Shiba Inu (SHIB) Community Gets Dollar-Cost Averaging Feature on BinanceUS
Binance US introduces a dollar-cost averaging feature to empower SHIB fans to build their portfolio easily.
The price of Shiba Inu (SHIB) has continued threading the red zone in the past week, falling by more than 10%, according to data from CoinMarketCap, a popular market tracker.
While SHIB trades at $0.000008951, BinanceUS, the US-based subsidiary of the world’s largest crypto exchange, Binance, has just made an update that can potentially shoot up the price of Shiba Inu.
Earlier today, BinanceUS launched recurring buys for SHIB. This auto-buy feature lets crypto investors, especially Shiba Inu fans procure the coin on a set schedule of their choosing, making it easier to build their crypto portfolio without actively trading.
#BinanceUS allows you to auto-buy your favorite crypto on a set schedule of your choosing!
Set Recurring Buy orders for over 150 #cryptocurrencies, including $BTC, $ETH, $DOGE, $SHIB and more.
Start building your #crypto portfolio today!
More help: https://t.co/6ix5ix0Cm5
— Binance.US ?? (@BinanceUS) May 9, 2023
Notably, the new BinanceUS’s feature is known as dollar-cost averaging, a technique where investors purchase a fixed dollar amount of an asset regularly, regardless of the asset’s price at the time of purchase. By using this strategy, investors can avoid the pitfalls of market timing and can benefit from long-term market growth.
Expectedly, the Shiba Inu community was thrilled about the update as it streamlines the process of their SHIB portfolio.
Shiba Inu Burns Can Push Price
According to ShibBurn, a burn tracking website, over 5 billion units of SHIB has sent to dead wallets and burned, effectively removing them from circulation. This figure represented the amount burned in the past week, with over 1.7 billion SHIB coins burned in the last 48 hours.
Interestingly, this recent surge in burning activity has pushed the meme coin’s burn rate to an astonishing 13150%. The total number of SHIB coins destroyed currently stands at over 410 trillion, worth approximately $3.6 billion at the current rate of $0.00000896 per token. However, the circulating supply of Shiba Inu still exceeds 570 trillion units, with a market capitalization of less than $5.3 billion.
Notably, token burn is a mechanism typically used to create scarcity to increase the value of the remaining token.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
