Popular cryptocurrency exchange Crypto.com expands its support for Shiba Inu (SHIB).
The exchange expanded Shiba Inu’s support following the introduction of an advanced trading feature for SHIB, dubbed Strike Options.
According to the exchange, users can trade SHIB contracts using Strike Options, a feature that allows them to speculate the token’s price movement within a 20-minute window.
Notably, the Strike options feature requires users to commit a minimum investment of $10 in order to predict SHIB’s price movement within the time frame.
$SHIB has been unleashed 🐶
Trade $SHIB contracts now in Strike Options, available through the https://t.co/vCNztATkNg App 📈📉
All you have to do is predict SHIB's price in 20 minutes, and you can trade with just US$10!
Start trading 👇https://t.co/a9haygqOmV @ShibToken pic.twitter.com/FcO3EJ6Ztl
— Crypto.com (@cryptocom) February 21, 2024
Demystifying Strike Options
For context, Strike Options offer a unique opportunity in the crypto derivatives market, allowing users to speculate on the future prices of any asset.
Regulated by the U.S. Commodity Futures Trading Commission (CFC), Strike Options requires users to forecast whether the price of a digital asset, like SHIB, will surpass a predetermined level by the end of a specific period.
In the case of Crypto.com, users will be given a 20-minute window. The trader will have the option of selecting “Yes” or “No” regarding whether SHIB’s price will surge above the specified level by the end of a 20–minute window.
Clicking “Yes” implies that the user is confident about a possible price rise; hence, the contract is bought with the potential of earning a predetermined profit if this happens.
However, selecting “No” will lead to the SHIB contract being sold. This option will help you limit the losses you would have incurred if the prediction turns out to be incorrect.
How to Trade SHIB Contracts in Strike Options
It is worth noting that SHIB holders can use the trading feature via the official Crypto.com app.
- Locate the Strike Options feature in the app and choose SHIB as the preferred market.
- Choose the contract duration (20 minutes, 2 hours, or intraday) and select a Strike price.
- Predict whether the price of SHIB will rise above the selected Strike price at the expiration of the 20-minute window.
- Carefully reveal the details of the trade and proceed if everything checks out.
You can wait for the contract period to expire or exit early based on new trends in the market.
CryptoCom Unending Support for Shiba Inu
Meanwhile, Crypto.com has continued to release new updates to enhance the trading experience of Shiba Inu enthusiasts.
Last month, the leading exchange increased Shiba Inu’s supported trading pairs, following the addition of the SHIB/CORGIAI pair.
Additionally, Crypto.com recently received a license to offer Shiba Inu trading in Dubai. As reported earlier, the exchange also announced a giveaway of $15,000 worth of BTC for users who traded SHIB and other meme-based cryptocurrencies between December 19 and 25.
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.
-Advertisement-
