How to Buy a Shiba Inu – Forbes Advisor

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If you want to buy Bitcoin, you will need at least $38,000 to buy an entire coin. But if you invest in Shiba Inu (SHIB), you can buy over a billion Shiba Inu for the same amount of money.

Shiba Inu is one of many cryptos called “meme coins”, thanks to their origins in popular internet memes. Today, SHIB ranks among the top 15 cryptos based on market capitalization. If you’re ready to join the SHIB army, here’s how to buy Shiba Inu.

What is the Shiba Inu (SHIB)?

Shiba Inu was created in August 2020 as an alternative to Dogecoin (DOGE), another meme coin that uses the dog breed Shiba Inu as its mascot. SHIB is built on the Ethereum blockchain and was launched with a total supply of one quadrillion, making it much more widespread than other cryptocurrencies like Bitcoin.

Another fact about Shiba Inu is that it is a decentralized cryptocurrency project. Its growth is driven by its community, the self-proclaimed SHIB ARMY, which focuses on trading and buying crypto.

Shiba Inu in the digital economy

When it comes to buying cryptocurrencies, the price of an entire coin can be daunting. Bitcoin and Ethereum cost thousands of dollars each. In contrast, the current Shiba Inu price is trading at a fraction of a penny.

According to Daniel Polotsky, co-founder and president of CoinFlip, a leading Bitcoin and cryptocurrency ATM provider, Shiba Inu has growth potential. But it is also subject to extreme volatility.

“The biggest downside to investing in Shiba Inu is that it is very risky, even more so than most of its crypto counterparts,” Polotsky said.

Its price hit an all-time high in October 2021 after Tesla CEO Elon Musk tweeted about the coin. But the price fell more than 65% at the end of April.

Madeline Hume, Senior Research Analyst at the morning starsaid the financial services company was suspicious of the Shiba Inu and other so-called coins.

“We wouldn’t consider buying a Shiba Inu as an investment,” Hume said. “Shiba Inu is a meme coin, which means that it derives its value from other investors’ enthusiasm for the coin rather than the fundamentals. This type of speculative return pattern is very difficult to predict with any degree precision.”

In terms of the ecosystem, Shiba Inu supports a number of projects, from the 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 some exchanges where you can exchange US dollars for SHIB:

Note the “trading pair” terminology, such as Shiba Inu to Tether (USDT). In the case of SHIB/USDT, bitcoins can be converted into Tether, a stablecoin whose value is pegged to the US dollar. Here are some exchanges that associate SHIB with Tether:

And if you are trying to convert your stock from SHIB to Dogecoin. Binance also associates SHIB with DOGE.

How to buy SHIB

If you decide you’re comfortable taking on the risks associated with the Shiba Inu, you can get started in three simple steps:

1. Choose a crypto exchange

If you are wondering how to buy Shiba Inu in the USA, you must first choose a crypto exchange. Crypto exchanges are marketplaces that allow you to buy and sell cryptocurrencies.

“When looking for a cryptocurrency exchange, it’s important to make sure everything is secure and reliable,” Polotsky said.

Some take a basic approach for new investors, while others are more complex, offering advanced trading features like margin accounts and futures trading.

2. Buy SHIB

Once you have selected a crypto exchange, you can open an account and make your first deposit. The amount to invest depends on several factors.

Once your account is credited, you can start buying SHIB. Make sure you only invest money you don’t need for essential expenses or any amount that would cause you stress.

To place an order, enter the trading platform of the crypto exchange and enter the Shiba Inu stock symbol – SHIB – and the amount you wish to invest. Most crypto exchanges also allow you to choose the type of order to place.

That’s it! You are now part of the SHIB army.

3. Put away your SHIB

SHIB can be stored in several ways.

  • Hardware wallets. A hardware device stores the private keys of your assets and allows you to interact with the wallet without exposing your data. Trezor and Ledger are examples of hardware wallets that support SHIB.
  • Offline storage. Sometimes referred to as “cold storage” or “cold wallet”, it is considered a safe way to store SHIB because this type of storage cannot be accessed via an internet connection. You can store your crypto on paper using a paper wallet. This will generate a public key and a private key for your crypto.
  • Software wallets. Desktop wallets, considered “hot” wallets, are programs downloaded to store your crypto asset. There are also mobile wallets that interface with crypto asset management. Exodus is an example of a multi-currency mobile/desktop wallet where you can store SHIB.
  • Crypto exchanges. Many exchanges that trade SHIP will allow you to store your crypto. These crypto exchanges include Coinbase and Binance, to name a few.

Should you invest in Shiba Inu?

Although Shiba Inu is popular, especially on social media, invest with caution.

If you want to invest in cryptocurrency, but are looking for other options for Shiba Inu or individual parts, consider exchange-traded funds (ETFs). There are now Bitcoin ETFs and funds that invest in blockchain companies.

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