Binance US has introduced a new feature to facilitate dollar-cost averaging for many crypto assets, including Shiba Inu. According to the post on its official Twitter page, the exchange’s auto-buy feature covers SHIB tokens.
This feature will allow SHIB customers to set ‘Recurring Buys’ for the token at any time of the day.
Shiba Inu Community To Benefit From Dollar-Cost Averaging Feature
The latest update will enable crypto investors to add cryptocurrencies to their portfolios as Binance US stated that the recurring buys cover over 150 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), and others.
Related Reading: Bitcoin Core Dev Calls For Spam Filter To Kill Ordinals, BRC20
The feature is an easy method for investors to grow their portfolios without engaging in active trading. It will help investors to circumvent the downsides of market timing and profit massively from market growth on a long-term basis.
#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
The Shiba Inu community is excited about the new update from the crypto exchange, which simplifies the method of growing their portfolio.
The performance of Shiba Inu has, however, been on the downside recently. CoinMarketCap shows that SHIB declined by over 10% over the past 7 days. Even though meme coins have gained significant traction, SHIB has been consistently underperforming, shedding previous gains.
With the auto-buy feature, users can now buy a fixed dollar amount of the Shiba Inu token, irrespective of the price during the purchase period.
The newly added feature makes the process easier and could trigger more interest and investment in the meme coin.
Could SHIB Burns Trigger A Price Rally?
Token burning is one of the measures of reducing the circulating supply of a crypto asset, which could impact the price of tokens and the SHIB community has remained steadfast with the token-burning mechanism for the meme coin.
Related Reading: Kraken’s CLO Takes The Stand At Historic Joint Hearing On Crypto Regulations
According to data from Shibburn, which tracks the SHIB burning activities, the community burned 1.69 billion SHIB tokens within 24 hours. This indicated a 24-hour rise in burn rate of over 50,773%.
Also, 5.67 billion SHIB tokens were burned 7 days before the May 8-9 1.69 billion token burns. The burning process was completed through multiple transactions. There were three leading wallets in the burning mechanism; including CultPinks, Blaze Token, and a mysterious wallet.
Interestingly, the community has collectively destroyed 410 trillion SHIB coins. At the time of writing, Shiba Inu has a circulating supply of 589 trillion SHIB. The token is trading at $0.00000906, increasing 0.67% over the past 24 hours.
The Shiba Inu community expects more price increases in the future. However, crypto trends are unpredictable, as many factors influence their price moves.
Featured image from Pixabay and chart from Tradingview.com