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Kraken listing would have had minimal impact on Shiba Inu (SHIB) price, says Exante analyst

invezz.com 05 November 2021 14:20, UTC
Reading time: ~2 m

Shiba Inu (SHIB/USD) has been one of the most popular memecoins since DOGE itself, with some in its community believing that it could even be a DOGE killer. However, Kraken seems to have disrupted this path by deciding not to list the token on its platform — or so the token’s community believes.

Victor Argonov, the senior analyst at Exante, however, disagrees. Commenting on the development, he told Invezz that the Kraken listing would have a rather minimal impact on the token’s price.

When asked about the reaction of the #ShibArmy — the name under which the token’s community became known — he said that Exante understands that some community members may have been annoyed by the move. After all, there were likely plenty of those who were looking to sell on any price spikes that a listing on Kraken might have caused.

However, when it comes to more experienced investors, they can simply gain exposure through other exchanges, which is what they have been doing thus far.

Mr. Argonov also said that he is not certain whether or not Kraken was serious when it announced its intention to list SHIB. He told Invezz,

It is difficult to say. Perhaps they were, but due to some internal reason decided not to proceed. It doesn’t mean they won’t consider it in the future.

SHIB price would not skyrocket due to Kraken listing

When asked what impact the Kraken listing could have had on the coin’s price, he said that he expected very small price growth. After all, SHIB is already listed on Coinbase, and after that achievement — listing on Kraken would have had a minimal impact.

Finally, Mr. Argonov shared his views on the Shiba Inu future in terms of price, noting that SHIB is merely a meme coin, which is why Exante does not have too strong a view on it, compared to some of the more established cryptocurrencies.

In conclusion, while ShibArmy’s displeasure with the way things have ended with Kraken is understandable, experts do not seem to believe that much would have been gained even if the listing did occur.

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