The Shiba Inu ecosystem team has revealed some of the tools that can help SHIB investors succeed in the volatile and complex world of cryptocurrency trading.
The team shared these recommendations in the seventh and latest issue of the Shib Magazine, detailing what investors would need to look to if they seek to navigate the crypto jungle and make the most of the opportunities.
According to the Shiba Inu team, one of the essential tools for any crypto trader is CoinMarketCap, a website that provides real-time and comprehensive data on almost every cryptocurrency in the market.
CoinMarketCap allows users to access price updates, historical data, market capitalization, trading volume, and circulating supply of each coin. It also enables users to explore rankings, dive into data, and discover the secrets of each coin.
Another tool that Shiba Inu recommended is TradingView, a web-based platform that allows users to create and analyze charts of various cryptocurrencies.
TradingView offers various chart types, indicators, and drawing tools that can help traders identify price trends and patterns and make informed trading decisions. Shiba Inu praised TradingView as an “art studio of crypto charts.”
The Shiba Inu ecosystem team also highlighted the social aspect of TradingView, which allows users to share their analysis and learn from others.
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Another platform that Shiba Inu recommended was CryptoCompare, which offers essential and up-to-date market information for various digital currencies.
CryptoCompare collects and examines trade data from well-known exchanges around the world and combines different sources of data to calculate the price of cryptocurrency.
CryptoCompare also has a portfolio tool to monitor crypto assets and a research section to use different tools and information sources for traders. Shiba Inu called CryptoCompare a “data dragon” and a “data-packed journey” that can assist traders in handling their portfolios.
Another platform that Shiba Inu endorsed is Coinigy, a platform that combines orders, charts, and data from various exchanges, simplifying the management of trades and portfolios.
Coinigy enables users to link their exchanges and wallets and execute their trading plan, monitor their results, and study the market with distinctive features.
Shrimpy is another platform that Shiba Inu suggested. This platform supports traders in diversifying, rebalancing, and indexing their crypto portfolios.
Shrimpy has backtesting features, which enable traders to apply their strategies to historical data and observe their outcomes. It also lets users integrate their exchanges and automate their portfolio management.
The ecosystem team also called attention to CoinCheckup, a crypto-focused tool that allows investors to analyze a crypto asset, lookup investment stats peculiar to certain coins, access predictions of price movements, and get relevant news.
According to the team, traders could leverage the CoinCheckup platform to conduct research on the crypto assets they wish to invest in. The platform also provides data related to market cap, price charts and other important metrics.
The team reminded its audience that cryptocurrency trading is a complex and risky activity that requires careful research and analysis. It advised its readers to do their own due diligence and not rely solely on these tools.