The dubbed ”Dogecoin killer”, Shiba Inu coin, has not only been hyped up but has also made many rich. Despite this, investors should consider selling the token for some obvious reasons.
Since Shiba Inu was created in 2020, by an anonymous person or persons by the name Ryoshi, it has skyrocketed.
The token’s rally is likely one of the fastest of all time. Its meteoric rise is a result of the influence of billionaire, Elon Musk, as well as its addition to popular crypto exchanges.
The fact that investment in cryptocurrency is a huge risk makes investors consider selling tokens before it’s too late. Before we learn how to sell the Shiba Inu coin, let’s see why you need to sell SHIB.
Why You Should Sell Shiba Inu Coin
These are the major reasons cryptocurrency traders and investors should consider selling their Shiba Inu coins;
- The rally is speculative: Although Shiba Inu is ranked among the top 20 largest cryptos in the world, it is still a risky token to hold. It is piggybacking off the hype of its rival, Dogecoin. Both assets seem to rely on someone buying them in the hype of selling to someone else. This is without considering its fundamentals or real-world usefulness. This is a risky situation because it is only a matter of time before the hype subsides. Another reason is that the number of investors taking profits is more than the number of people willing to buy-in.
- It has no characteristic yet: Cryptos are uniquely risky assets because they can’t be valued based on earnings or cash flow. Investors, however, have minimized its uncertainty by betting on coins with a strong brand and innovative cases. Shiba Inu coin on its own has neither characteristics yet. This could expose it to greater downside pressure over the long term.
How To Sell Shiba Inu Coin
Binance is the world’s most popular crypto exchange to buy and sell SHIB. Here are the steps to take to sell Shiba Inu coin on Binance;
- Sign up for your Binance account then go to the wallet after which you click ”overview”.
- From there, click on the fiat spot that would load where you’ll find Shiba Inu. Then click on ”trade”.
- Trade SHIB with stablecoin e.g USDT. Click the area which shows trade SHIB/USDT.
- You can either go for the limit or market options available. For the market option, go to the sell SHIB area and decide how much you want to sell.
- Once you select the amount you’re selling, it’ll be converted straight to USDT (for market option). If it is for limit, you click orders which will have your orders confirmed.
- Go back to your wallet, then fiat spot where you will check your balance after conversion.
- You can then convert the amount of USDT you have to your local currency. To do this, click on trade then classic. This loads up the exchange again where you go up to the spot you type your local currency.
- Find the trading pair for your currency and USDT. Click on the top where you have your local currency (GBP, USD, CAD, etc). Then click on the market or limit option. For the market option, click on ”buy” (the local currency you’ve converted into).
- Then scroll the bar to how much you want to exchange after which you click on ”buy” (local currency).
- Click on ”wallet”, then fiat and spot on your page. You’ll see the amount of your SHIB that has been converted to your local currency.
- You can then click on the ”withdraw” button and take you to the area where you’ll input your details to withdraw into your bank account.
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