymous lead Kusama reacted to the post with an angel emoji, reflecting their gratitude and happiness.
— Shytoshi Kusama (@ShytoshiKusama) August 29, 2024
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Why It Matters: This development coincided with a massive jump in SHIB's burn rate, a mechanism used to apply deflationary pressure on the token.
According to the official burning portal, the burn rate exploded by 139103% in the last 24 hours, with more than 96 million tokens getting kicked out of circulation.
Additionally, large transactions valued at over $100,000 pumped 64%, according to data from IntoTheBlock, while daily active addresses rose 14%.
Price Action: That said, SHIB was barely altered as of this writing, trading 0.62% lower than it was 24 hours earlier, according to data from Benzinga Pro.
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