How To Buy Shiba Inu (SHIB)
Shiba Inu is arguably one of the biggest meme tokens ever, second only to Dogecoin. At its peak in October 2021, the coin had racked up a market cap of over $40 billion, and it is now accepted as a means of payment at popular retail stores, like GameStop and Nordstrom. You can gain access to Shiba Inu through popular crypto exchanges such as Coinbase or Binance. Like all cryptocurrency, however, investing in Shiba Inu is risky. Therefore, ensure you do your due diligence before adding this meme token to your portfolio.
What Is Shiba Inu?
Digital currencies are types of currencies that you cannot touch or feel. Unlike conventional currencies, they only exist virtually. Cryptocurrencies are popular examples of digital currencies. A meme token like Shiba Inu is one coin you might have encountered in your research. This token rose to popularity in 2021 and is still a favorite choice for investors today.
Ryoshi is the alias used to identify the creator of this dog-themed cryptocurrency, invented in 2020. Coinbase director Conor Grogan has suggested Ryoshi might be linked to Alameda Research, FTX’s sister company. Its popularity is only rivaled by the Yuga Labs NFT collection Bored Ape Yacht Club, especially with its massive Shiba army promoting the coin on various socials.
Shiba Inu is known particularly for its Japanese dog mascot and high volatility. It was created as a solution to Dogecoin’s inefficiencies, but it still doesn’t have much use case. Either way, some retailers and companies accept it as a means of payment. Examples of such companies are NOWpayments, Gucci, and Nordstrom.
The Shiba Inu ecosystem is expected to grow, especially with the release of Shibarium’s beta version in March 2023. Shibarium is Shiba Inu’s Layer 2 solution, the blockchain where Shiba Inu and other tokens in the Shiba ecosystem, like Leash and Bone, are deployed. The Shiba ecosystem also has a metaverse called the Shiba Metaverse, which gives users a place they can build, run, and grow their projects. The immersive virtual world features a WAGMI temple, the first of 11 HUBs in SHIB The Metaverse, which previewed at the SXSW XR Experience also in March 2023. 7 These and more are all the exciting developments happening in the Shiba Ecosystem.
Doing your research before buying any cryptocurrency, especially meme tokens, is important. Many cryptocurrencies look legit, but more research can show you the ones worth investing in. A good rule of thumb is to read the whitepaper or litepaper of the crypto you intend to buy; a litepaper, if you can find it, is better. It is the concise version of a whitepaper that will give you the information you need to make a better decision.
How To Buy Shiba Inu
To buy Shiba Inu, you will need a cryptocurrency exchange or wallet. While a crypto wallet allows you to purchase or sell Shiba Inu, a cryptocurrency exchange gives you much more flexibility to trade Shiba Inu futures and even earn from staking. Here is how to buy Shiba Inu on a crypto exchange:
- Step 1: Sign up for an account at a reputable crypto exchange. You can choose from over 20 options, including Coinbase and Kraken.
- Step 2: Complete the Know Your Customer (KYC) process on your selected exchange. This critical process is part of the AML (Anti-Money Laundering) policies followed by a number of different countries. Exchanges are mandated to carry out KYC to check for criminal activity, largely due to the anonymous nature of crypto.
- Step 3: Browse through the available Shiba pairs on the exchange. Usually, Shiba Inu is paired with more popular cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).
- Step 4: Fund your account, choose the Shiba pair you want to purchase, place an order for the amount you want to buy, and wait for your order to be filled.
- Step 5: Your Shiba Inu will appear in your wallet in a matter of seconds.
Alternative Ways To Buy Shiba Inu
Crypto exchanges are the best way to get Shiba Inu. However, they are not the only way. You can also buy Shiba Inu from other people directly. To do this, you first need to find a physical or online seller willing to exchange their Shiba for money. When you both agree on quantity and price, the seller transfers the Shiba Inu to your Shiba Inu wallet address in exchange for your fiat.
Alternatively, you can swap other crypto types in your wallet for Shiba Inu instead of depositing crypto or fiat money. Find a suitable trading pair and sell your existing crypto for Shiba Inu. The process happens instantaneously.