If you aspire to own Bitcoin, you will need a substantial sum of $38,000 to acquire a single coin. However, there's an enticing alternative - Shiba Inu (SHIB). With the same amount of cash, you can amass more than a billion Shiba Inu tokens.
Shiba Inu is one of several cryptos that are called "meme coins" that originated from popular Internet memes, SHIB has now secured its position among the top 15 cryptocurrencies in terms of market capitalization.
If you are keen to know everything you need as a beginner, this is your guide to Shiba Inu (SHIB) for 2024, let's dive into the process of purchasing Shiba Inu.
What Is Shiba Inu (SHIB)?
Shiba Inu was created in August 2020 as an alternative to Dogecoin (DOGE), another meme coins whose mascot is the Shiba Inu breed. SHIB is based on the Ethereum blockchain and launched with a total supply of 100 billion — making it more common than other cryptocurrencies such as Bitcoin.
Another fact about Shiba Inu is that it is a decentralized cryptocurrency project. Its growth has been driven by its community, which calls itself the SHIB Army, focused on trading and buying cryptocurrencies.
Where is the Shiba Inu in the digital market?
When it comes to buying cryptocurrencies, the price of a whole coin can be intimidating. Bitcoin and Ethereum cost thousands of dollars apiece. By contrast, the current price of Shiba Inu trades at a fraction of a penny.
According to Daniel Polotsky, co-founder, and chairman of CoinFlip, a leading Bitcoin and cryptocurrency ATM provider, Shiba Inu has growth potential. But it’s also subject to extreme volatility.
The largest drawback to investing in Shiba Inu is that it is very risky, even more so than most of its crypto counterparts, Polotsky said.
In October 2021, after Tesla CEO Elon Musk tweeted about the token, its price hit an all-time high. But by the end of April, prices had fallen more than 65%.
Morningstar senior research analyst Madeleine Hume said the financial services firm is wary of Shiba Inu and other so-called meme coins.
We wouldn't consider buying a Shiba Inu as an investment, Hume said. The Shiba Inu is a meme coin, meaning that its value comes from other investors’ enthusiasm for the coin, rather than any fundamentals. This type of speculative return pattern is extremely difficult to accurately predict.
As for its ecosystem, Shiba Inu supports a range of projects, from a decentralized exchange called ShibaSwap to non-fungible tokens (NFTs).
Where Can I Buy SHIB?
You can buy SHIB on a number of different crypto exchanges. Here are a few exchanges where you can convert USD to SHIB:
- Coinbase
- FTX
- Bitfinex
Note the term "trading pair", Shiba Inu to Tether (USDT). In the case of SHIB/USDT, SHIB can be exchanged for Tether, a stablecoin whose value is pegged to the U.S. dollar. Here are some exchanges that pair SHIB with Tether:
- Binance
- KuCoin
And if you are looking to convert SHIB shares to Dogecoin. Binance will also merge SHIB and DOGE.
Steps to Buy SHIB
If you decide you're willing to take risks with your Shiba Inu, you can start with these simple steps:
Choose a Reputable Crypto Exchange
Once you have a wallet in place, you'll need to select a reputable cryptocurrency exchange to buy Shiba Inu. It's essential to choose an exchange with a user-friendly interface, strong security measures, and a wide range of supported cryptocurrencies.
If you are wondering how to buy a Shiba Inu in Australia, you should first choose a cryptocurrency exchange. A crypto exchange is a marketplace where you can buy and sell cryptocurrencies.
When looking for a cryptocurrency exchange, it is important to make sure that everything is secure and trusted, Polotsky said.
Purchase Shiba Inu (SHIB)
After choosing the type of order, enter the amount of Shiba Inu you wish to purchase and confirm the transaction. Double-check all the details before finalizing the purchase to ensure accuracy.
Be sure you only invest money you don’t need for your essential expenses or any amount that would cause you stress.
That’s it! You’re now part of the SHIB Army.
Securely Store Your SHIB Tokens
Once you have a wallet in place, you'll need to select a reputable cryptocurrency exchange to buy Shiba Inu. It's essential to choose an exchange with a user-friendly interface, strong security measures, and a wide range of supported cryptocurrencies.
SHIB can be Securely Store in a number of ways:
- Hardware Wallets. You can choose between hardware wallets, software wallets, or web wallets, depending on your preference. Ensure that you opt for a reputable wallet with robust security features to keep your SHIB tokens safe from potential threats. Trezor and Ledger are examples of hardware wallets that support SHIB.
- Offline storage. Offline storage refers to the practice of storing cryptocurrencies and other digital assets on a physical device that is not connected to the internet. it is considered a safe way to store SHIB because by keeping your private keys and access credentials offline, you significantly reduce the risk of unauthorized access and potential loss due to cyber-attacks.
- Software Wallets. A software wallet is a type of cryptocurrency wallet that operates as software on your computer, smartphone, or any other internet-connected device. It stores your private keys, which are essential for accessing and managing your digital assets on the blockchain. Exodus is an example of a multicurrency mobile/desktop wallet where you can store SHIB.
- Crypto Exchanges. Cryptocurrency exchanges play a pivotal role in the world of digital assets, facilitating the buying, selling, and trading of various cryptocurrencies. Many of the exchanges that trade with SHIB will allow you to store your cryptocurrencies. These cryptocurrency exchanges include, for example, Coinbase and Binance.
FAQs:
Should You Invest in Shiba Inu?
While Shiba Inu is popular, especially on social media, by following the steps outlined in this guide, you can confidently navigate the process of purchasing Shiba Inu and be part of a vibrant community in the ever-evolving world of cryptocurrencies. Remember always to prioritize security, stay informed, and invest cautiously.
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