Shiba Inu Soars on Kraken Listing, Meme Coin Rival Emerges

Kraken exchange listing and Shiba Shootout’s rise fuel renewed interest in Shiba Inu and meme coins, with potential for big gains.

The Shiba Inu (SHIB) ecosystem is witnessing a significant surge in activity as recent developments have reignited interest in the popular meme coin. A major catalyst for this renewed momentum is Kraken’s decision to add new EUR margin pairs, including SHIB/EUR, offering European traders more options to engage with the cryptocurrency. 

This move, coupled with the rising popularity of a new meme coin project, Shiba Shootout ($SHIBASHOOT), has sparked speculation about the future of Shiba Inu and its potential for unprecedented gains in the meme coin market.

Kraken Expands SHIB Trading Options for European Users

Kraken, one of the leading US-based cryptocurrency exchanges, recently expanded its list of margin pairs, which now includes SHIB/EUR among others. This new addition provides European users with enhanced trading options, allowing them to engage with SHIB using the euro, the official currency of 20 countries in the Eurozone, including major economies like Germany, France and Italy.

Margin trading enables users to leverage borrowed funds to increase their potential returns, albeit with an associated increase in risk. For SHIB/EUR, Kraken offers up to 3x leverage, with a $2 billion limit on opening long and short positions. This offering is likely to attract both seasoned traders looking for higher returns and new investors drawn to the growing adoption of SHIB.

This development follows a series of high-profile endorsements for SHIB. Since its initial listing on Kraken in November 2021, the meme coin has been embraced by other major exchanges such as Binance, Coinbase and Crypto.com. Additionally, financial services giant Robinhood enabled SHIB trading for New York state residents earlier this year, further broadening its accessibility.

The growing support for SHIB has not gone unnoticed by large investors, often referred to as “whales,” who have been increasing their holdings in anticipation of further price gains.

Shiba Shootout: A New Contender in the Meme Coin Market

While SHIB continues to gain traction, a new project called Shiba Shootout ($SHIBASHOOT) is making waves in the meme coin space. With its presale already raising over $1 million, Shiba Shootout is quickly emerging as a potential rival to established meme coins like Shiba Inu and Dogecoin.

Shiba Shootout combines a Wild West theme with the ever-popular Shiba Inu dog breed, capturing the attention of crypto enthusiasts and meme coin investors alike. 

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The project’s mobile game, Shiba Sharpshooter, has already garnered over 1,000 downloads on the Google Play Store, with a Web3 app set to launch soon. This early success has helped propel the project’s fundraising efforts, with the price of its native token, $SHIBASHOOT, currently at $0.0199.

The timing of Shiba Shootout’s rise is noteworthy, as the broader meme coin market has experienced a downturn in recent months. Leading coins like Dogecoin and Shiba Inu have seen significant losses, with DOGE down 34.25% and SHIB down 43.25% over the past three months. However, Shiba Shootout is positioning itself as a beacon of hope for the sector, aiming to revive the true spirit of memes through community engagement and creativity.

Reviving the Spirit of Meme Coins

Meme coins originally gained popularity due to their humorous and satirical nature, which resonated with a broad audience and fostered strong community-driven growth. Dogecoin, for example, started as a parody of the cryptocurrency craze but quickly became a symbol of the sector’s playful and accessible side. 

However, the recent decline in the meme coin market has led to concerns that the original spirit of these coins has been overshadowed by a focus on quick profits.

Shiba Shootout seeks to bring back the essence of meme coins by creating a digital community centered around humour and creativity. The project’s virtual settlement, Shiba Gulch, is designed to be a hub for meme enthusiasts to share their creations and participate in meme competitions. This focus on community engagement is coupled with unique features like poker tournaments with a crypto twist and virtual treasure hunts, all set within a Wild West-themed environment.

At the heart of Shiba Shootout is the $SHIBASHOOT token, which offers various ways for users to earn rewards. These include participating in “Campfire Stories” sessions where top storytellers can earn extra tokens, inviting friends to join the platform and entering the “Lucky Lasso Lottery” for a chance to win big crypto prizes. 

Additionally, the token can be used to enhance gameplay in the Shiba Sharpshooter game or to participate in governance decisions that shape the project’s future.

One of the most attractive features of $SHIBASHOOT is the “Cactus Staking Program”, which offers an impressive 931% annual percentage yield (APY). This staking opportunity not only provides significant returns for investors but also encourages long-term participation in the project as the Web3 app continues to develop.

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Shiba Shootout’s focus on humour, creativity and community-building positions it well to navigate meme coin season, but only time will tell if it can achieve the same level of mainstream recognition as SHIB.