How Shiba Inu’s Trading Bots Work on Shibarium L2

Crypto investors can set up a customized trading bot on Shiba Inu’s Layer-2 scaling solution.

Shiba Inu coming out of a circular futuristic computer onto a land surrounded by the globe.
Created by Kornelija Poderskytė from DailyCoin
  • NowNodes penned a step-by-step guide for trading bots on Shibarium.
  • Shibarium Beta shows eight seconds of average block time in 6M transactions.
  • SHIB and BONE both plummeted double digits in value since last week.

Well-known blockchain node infrastructure provider NowNodes recently put up a step-by-step guide for Shiba Inu (SHIB) investors regarding trading bots. Two months ago, the blockchain infrastructure provider confirmed the inclusion of Shibarium in the company’s roadmap.

Now, with trading bot activity in high demand, NowNodes presents the opportunity to set up a trading bot on Shibarium with a customized trading strategy. Let’s have a look at how that works in practice.

Setting Up Bot Trading Strategy

The blockchain engineers at NowNodes suggested that the custom-made trading bots built according to the guidelines would have limited trading activity by the standard. While this minimizes possible losses, more advanced crypto traders can expand the script.

Furthermore, crypto enthusiasts setting up a trading bot on Shibarium should determine a reasonable price for buying, what notifications are important, and what tools should be used on automated actions. Most importantly, the traders should connect their trading bot to Shibarium Chain ID, which is 719.

Getting Access to Shibarium Beta On-Chain Data

The setup of customized trading bots on Shibarium is powered by Python. The programming language is “the most convenient” for such cases, NowNodes claim. To make the trading bots work, a user has to install the libraries provided by NowNodes on Twitter. 

Besides, a user has to obtain an API key from the blockchain infrastructure provider to extract any on-chain data. This can be done in two ways: extracting from a DEX or an Oracle.

Define the Logic and Structure of Shibarium dApp

Next up is the most important step, according to the NowNodes tutorial. In this step, the crypto trader has to define the logic and structure of the customized dApp. Indeed, the goal of this Shibarium trading bot is to loop for Shiba Inu (SHIB) price checks and send notifications.

After the script is fully set up, the crypto enthusiast can implement it to the Telegram bot and perform other required tests. Once the Python script is saved, it’s ready for execution.

On the Flipside

  • Currently, there’s no official launch date for the mainnet of Shibarium.
  • There’s no info on what coins would be eligible for the automated strategy.

Why You Should Care

This year, trading bots are trending as an advanced crypto trading tool that helps investors save time.

Read today’s trending crypto stories:

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.