Major Exchange Introduces Viral Meme Coins to Canadian Users – Details

TL;DR

Canadian customers of a popular crypto exchange can now trade meme coins Pepe (PEPE) and dogwifhat (WIF). The company recently added Shiba Inu (SHIB) as a new margin trading pair and collateral asset, offering more trading flexibility and leverage options. More options for Canadian users

Leading cryptocurrency exchange Kraken announced at X that the popular meme coins Pepe (PEPE) and dogwifhat (WIF) are now available for trading with Canadian customers.

Despite showing more support towards the aforementioned tokens, the company cautioned that jumping on the bandwagon “implies risk of loss.” Traders are often advised to invest only the amount they are willing to lose and enter the ecosystem after doing proper research.

Additional support from a major exchange like Kraken can positively affect the prices of the cryptocurrencies involved due to improved liquidity and credibility. However, PEPE and WIF remain deep in the red on a weekly basis, coinciding with the broader decline across the digital asset sector.

The industry’s global market capitalization currently stands at around $2.05 trillion, with Bitcoin (BTC) below $56,000 and Ethereum (ETH) trading below $2,400.

The situation in the meme coin niche looks even worse. Cat-themed tokens like Popcat (POPCAT) and Mog Coin (MOG) are among the worst performers, with double-digit declines.

Kraken and SHIB

Last month, the firm extended its support to one of the largest meme coins in terms of market capitalization: Shiba Inu (SHIB). It added several margin pairs to its platform, including SHIB/EUR, which allow more options for European users, especially those who primarily deal in the official currency of the Eurozone.

Margin trading allows clients to use borrowed funds to make leveraged trades. To participate, they must offer collateral, which can be in the form of cryptocurrencies. This option offers the opportunity to obtain higher profits, but also carries a higher risk of being liquidated. The SHIB/EUR pair offers up to 3x leverage with a $2 billion limit for opening long and short positions.

Shortly after, Kraken included the meme coin as a new collateral asset for futures trading. “You can now use SHIB to gain exposure to over 200 perpetual futures. Simply transfer SHIB from your Kraken spot portfolio to your Futures portfolio to get started,” he revealed.

In crypto futures trading, collateral assets are tokens that traders deposit to support their position. This deposit serves as collateral to cover potential losses and ensures that the merchant can meet its financial obligations under the contract.

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