Kraken, a US-based exchange, has confirmed that it will list Shiba Ina (SHIB) on November 30. In the 24 hours following the announcement, the price of SHIB increased by 23.3 percent.
The exchange confirmed in a blog post dated November 29 that the minimum deposit will be 373,000 SHIB, with a minimum trade of 50,000 SHIB, or approximately $18.40 and $2.40, respectively. The memecoin will be exchangeable for USD and EUR.
The listing confirmation came nearly a month after the exchange first hinted at the SHIB listing on November 1. At the time, the exchange promised to list the coin within 24 hours if it received 2,000 votes. After receiving so many in such a short period of time, the exchange proceeded to equivocate for the rest of the month.
With the addition of SHIB to Kraken, the memecoin is now available on a growing number of exchanges, including Gemini, Coinbase, and Crypto.com. Shiba Inu is still performing well and can be found on a number of major centralized exchanges, but which coins could be next in line for a major CEX presence? BeInCrypto decided to check on the chasing pack to see how close or far they were.
The Internet’s Magic Money
Magic Internet Money is an outlier among its peers in that it is both a memecoin and a stablecoin project in one. It also goes by a number of different names, which can be confusing at first. The project is the same whether you call it ‘Abracadabra money,’ ‘Magic Internet Money (MIM),’ or the associated ‘Spell token (SPELL).’
The project bills itself as a magical spellbook, allowing users to create magical internet money (MIM) with only collateral in the form of interest-bearing crypto assets like yvYFI, yvUSDT, yvUSDC, and xSUSHI. MIM can then be exchanged for other stablecoins if necessary.
While Dogecoin has a market cap of more than $29 billion and Shiba Inu has a market cap of more than $28 billion, Magic Internet Money (MIM) has a market cap of $3.4 billion and Spell has a market cap of $1 billion. Even so, it is still far ahead of other memecoins, demonstrating how far ahead of the pack Dogecoin and SHIB truly are.
Dogelon Mars (ELON) is the clear frontrunner among the many coins that include some reference to Elon Musk. It has also already been listed on several centralized exchanges, including Crypto.com, OKEx, and KuCoin.
Dogelon Mars, with a market cap of $941 million, demonstrates that memecoins do not need to be in the billion dollar club to be listed on a centralized exchange. Some exchanges are more difficult to crack than others, so while Dogelon is already making good progress, it may still have some way to go before it can join Shiba Inu on Kraken.
Baby Doge Coin
Memecoins appear to perform well on Binance Smart Chain, where Baby Doge Coin (BABYDOGE) has found a home. The little terrier, however, has not been content to remain solely on the leash of BSC, and has recently expanded to Ethereum.
Aside from its adorable appearance, Baby Doge Coin is best known for its dedicated community of supporters, which lends credence to its claim to be the “world’s best community coin.” At the time of publication, Baby Doge Coin was trending on Twitter and CoinGecko, and it had recently passed 1 million holders.
Floki Inu is another Binance Smart Chain-based dogcoin. While Shiba Inu refers to itself as the “dogecoin killer,” Floki Inu (FLOKI) has taken a more humble approach to gaining wider adoption, branding itself as the “underdog” in the dogcoin wars.
Despite its self-proclaimed underdog status, Floki Inu is currently running one of the most aggressive marketing campaigns in cryptocurrency. A recent ad campaign on the London Underground resulted in nationwide press coverage. The project has also secured television spots on CNN, CNBC, ESPN, Fox News, Fox Business, MSNBC, and Discovery, which will run until December.
Floki Inu is currently developing ‘Valhala,’ a 3D gaming environment that will attempt to capitalize on the virality of both GameFi and metaverse trends. While the success of such a massively ambitious project is far from guaranteed, it does make the battle for memecoin supremacy worth watching.