BinanceUS Expands Dollar-Cost Averaging Options with Shiba Inu ($SHIB)
BinanceUS, the United States arm of the global crypto titan, Binance, has integrated a dollar-cost averaging feature for the meme-inspired cryptocurrency Shiba Inu ($SHIB), aimed at making it easier for the cryptocurrency’s enthusiasts to keep growing their holdings over time.
The cryptocurrency exchange’s dollar-cost averaging feature is also available for numerous other major cryptocurrencies including Bitcoin ($BTC), Ethereum ($ETH), and its own token $BNB.
The feature notably allows investors to choose when their recurring purchases occur. Investors are able to set up a recurring buy in the amount of their choosing, in the frequency they wish to set up. Available frequencies include daily and weekly.
Dollar-cost averaging is a strategy that can facilitate the process of investing in uncertain markets by automating purchases. It also enables an investor to invest regularly and consistently.
The strategy entails investing a fixed amount of money in a specific security at regular intervals over a predetermined period of time, irrespective of price. By employing dollar-cost averaging, investors may reduce their average cost per share and mitigate the impact of volatility on their portfolios.
Dollar-cost averaging effectively eliminates the need to attempt to time the market to purchase at optimal prices. As cryptocurrency prices can fluctuate wildly, investors who believe in the future of the space often resort to the strategy.
As CryptoGlobe reported, a mysterious whale in the Shiba Inu ecosystem has recently, in a single transaction, removed a staggering 1.69 billion SHIB tokens from circulation, resulting in a monumental 38,986.28% increase in the Shiba Inu coin’s burn rate over a 24-hour period.
Since the meme-inspired cryptocurrency was launched, around 410.63 trillion tokens have been destroyed, from a total supply of 1 quadrillion. As CryptoGlobe reported, the recently launched Koyo token project has moved forward with a major burn of the meme-inspired cryptocurrency last month, destroying an astounding 1.49 billion tokens in a single transaction.
Shytoshi Kusama, SHIB’s lead developer, recently shared his thoughts on the relationship between Shiba Inu’s price and burns in a telegram chat. According to Kusama, the price of Shiba Inu cannot be influenced solely by burns, and more burns are needed to move its price.
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