- September 3, 2022
- Posted by: Devin Freidel
- Category: How to
If you have a Shiba and want to sell it, then this guide is for you! In this guide, we will walk you through the process of selling your Shiba on Binance. We will cover how to create an account on Binance, how to deposit your Shiba into your account, how to place a sell order, and how to withdraw your proceeds. let’s get started!
But before selling, you might want to know more about your SHIB tokens so that you could expand the range of your SHIB trading strategy and maybe buy it later again (it’s all part of the trading process). Like, did you know they’re part of the wider type of crypto coins called memecoins? Or, just what kind of excellent utilities and features SHIB might have? All of that might have an effect on your crypto strategy parameters. Sure, it’s not all roses, but the story of Shiba Inu is worth hearing. So, let’s get started!
What is Shiba Inu meme crypto coin?
Shiba Inu is one of the best-known meme coins. Also known as “joke” or “funny” coins, they have taken the crypto world by storm. These coins, which often have a humorous theme or are based on internet memes, have attracted a large following among retail investors and have seen significant price increases in recent months.
Unlike traditional cryptocurrencies, meme coins often have a humorous theme or are based on internet memes, which gives them a distinct character and a dedicated community of supporters.
For instance, Shiba Inu is a meme coin that was created in 2020 as a parody of the then-popular Bitcoin. It features the Shiba Inu dog from the “Doge” meme as its logo and has a strong community of supporters who often use the coin for online tipping and charitable donations.
Despite their humorous origins, meme coins have proven to be a viable form of investment. They have attracted a significant following among retail investors, and their value has been known to increase rapidly.
However, it’s important to remember that the crypto market is highly speculative and investors should conduct thorough research before investing. Sometimes, the best option is to sell your SHIB.
Another key aspect of meme coins is their use in decentralized finance (DeFi) applications. Many meme coins can be used as collateral. That’s for lending and borrowing, and they can also be used to earn interest through yield farming. This allows investors to earn returns on their holdings while also participating in the decentralized finance ecosystem.
It’s important to note that while meme coins may be a fun and entertaining way to get involved in the crypto world, they are also highly speculative and carry a significant amount of risk, so wanting to sell SHIB often makes sense.
It’s always a good idea to do your own research and invest only what you can afford to lose.
Shiba Inu crypto main characteristics
Unlike other cryptos, Shiba Inu runs on the Ethereum blockchain, making it an ERC-20 token. This means that transactions with SHIB are faster and cheaper than some of its competitors. Plus, with a total supply of 1 quadrillion tokens, it’s got the biggest bark on the block.
But, the real game-changer for Shiba Inu is its distribution method. Instead of the traditional initial coin offering (ICO) or mining process, the creators of SHIB dropped 50% of the total supply of tokens straight into the wallets of Ethereum holders. This method, known as an “Airdrop,” was intended to spread the love and promote decentralized ownership of the currency.
And, if you thought that was wild, wait till you hear about Dogelon Mars.
This spin-off of the original Shiba Inu tokens, also an ERC-20, has a total supply of 69 billion tokens and is a combination of “Dogecoin” and “Elon Musk.” Now, that’s what we call a power move.
Utility of Shiba Inu crypto
For starters, SHIB is the ultimate tool for showing love and appreciation to fellow internet dwellers. With its low transaction fees and fast confirmation times, SHIB is the perfect currency for online tipping and charitable donations, and its community has been known to rally for various causes such as animal welfare and disaster relief.
But SHIB isn’t just a cute face, it’s also a potential high-return investment. With its recent price surges, many investors see SHIB as a way to stick it to the traditional financial system and potentially make a killing in the process.
And that’s not all, SHIB is also a key player in the decentralized finance (DeFi) game. If you buy SHIB, it can be used as collateral for lending and borrowing, and it can also be used to earn interest through yield farming.
But, like any crypto-creature, the value of Shiba Inu can be highly volatile and unpredictable. So, it’s understandable there are times when selling SHIB tokens is a better idea.
Shiba Inu growth potential
The appeal of Shiba Inu and other meme coins, with their humorous themes and internet-meme based origins, has captured the hearts of retail investors and sent their prices soaring to the moon. But what’s driving their popularity? Is it just a case of the FOMO (fear of missing out) or is there something deeper at play?
Well, experts say it’s a combination of market sentiment, social media trends, mainstream media coverage and investor sentiment that’s causing these coins to go wild. But, let’s not forget, the crypto market is known for its volatility, and meme coins are no exception. Their prices can swing like a rollercoaster, and that’s partly due to their speculative nature and small market capitalization compared to the big players like Bitcoin and Ethereum
However, some experts believe that Shiba Inu has the potential to become a mainstream form of investment, making the crypto world more accessible to the masses.
They argue that the sense of community and nostalgia associated with these coins will continue to attract investors, and that their use cases will expand beyond just online tipping and charitable donations.
But, not everyone is convinced, some believe that meme coins are just a flash in the pan, a passing fad that will fizzle out soon. Only time will tell if meme coins will continue to dominate the crypto scene or fade into obscurity.
Psychology of trading Shiba Inu
The crypto-savvy individuals who got rich trading meme coins are a unique breed. They saw potential in digital jester coins like Shiba Inu when others laughed them off. They believed in the power of memes and internet culture to drive market sentiment and invested early on. These risk takers were able to turn a meme into a fortune and they’re not done yet. They continue to monitor charts, social media, and search for the next big thing, always ready to strike when an opportunity arises.
These individuals are living the crypto-dream, reaping the rewards of their investments in the form of luxurious vacations, Lamborghinis and showing off their wealth on social media. But let’s not hate on them too much, they took a risk and it paid off. They saw something that others didn’t, and they had the vision and guts to act on it.
They remind us that in the world of crypto, nothing is certain and anything is possible. And while not everyone will strike it rich trading meme coins, these individuals serve as a reminder of the potential rewards for those who are willing to take a chance and think outside the box.
What is Binance crypto exchange?
Before you can actually trade Shiba Inu (or any other cryptocurrency, while we’re at it), you’ll need to create an account on the Binance crypto exchange. What’s a crypto exchange, you ask?
Well, cryptocurrency exchanges are the saloons of the crypto-wild west, the places where digital crypto assets are bought, sold and traded like poker chips. They’re the gatekeepers to the land of blockchain, the ones that make it possible for us to turn a few bucks of fiat currency into a digital fortune.
These exchanges are not your average Wall Street banks, they’re the rebels of finance, the ones who are shaking up the traditional banking system and making it possible for anyone to invest in the future of money.
They offer a wide range of digital assets, from the big guns like Bitcoin and Ethereum to the memecoins like Shiba Inu and other cryptocurrencies. Exchanges allow you to purchase crypto with USD and other fiat currencies from all over the world.
They offer extra features like margin trading, where traders can borrow funds to increase their buying power and potentially earn higher returns or staking and lending programs where users can earn interest on their holdings.
But it’s not just about trading, crypto exchanges are also about community. They’re the places where traders come together, share ideas and strategies, and support each other in the volatile world of crypto.
Exchanges are not just websites, they’re ecosystems. They’re the backbone of the crypto-world, the ones that make it possible for us to be a part of something bigger than ourselves.
Why Binance is the king of crypto exchanges
Binance is the bee’s knees of the crypto world. First off, Binance boasts lightning-fast transaction speeds as part of the exchange process. No more waiting around for confirmations – with Binance, your trades are executed in the blink of an eye. Plus, with their state-of-the-art matching engine, you’ll never have to worry about your orders getting stuck in the order book.
But, speed isn’t the only thing the Binance platform has going for it. They also have an absolutely massive selection of coins and tokens, including their own Binance Coin. Whether you’re into the big dogs like Bitcoin and Ethereum, or you’re looking to branch out and explore some lesser-known projects, Binance has got you covered.
Binance is a reputable cryptocurrency exchange that prioritizes the security of its users’ funds. They employ advanced security protocols and offer a two-factor authentication option as an additional security measure. Additionally, Binance boasts excellent customer support, with a dedicated team available to assist with any questions or issues that may arise.
How to sell Shiba Inu on Binance?
And now, we’re getting to our informative guide about how to sell SHIB on Binance. On our website, we’ll also be publishing guides on how to buy Shiba Inu and how to trade Shiba Inu. With its great features, utility potential and growth prospects, trading with SHIB coins can be quite lucrative, but sometimes you may need to sell according to the whims of the crypto market. So, just follow the next steps and you’re good to go!
Registration with Binance
Creating an account on Binance is quick and easy. Simply go to the Binance website and click on the “Register” button. Fill out your personal information, create a strong password, and agree to the terms of service. Once you have registered, you will need to verify your account by email.
Deposit your Shiba
Once your account is verified, you can deposit your Shiba into it. To do this, go to the “Deposit” page on Binance and select “Shiba.” You will then be given a Shiba address to send your Shiba to. Once your Shiba has been deposited, it will show up in your “Balances” section.
Now that your Shiba is in your Binance account, you are ready to sell it! To do this, go to the “Exchange” page and select the “Basic” view. Now it’s time to find SHIB pairs. Look for the Shiba/BTC pair in the list of markets and click on it. This will bring up the order form.
How to sell Shiba
In the “Sell Shiba” section of the order form, enter how many Shiba you want to sell and what will be the traded price. You can also set a stop-loss price limit order if you want to limit your losses. Once you have entered all of the information, click on the “Sell Shiba” button to place your order.
Once your order has been filled, you will see your proceeds in your Binance account balance. To withdraw your funds, go to the “Withdraw” page and select the currency you want to withdraw. Enter your withdrawal address and the amount you want to withdraw, then click on the “Submit” button.
Congratulations, you’ve now sold your Shiba Inu coins! Anytime you choose to buy some SHIB, which always has a utility and could bring profits to your wallet, you can do so just as easily on Binance.
After reading the article, you should now be aware of Shiba Inu’s role in the wider memecoin ecosystem, as well as know just why to sell Shiba Inu tokens on the Binance crypto exchange. Finally, we’ve provided steps on just how to do it.
If you’re sure about selling your SHIB tokens, we have no doubt you’ll manage to do so just fine on Binance.
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