Shiba Inu Lead Developer Shytoshi Kusama Reacts As Kraken Adds Memecoin As New Collateral — Burn Rate Fires 139103%

Shiba Inu SHIB/USD 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 BTC/USD, Ethereum ETH/USD, and Cardano ADA/USD 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.

See Also: El Salvador President Nayib Bukele Says Bitcoin Uptake Hasn’t Been A ‘Resounding Success’ — ‘We Have Never Forced Anyone To Adopt It’

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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