Kraken Adds SHIB, PEPE, and WIF ays Futures Collateral: Is A Meme Coin Rally On The Horizon?

Kraken’s latest move to include Shiba Inu (SHIB), Pepe Coin (PEPE), and Dogwifhat ($WIF) as collateral for futures trading is drawing significant attention.

These tokens, once regarded merely as meme coins, are now gaining serious traction in the futures market.

By allowing these assets to be used as collateral, Kraken is adding a new layer of flexibility to the market, which is increasing the visibility and interest in these tokens. The excitement around this development is fueling speculation about potential price rallies.

Shiba Inu has already seen a 1.58% increase, raising questions about whether Pepe Coin and Dogwifhat can follow suit. The potential for these meme coins to rise further is becoming a hot topic among traders.

KRAKEN JUST ADDED SHIB, PEPE & WIF AS FUTURES COLLATERAL: MEME COIN RALLY COMING?

Kraken’s move to add Shiba Inu, Pepe Coin, and Dogwifhat as collateral for futures trading is turning heads.

These assets are now more than just meme coins—they’re getting some serious play in the… pic.twitter.com/URRRz5kB1S

— IBC Group Official (@ibcgroupio) August 29, 2024

Adding to the buzz, the largest holder of $WIF recently borrowed 1.4 million USDC from Kamino, using 1 million USDC to purchase 643,832 $WIF at a price of $1.55 per token just six hours ago. This whale now holds a total of 28.66 million $WIF, valued at $44.13 million, with a staggering profit of approximately $65.6 million.

The largest holder of $WIF borrowed 1.4M $USDC from #Kamino and spent 1M $USDC to buy 643,832 $WIF at $1.55 again 6 hours ago.

The whale currently holds 28.66M $WIF($44.13M), and the profit on $WIF is ~$65.6M!https://t.co/jtJhdjDnQm pic.twitter.com/RdzC8vRxbt

— Lookonchain (@lookonchain) August 30, 2024

As these developments unfold, all eyes are on SHIB, PEPE, and WIF to see if they can capitalize on the increased market interest and ignite a meme coin rally. Kraken’s decision to integrate these assets into the futures market might just be the catalyst needed to push their prices to new heights.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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