If you’re planning on buying Bitcoin, then you’ll need around $38,000 just to purchase a single coin. On the other hand, if you’re interested in investing in Shiba Inu (SHIB), then you can get almost a billion SHIB for the same price. Shiba Inu is a kind of crypto that’s commonly referred to as a meme coin due to how its origin can be traced back to internet memes. Currently, it’s among the top 15 cryptocurrencies.
What is the Shiba Inu Cryptocurrency?
In August 2020, Shiba Inu was created as an alternative to Dogecoin, which bills itself as the world’s first dog-based cryptocurrency. Unlike other cryptocurrencies, this one has a relatively small supply.
One factor that sets Shiba Inu apart from other cryptocurrencies is its decentralized nature. This has led to many crypto investors wanting to buy Shiba. Its community, which is known as the SHIB Army, is mainly focused on buying and trading cryptocurrency.
Despite its decentralized nature, Shiba Inu is still considered risky. According to the CoinFlip chairman and co-founder, it’s not as stable as other cryptocurrencies. In October 2021, the price of Shiba Inu hit an all-time high after Elon Musk, the CEO of Tesla, mentioned the cryptocurrency on Twitter. However, since then, its value has dropped by over 65%.
According to analyst Madeline Hume of financial services firm Morningstar, Shiba Inu and other similar cryptocurrencies are not recommended to investors. Hume stated that Shiba Inu is not an investment. It’s a meme coin that derives its value from the enthusiasm of its users rather than fundamentals. This makes it difficult to predict its future returns. Shiba Inu’s speculative return pattern is also difficult to predict.
Shiba Inu supports various projects, such as the Shiba Swap decentralized exchange. It also allows non-fungible tokens to be issued through its ecosystem.
Where to Purchase Shiba Inu Crypto?
Various platforms allow users to buy and sell Shiba Inu. You can also exchange U.S. dollars for cryptocurrency on platforms such as FTX, Coinbase, and Bitfinex.
To convert Shiba Inu to a stablecoin, such as the USDT, it’s usually necessary to perform a trading pair. For instance, you can pair up with exchanges like KuCoin and Binance to buy and sell SHIB. Binance will also let users pair their SHIB with DOGE.
How to Buy SHIB
If you’re comfortable with the risks associated with buying and trading Shiba Inu, then follow these steps.
1. Choose an Exchange to Use
Before you can start trading Shiba Inu in the U.S., you need to find an exchange that accepts cryptocurrencies. A crypto exchange is a marketplace that allows users to trade and buy and sell various types of digital assets.
Before you start trading cryptocurrencies, the exchange you choose must be secure. According to experts, a trustworthy platform should allow its users to trade safely.
There are various types of platforms that allow users to trade cryptocurrencies. For new investors, some platforms provide a basic approach. Others offer advanced features such as futures and margin accounts.
2. Purchase SHIB
After you’ve chosen an exchange, you can open an account and start to make deposits. The amount of money that you’ll be investing depends on various factors. Once you have funded your account, you can start investing in SHIB. However, make sure that you only use the money that you don’t need to cover your essential expenses.
To make an order, go to the exchange’s website and enter the details of the transaction, such as the amount of money that you want to spend. Most platforms also allow users to select the type of order they want to place.
3. Choose How to Store Your Shiba Inu Crypto
There are multiple ways you can store your SHIB. The first is by using hardware wallets. These types of hardware wallets allow users to store their assets without exposing their data. Some of the popular hardware wallets that support the Shiba Inu include Trezor and the Ledger.
Another way to store your SHIB is by using offline storage options. This type of storage is commonly referred to as a cold wallet, and it’s considered a secure way to store SHIB since it doesn’t require an internet connection. Paper wallets can also be used to store your cryptocurrency. These types of wallets allow users to generate private and public keys for their digital assets.
Using software wallets is also a way to store your crypto. A desktop wallet is commonly referred to as a hot wallet. It can be used to store various types of digital assets, such as SHIB. Another type of wallet is called Exodus, which can be used to store multiple currencies.
Lastly, you can decide to store your SHIB in your exchange. Many exchanges that offer SHIB trading will let you store it on their servers. Some of the exchanges that offer this are Binance and Coinbase.
Is Investing in Shiba Inu Worth it?
Although Shiba Inu is very popular on social media, it’s important to consider other options when it comes to investing in the cryptocurrency market. For instance, if you’re planning on investing in blockchain companies, then consider using exchange-traded funds. These are funds that invest in different types of cryptocurrencies.
