These bots will especially be useful for Shiba Inu proponents and other investors who seek to automate their trading activities on Shibarium.
Shibarium might be welcoming trading bots when it launches on the mainnet, as NowNodes, a blockchain node infrastructure provider, recently provided a guide on how investors can build a custom trading bot on the network.
As disclosed in a recent tweet, the tutorial was a response to the demand of the majority of the community in a Telegram chat who had voted for a guide on trading bots.
We asked our community in Telegram chat what next #Shibarium guide you’d like to see next. The majority voted for a Trading Bot 🤖
Take it away – #NOWDev x @ShibariumNet is back with a new exclusive tutorial 😎
Let’s #BUIDL together – we’re going to help you.… pic.twitter.com/f6Z1KxdaaP
— NOWNodes ⛓️ (@NOWNodes) May 5, 2023
NowNodes indicated that the custom trading bots built from the guide would have restricted functionality to minimize trading risks. However, investors can modify them at their discretion to enhance capabilities.
The tutorial first explains how to define a trading strategy by setting a threshold price and specifying the notifications that the user wishes to receive. It then explains how to install the tools and libraries required to build the trading bot.
These tools include Python 3.11.3, a Telegram Bot to receive notifications, Ethereum Node & WebSocket access, and Node.js to work with Shibarium Beta. The guide then provides a script for installing the required libraries and reminds users to obtain an API key from NowNodes to extract data.
The tutorial further details the process of importing data and retrieving prices using a script. It highlights two options for obtaining token price data on Shibarium: via a DEX or an oracle. Users can opt for the method they deem most reliable.
Subsequently, the guide walks users through constructing the bot’s logic with Python. It elaborates on how to create a loop to monitor prices and transmit notifications to the user’s Telegram Bot. NowNodes underscored the significance of this stage, stressing that it determines the bot’s framework.
Why This Is Important
This guide is coming barely two weeks after NowNodes published a tutorial on how users can build on Shibarium and further increase adoption. As previously reported by The Crypto Basic, NowNodes declared its intentions to support Shibarium as a node provider in February. The trading bot guide is another way of supporting the community.
Trading bots can assist traders by offering numerous advantages, including automation of trades and reduced emotional decision-making. Their inclusion on Shibarium can help attract investors who seek to automate trades, bolstering adoption.
Trade automation has become increasingly popular among investors who wish to hedge against emotional decision-making. Recently, Binance added support for Shiba Inu on its Auto-Invest service to allow SHIB investors to automate investments in the asset.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.