This Major Exchange Introduces Viral Meme Coins to Canadian Users: Details

TL;DR

More Options for Canadian Users

The leading cryptocurrency exchange, Kraken, announced on X that the popular meme coins Pepe (PEPE) and dogwifhat (WIF) are now available for trading to Canadian-based clients. 

Despite showing further support toward the aforementioned tokens, the company warned that jumping on the bandwagon “involves risk of loss.” Traders are often advised to invest only as much as they are ready to lose and enter the ecosystem after conducting proper research.

Additional backing from a major exchange like Kraken may positively impact the prices of the involved cryptocurrencies due to improved liquidity and increased credibility. However, PEPE and WIF remain deep in the red on a weekly scale, coinciding with the broader decline of the entire digital asset sector.

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

The situation in the meme coin niche seems even worse. Cat-themed tokens like Popcat (POPCAT) and Mog Coin (MOG) are among the poorest performers, plunging by double digits.

Kraken and SHIB

Last month, the firm extended its support to one of the biggest meme coins in terms of market cap – Shiba Inu (SHIB). It added several margin pairs on its platform, including SHIB/EUR, enabling more options for European users, especially those who primarily deal with 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 provides the opportunity for greater profits but also comes with a higher risk of being liquidated. The SHIB/EUR pair offers up to 3x leverage with a $2 billion limit on 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 get exposure to over 200 perpetual futures. Simply transfer SHIB from your Kraken spot wallet to your Futures wallet to get started,” it disclosed. 

In crypto futures trading, collateral assets are tokens that traders deposit to support their position. This deposit serves as a security to cover possible losses and guarantees that the trader can meet their financial commitments under the contract.