How to Buy Myro Coin – A Beginner’s Guide for 2024

The dog-themed meme coin craze has reached the Solana blockchain. Myro, which was launched in late 2023, is named after Raj Gokal’s dog, one of the co-founders of Solana. Since launching, Myro has increased in value by over 2,000%.

In this guide, we explain how to buy Myro Coin in 2024. We also explore whether or not Myro represents a solid investment.

Step 1: Choose a Crypto Exchange

We’ll now move on to our comprehensive guide on how and where to buy Myro Coin.

The first step is to choose a crypto exchange that lists Myro.

• You’ll want to select an exchange that offers a safe trading experience.
• It should also offer competitive trading fees and support your preferred payment method.
• What’s more, make sure the exchange offers sufficient liquidity; this isn’t always the case with new cryptocurrencies like Myro.

We’ve searched the market extensively and found that MEXC is the best place to buy Myro Coin. Why? For a start, MEXC is a safe crypto exchange with proven reserves. Customer deposits are backed 1:1 with liquid digital assets.

We also found that MEXC offers 0% commission when buying and selling Myro. In addition, you can easily deposit funds with fiat money, including debit/credit cards and local bank transfers.

If you’re not keen on MEXC, you can also buy Myro from the exchanges listed below:

• Bybit: Offers an advanced trading platform that supports hundreds of cryptocurrencies, including Myro. You’ll have access to technical indicators, drawing tools, and comprehensive charts. Bybit is also one of the best crypto leverage trading platforms.
• KuCoin: An established crypto exchange offering spot trading and leveraged futures. You can trade Myro against USDT with low fees. KuCoin is home to over 30 million users and more than $2.3 billion was traded in the prior 24 hours.
• Raydium: A leading decentralized exchange built on the Solana network, Raydium allows you to buy Myro without opening an account. You’ll be trading Myro against USD Coin, with Raydium charging 0.25% per slide.

Step 2: Decide Your Investment Budget

Myro is a small-cap meme coin with a limited track record. Therefore, investors should tread carefully before proceeding. The most risk-averse way to invest is to keep your stakes sensible. The risk-reward ratio is high on Myro, so you don’t need to risk large amounts to see a notable profit.

That said, you should consider your own investment budget, in terms of what you can afford to lose. After all, like any meme coin, Myro’s value could go to zero. This would mean losing the entire value of your investment.

Looking to invest in Myro long-term? In this instance, consider investing small but regular amounts. For instance, you might decide to invest $50 every week or $200 each month. This will allow you to build your exposure to Myro organically, constantly averaging out your cost basis.

Based on MYRO/USD prices today, you can buy Myro Coin for just $0.08814. This makes Myro one of the best penny cryptocurrencies to buy.

The table below highlights how many coins you can buy with small investment amounts.

So, for an investment of just $100, you’d get 1,135 Myro Coins. This offers great value, especially if you believe in Myro’s long-term potential.

Step 3: Research Myro

You should always conduct independent research before buying a cryptocurrency – especially a high-risk meme coin like Myro. The first step is to visit the Myro website and download its whitepaper. In doing so, you’ll see that Myro is a meme coin based on Raj Gokal’s dog. Gokal is the co-founder of Solana. Everything else surrounding Myro is based on hype and speculation.

This was also the case with Shiba Inu when it launched in 2020. Shiba Inu went on to generate life-changing gains for early backers, illustrating that the crypto markets are often irrational. Therefore, although Myro doesn’t have any use cases, it could still represent a solid meme coin investment.

Next, research the tokenomics. This will help you understand the overall supply of Myro Coins. According to CoinMarketCap data, the maximum supply is 1 billion MYRO. Over 94% of this amount is already in circulation. This is a good sign from an investment perspective, as it means the vast majority of coins have already been issued.

After that, you’d want to understand Myro’s price history. CoinMarketCap shows us that Myro Coin was launched in November 2023 at $0.004163. Myro Coin hit an all-time high of $0.2607 in January 2024. This represents an increase of over 6,000%. Today, Myro Coin is trading 66% below its all-time high. If you’re bullish on Myro Coin, then this could be a great time to enter the market.

Step 4: Open an Exchange Account

Ready to buy Myro Coin? You’ve now researched the markets, so the next step is to open an account with a suitable crypto exchange.

We mentioned earlier that Myro Coin is listed on several exchanges, including Bybit, KuCoin, and Raydium. That said, we found that MEXC is one of the best crypto exchanges to buy Myro Coin. So, we’ll show you the required steps with MEXC.

First, visit the MEXC website, click on ‘Sign Up’, and type in your email address. If you prefer, you can also register with a mobile number. Choose a strong password and verify your email/number to complete the registration process.

Step 5: Choose Payment Method and Deposit Funds

There are several different ways to deposit funds into a MEXC account. We found that the best option is to use a debit/credit card. You can instantly buy USDT and then swap the tokens for Myro. From start to finish it shouldn’t take you more than a few minutes.

• So, click on the ‘Buy Crypto’ button.
• Then, click on ‘Debit/Credit Card’.
• Select your preferred currency (e.g. USD, GBP) and type in the deposit amount. This should align with the investment budget you created earlier.

In our example, we’re investing $250. Make sure USDT is selected as the receiving currency. You can assess the deposit fee on the right-hand side.

Click on the ‘Continue’ button. You will then be redirected to the fiat gateway that’s partnered with MEXC. They’ll collect some personal information, contact details, and a government-issued ID. This ensures that anti-money laundering regulations are complied with. You should find that your identity is verified in under 60 seconds.

You can then type in your debit/credit card details. Confirm the payment. The USDT tokens will then be added to your MEXC account.

Step 6: Place Your Myro Order

You’ve now got USDT, which you can easily exchange for Myro Coins without leaving MEXC.

First, click on ‘Spot’ after hovering your mouse over ‘Spot’. This takes you to the spot trading exchange. Toward the right of the pricing chart, search for ‘MYRO/USDT’. Click the result that appears.

You will now see the MYRO/USDT pricing chart. You’ll also see live order books, trading statistics, and other useful information.

Scroll down below the pricing chart – you’ll see the order form. Change this from a ‘Limit’ to a ‘Market’. This means that once you place your order it will be processed by MEXC instantly.

Above the ‘Buy MYRO’ button, you’ll see a slider. Move this to 100%. This means you’re using 100% of your USDT balance to buy Myro. You can allocate a smaller amount if you wish.

Finally, click on ‘Buy MYRO’ to complete your investment. You’ll find the Myro Coins in your MEXC web wallet within seconds.

Step 7: Store and Monitor Your Myro

Keeping cryptocurrencies in an exchange can be risky. If the unlikely happens and the exchange goes bankrupt, your Myro Coins will be at risk. Therefore, we’d suggest withdrawing the Myro Coins from MEXC into a private wallet.

Make sure it’s a non-custodial wallet, meaning you control your private keys. This will give you full ownership of your Myro Coins.

• One of the best non-custodial wallets is Best Wallet. It comes as a mobile app for Android and iOS. While Best Wallet offers a user-friendly experience, your Myro Coins are protected by biometric security. This offers the ideal balance between convenience and safety.
• Zengo should also be considered. This mobile wallet offers non-custodial storage, MPC security, and three-factor authentication. It claims to be the safest crypto wallet globally.
• If you’re looking for institutional-grade security, consider storing your Myro Coins in a hardware wallet. Some of the leading options are Ledger Nano, Trezor, and Bitkey.

Transferring Myro Coins from MEXC to a private wallet is very simple:

• Set up your private wallet on your preferred device.
• Make sure the wallet is connected to the Solana network.
• Copy your unique Solana wallet address.
• Go back to MEXC and request a withdrawal. Paste the Solana wallet address you just copied.
• After confirming the withdrawal, the Myro Coins should appear in your wallet.

How to Sell Myro

It’s also wise to know how to sell Myro Coin. At some stage, you’ll hopefully be in a position to cash out for a profit.

The easiest way to sell Myro Coin is via MEXC.

• Assuming you already have a MEXC account, go to your wallet.
• Search for ‘Myro’ and click the result that appears. Ensure the network is set to Solana.
• You’ll then be provided with a unique deposit address.
• Copy the address, go back to your private wallet, and transfer the Myro Coins to MEXC.
• They should appear after 100 network confirmations or about 40 seconds.

Once the Myro Coins are in your MEXC account, go back to the spot trading exchange. Search for ‘MYRO/USDT’ and click the result that appears.

Scroll down below the pricing chart and ensure a ‘Market’ order is selected. Above ‘Sell MYRO’, move the slider to 100%. This means you’re selling 100% of your Myro Coins for USDT. Confirm the sale and it will be executed near-instantly.

Is Myro Coin a Good Investment?

We’ll now discuss Myro Coin’s investment thesis. Read on to determine if Myro Coin is right for your portfolio.

Huge Gains Since Launching 

Myro Coin is one of the best-performing cryptocurrencies in recent months.

• CoinMarketCap data shows that Myro was launched on November 12th, 2023 at $0.004163.
• It then went on a prolonged upward trajectory – peaking at $0.09369 on January 19th, 2024.

This means that early investors made gains of over 6,000%. This was achieved in just over two months of trading.

Today, Myro Coin is trading 66% lower at $0.08814. Nonetheless, this is still more than 2,000% above Myro’s original listing price.

Small Market Capitalization 

If you’re looking to target the highest gains possible, you’ll want to focus on small-cap cryptocurrencies. Myro Coin – currently valued at just $83 million, meets this criteria. This small valuation means that Myro Coin has lots of room for growth.

For example, consider that at its peak, Dogecoin had a market capitalization of over $50 billion. Myro Coin would need to grow by over 600x to hit a similar valuation. Although unlikely, the crypto markets have proven how irrational they can be when the industry is bullish.

Perhaps a more realistic target is Bonk, the largest meme coin on the Solana network. Bonk is valued at $830 million today. So, for Myro Coin to reach parity with Bonk, it would need to increase by 10x from current prices.

Solid Tokenomics 

We also found that Myro Coin has solid tokenomics. For instance, Myro Coin has a maximum supply of 1 billion MYRO. Once this figure is reached, no more Myro Coins will enter the market.

This is in contrast to Dogecoin, which doesn’t have a maximum supply. This means Dogecoin can keep issuing new tokens, which dilutes existing holders. This isn’t possible with Myro Coin, as the fixed supply is backed by a smart contract.

What’s more, we mentioned earlier that 94% of Myro Coins are already in circulation. This is a positive for investors. After all, it ensures that the vast majority of tokens have already been issued. This reduces the impact of inflation when new tokens enter the market.

Conclusion

In summary, Myro Coin is one of the best-performing cryptocurrencies in recent months. Since launching in November 2023, the meme coin has increased by over 2,000%.

If you’ve considered the risks, you can easily buy Myro Coin at MEXC. Simply open an account, deposit funds with a debit/credit card, and complete your purchase.

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