BinanceUS Adds New Feature for Shiba Inu; What Does This Mean For SHIB?

BinanceUS Adds New Feature for Shiba Inu; What Does This Mean For SHIB?

BinanceUS, the US-based subsidiary of the world’s largest crypto exchange, Binance, has added a dollar-cost averaging feature to let Shiba Inu (SHIB) supporters effortlessly grow their portfolios. 

Notably, data from CoinMarketCap, a well-known market tracker, shows that the price of Shiba Inu has continued to thread the red zone in the most recent week, down by more than 10%. Thankfully, the Dollar-Cost Averaging Feature on BinanceUS is now available to the Shiba Inu Community. 

The price of Shiba Inu, which is currently trading at $0.000008951, may increase dramatically due to this new Update.

Related Reading: Shiba Inu Cold Wallet Expected to Launch This Week

The “Dollar-cost Averaging” Feature

BinanceUS introduced recurring buys for SHIB earlier today. This auto-buy feature makes it simpler for cryptocurrency investors, particularly Shiba Inu lovers, to acquire the coin on a predetermined timetable of their choice. It makes it possible to develop a portfolio without actively trading.

Dollar-cost averaging is a practice where investors buy a specific dollar amount of an asset regularly, regardless of the asset’s price at the moment of purchase. This is an essential aspect of the new BinanceUS feature. By employing this method, investors can benefit from long-term market growth and avoid the drawbacks of market timing.

As expected, the Shiba Inu community was ecstatic with the improvement because it simplifies how their SHIB portfolio operates. 

Shiba Inu Burns

Over 5 billion SHIB units have been transferred to dead wallets and destroyed, thus eliminating them from circulation, according to ShibBurn, a burn tracking website. Over 1.7 billion SHIB coins were burned in the previous 48 hours, making up the amount burned over the last week.

Interestingly, this recent uptick in burning activity has increased the burn rate of the meme coin to an astounding 13150%. At the current rate of $0.00000896 per token, the total value of SHIB coins destroyed is over 410 trillion, or over $3.6 billion. Shiba Inu’s market capitalization is less than $5.3 billion; its circulation supply still surpasses 570 trillion units.

Notably, token burning is frequently employed to increase scarcity and raise the value of the tokens still in circulation. 

Read Also: Will Shiba Inu Cross Its ATH Again? Entrepreneur Answers

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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