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How to buy Shiba Inu ($SHIB)

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How to buy Shiba Inu ($SHIB)

As the original memecoin, Dogecoin has faced a considerable amount of controversy. But no one can dispute the fact the cryptocurrency has a market cap of over $34 billion. This places it in the top 10 tokens by market cap and has undoubtedly made many people rich on its way up. After seeing this so-called memecoin achieve global prominence, people started to see that just because a coin was a joke, doesn’t mean it can’t be valuable.

Shiba Inu, which was ironically developed to be the “Dogecoin Killer” became the perfect example of this. Created in 2020, $SHIB is ranked 11th for overall market cap, with many crypto enthusiasts speculating that it could dethrone Dogecoin eventually.

What is Shiba Inu ($SHIB)?

Shiba Inu is an Ethereum based crypto token developed in August 2020 as “an experiment in decentralized spontaneous community building.” according to its founder, the anonymous person(s) known as Ryoshi.

As an ERC-20 token, Shiba -Inu was created and is currently hosted on the Ethereum blockchain. It was named and modeled after the Japanese hunting dog breed the Shiba Inu. It has a total supply of one quadrillion tokens, 50% of which Ryoshi sent to Vitalik Buterin, Ethereum’s co-founder, and one of the most prominent men in the blockchain industry.

Surprisingly, Vitalik “burned” his supply of $SHIB meaning it’s completely removed from circulation. This means that only roughly 500 trillion of the Shiba Inu coins will make it into circulation.

So how can you buy this popular cryptocurrency? There are two primary ways.

How to buy from a Centralized Exchange (CEX) like Coinbase

Centralized exchanges work like intermediaries in trade, as they protect both sides from fraud. They usually require some sort of identity verification like a KYC process before they let users trade on the platform. Here are the steps to take when buying Shiba Inu on the desktop version of Coinbase:

  1. Open your Coinbase account

  2. Click on the Buy / Sell button at the top of the screen

  3. Select the Shiba Inu cryptocurrency in the Buy menu

  4. Select your payment method in the Pay with menu

  5. Insert the amount of coins you’d like to purchase. (You can also swap the number between coins or amount in USD)

  6. Click Preview Buy

  7. Confirm the details and make sure you aren’t buying more than you want.

  8. Click Buy now

You are now the proud owner of $SHIB cryptocurrency tokens. You can keep these on Coinbase or send them to an Ethereum wallet like MetaMask.

How to buy from a Decentralized Exchange (DEX) like Uniswap

Decentralized exchanges or DEXs are exchanges that reside on the blockchain itself. Unlike centralized exchanges, these exchanges can run autonomously and don’t have a company or organization backing them up. This means there are no requirements such as KYC, so you can trade anonymously.

Because they support practically any Ethereum-based asset, decentralized exchanges (DEXs) are ideal for coins like Shiba. Uniswap is the most popular decentralized exchange, and it runs on Ethereum’s blockchain. Here are the steps to take when buying Shiba Inu on Uniswap:

  1. Create a crypto wallet account on MetaMask

  2. Buy and/or transfer some ETH to your MetaMask wallet. You will also need some other form of cryptocurrency to swap for $SHIB. USDC or USDT are commonly used.

  3. Go to https://app.uniswap.org/ and connect your MetaMask Wallet to Uniswap

  4. On the swap tab, select the cryptocurrency you want to swap for Shiba Inu. Then select the $SHIB token as the other side of the transaction. (You must approve a new token for usage on Uniswap if you want to trade it. This approval costs gas fees.  As a result, the first step would be to approve it for use. It normally costs between USD5 and USD40, depending on the cost of gas fees needed for the transaction.

  5. You will have to confirm a few transactions with your MetaMask wallet. Once complete, you should have $SHIB coins in your MetaMask wallet.

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Shib INU Token

Shiba INU slumps 60% in 4 weeks: How to Plan an Exit?

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Shiba INU slumps 60% in 4 weeks: How to Plan an Exit?

Shiba Inu aka Shib coin has been in news after rising more than 535% to record a high of $0.00008854 earlier this year. From this peak of October many early investors booked their profits and the price started to slump by more than 60% in four weeks recording a low of $0.0000377 today.

Shiba INU slumps 60% in 4 weeks: How to Plan an Exit?

The SHIBA INU price today is $0.000038 with a 24-hour trading volume of $3,022,793,284. SHIBA INU is down 9.98% in the last 24 hours. The current CoinMarketCap ranking is #13, with a live market cap of $20,739,840,278 USD. It has a circulating supply of 549,055,952,729,359 SHIB coins.

Shiba INU slumps 60% in 4 weeks: How to Plan an Exit?

Many investors are stuck as they were late to the party. If we look technically at the daily price chart of SHIBA INU it does not show any immediate reversals to highs again. SHIB can find its next support at $0.000033 and then there is a major support zone near $0.0000097. That’s right where it started to rise insanely. SHIBA INU is a meme coin pumped by twitter folks so, technical analysis alone can not predict the price for such projects; means still there is a hope for another season of whales.

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AMC To Accept Shiba Inu in Two to Four Months.

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AMC To Accept Shiba Inu in Two to Four Months.

The largest movie theater chain in the U.S. already accepts bitcoin, ether and other cryptos.

AMC Theatres will accept shiba inu (SHIB) as payment through BitPay wallets in 60-120 days, AMC CEO Adam Aron said on Tuesday.

  • Aron said in a tweet Tuesday that at his suggestion BitPay will start accepting SHIB and AMC will be the first to use the service.
  • BitPay provides payment processing services for cryptocurrencies.
  • Last week Aron said AMC will start accepting bitcoin, ether and other cryptocurrencies for online payments.
  • The theater chain will also accept dogecoin for the purchase of gift cards worth up to $200 per day, the CEO tweeted early in October.

Attention #SHIBArmy: Our friends @Bitpay decided to support Shiba Inu specifically because I asked, so AMC can take Shiba Inu for online payments of movie tickets and concessions. @AMCTheatres to be the first @bitpay client to accept Shiba Inu. Timing 60-120 days. This is a WOW! pic.twitter.com/F54i22hHDv— Adam Aron (@CEOAdam) November 15, 2021

Read more: AMC Theatres to Accept Bitcoin, Ether for Online Payments

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

source – https://www.coindesk.com/business/2021/11/16/amc-theatres-to-accept-shiba-inu-within-two-four-months/

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12 Popular Candlestick Patterns Used in Technical Analysis

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12 Popular Candlestick Patterns Used in Technical Analysis

Introduction

Candlestick charts are one of the most commonly used technical tools to analyze price patterns. They have been used by traders and investors for centuries to find patterns that may indicate where the price is headed. This article will cover some of the most well-known candlestick patterns with illustrated examples.

12 Popular Candlestick Patterns Used in Technical Analysis

How to use candlestick patterns

There are countless candlestick patterns that traders can use to identify areas of interest on a chart. These can be used for day trading, swing trading, and even longer-term position trading. While some candlestick patterns may provide insights into the balance between buyers and sellers, others may indicate a reversal, continuation, or indecision.

Its important to note that candlestick patterns arent necessarily a buy or sell signal by themselves. They are instead a way to look at market structure and a potential indication of an upcoming opportunity. As such, it is always useful to look at patterns in context. This can be the context of the technical pattern on the chart, but also the broadermarket environment and other factors.

In short, like any other market analysis tool, candlestick patterns are most useful when used in combination with other techniques. These may include theWyckoff Method, theElliott Wave Theory and theDow Theory. It can also includetechnical analysis (TA) indicators, such asTrend Lines,Moving Averages, theRelative Strength Index (RSI),Stochastic RSI,Bollinger Bands,Ichimoku Clouds,Parabolic SAR, or theMACD.

Bullish reversal patterns

Hammer

A candlestick with a long lowerwick at the bottom of a downtrend, where the lower wick is at least twice the size of the body.

A hammer shows that even though the selling pressure was high, the bulls drove the price back up close to the open. A hammer can be either red or green, but green hammers may indicate a stronger bull reaction.

12 Popular Candlestick Patterns Used in Technical Analysis

Inverted hammer

Also called the inverse hammer, its just like a hammer, but with a long wick above the body rather than below. Similar to a hammer, the upper wick should be at least twice the size of the body.

An inverted hammer occurs at the bottom of a downtrend and may indicate a potential reversal upward. The upper wick shows that price stopped its continued downward movement, even though the sellers eventually managed to drive it down near the open. As such, the inverted hammer may suggest that buyers soon might gain control of the market.

12 Popular Candlestick Patterns Used in Technical Analysis

Three white soldiers

The three white soldiers pattern consists of three consecutive green candlesticks that all open within the previous candles body, and close at a level exceeding the previous candles high.

Ideally, these candlesticks shouldnt have long lower wicks, indicating that continuous buying pressure is driving the price up. The size of the candles and the length of the wicks can be used to judge the chances of continuation or a possible retracement.

12 Popular Candlestick Patterns Used in Technical Analysis

Bullish harami

A bullish harami is a long red candle followed by a smaller green candle thats entirely contained within the body of the previous candle.

The bullish harami can unfold over two or more days, and its a pattern indicating that selling momentum is slowing down and might be coming to an end.

12 Popular Candlestick Patterns Used in Technical Analysis

Bearish reversal patterns

Hanging man

The hanging man is the bearish equivalent of a hammer. It typically forms at the end of an uptrend with a small body and a long lower wick.

The lower wick indicates that there was a large sell-off, but bulls managed to take back control and drive the price up. Keeping that in mind, after a prolonged uptrend, the sell-off may act as a warning that the bulls might soon be losing control of the market.

12 Popular Candlestick Patterns Used in Technical Analysis

Shooting star

The shooting star is made of a candlestick with a long upper wick, little or no lower wick, and a small body, ideally near the low. The shooting star is a similar shape as the inverted hammer but is formed at the end of an uptrend.

It indicates that the market reached a high, but then sellers took control and drove the price back down. Some traders prefer to wait for the next few candlesticks to unfold for confirmation of the pattern.

12 Popular Candlestick Patterns Used in Technical Analysis

Three black crows

The three black crows are made of three consecutive red candlesticks that open within the previous candles body, and close at a level below the previous candles low.

The bearish equivalent of three white soldiers. Ideally, these candlesticks shouldnt have long higher wicks, indicating continuous selling pressure driving the price down. The size of the candles and the length of the wicks can be used to judge the chances of continuation.

12 Popular Candlestick Patterns Used in Technical Analysis

Bearish harami

The bearish harami is a long green candle followed by a small red candle with a body thats entirely contained within the body of the previous candle.

The bearish harami can unfold over two or more days, appears at the end of an uptrend, and may indicate that buying pressure is decreasing.

12 Popular Candlestick Patterns Used in Technical Analysis

Dark cloud cover

The dark cloud cover pattern consists of a red candle that opens above the close of the previous green candle but then closes below the midpoint of that candle.

It can often be accompanied by highvolume, indicating that momentum might be shifting from the upside to the downside. Traders might wait for a third red candle for confirmation of the pattern.

12 Popular Candlestick Patterns Used in Technical Analysis

Continuation patterns

Rising three methods

This pattern occurs in an uptrend, where three consecutive red candles with small bodies are followed by the continuation of the uptrend. Ideally, the red candles shouldnt breach the range of the preceding candlestick.

The continuation is confirmed with a green candle with a large body, indicating that bulls are back in control of the trends direction.

12 Popular Candlestick Patterns Used in Technical Analysis

Falling three methods

The inverse of rising three methods, indicating the continuation of a downtrend instead.

12 Popular Candlestick Patterns Used in Technical Analysis

Doji

A Doji forms when the open and the close are the same (or very close to each other). The price can move above and below the open but eventually closes at or near the open. As such, a Doji may indicate an indecision point between buying and selling forces. Still, the interpretation of a Doji is highly dependent on context.

Depending on where the line of the open/close falls, a Doji can be described as:

Gravestone Doji Bearish reversal candle with a long upper wick and the open/close near the low.

12 Popular Candlestick Patterns Used in Technical Analysis

Long-legged Doji Indecisive candle with both a lower and upper wick, and the open/close near the midpoint.

12 Popular Candlestick Patterns Used in Technical Analysis

Dragonfly Doji Either bullish or bearish candle (depending on context) with a long lower wick and the open/close near the high.

12 Popular Candlestick Patterns Used in Technical Analysis

According to the original definition of the Doji, the open and close should be exactly the same. But, what if the open and close arent the same but are instead very close to each other? Thats called a spinning top. However, since cryptocurrency markets can be very volatile, an exact Doji is rare. As such, the spinning top is often used interchangeably with the Doji.

Candlestick patterns based on price gaps

There are many candlestick patterns that use price gaps. A price gap is formed when a financial asset opens above or below its previous closing price, which creates a gap between the two candlesticks. Since cryptocurrency markets trade round the clock, patterns based on these types of price gaps are not present. Even so, price gaps can still occur inilliquid markets. However, since they happen mainly because of low liquidity and highbid-ask spreads, they might not be useful as actionable patterns.

Closing thoughts

Candlestick patterns are essential for any trader to at least be familiar with, even if they dont directly incorporate them into their trading strategy.

While they can be undoubtedly useful to analyze the markets, its important to remember that they arent based on any scientific principles or laws. They instead convey and visualize the buying and selling forces that ultimately drive the markets.

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