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If you want to buy Bitcoin, you’ll need at least $38,000 to buy a whole coin. But if you invest in Shiba Inu (SHIB), you can buy more than a billion Shiba Inu for the same amount of cash.
Shiba Inu is one of several cryptos that are 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
How To Buy Shiba Inu (SHIB)
Shiba Inu was created in August 2020 as a replacement for Dogecoin (DOGE), another meme coin that uses the Shiba Inu dog breed as its mascot. SHIB is built on the Ethereum blockchain and launched with a total supply of a quarter of a billion, making it much more popular 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 is focused on trading and buying cryptocurrencies.
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 one cent.
According to Daniel Polotsky, co-founder and president of CoinFlip, a leading provider of bitcoin and crypto ATMs, Shiba Inu has growth potential. But it is also subject to strong volatility. “The biggest downside of investing in Shiba Inu is that it is very risky, even more so than most crypto counterparts,” said Polotsky.
Its price hit an all-time high in October 2021 after Tesla CEO Elon Musk tweeted about the coin. But prices fell more than 65% at the end of April.
Madeline Hume, the senior research analyst at Morningstar, said the financial services firm has been wary of the Shiba Inu and other coins.
"We wouldn't consider purchasing a Shiba Inu an investment," Hume said. “Shiba Inu is a meme coin, which means it derives its value from other investors’ enthusiasm for the coin rather than any fundamentals. That type of speculative return pattern is highly difficult to predict with any degree of accuracy.”
In terms of its ecosystem, Shiba Inu supports a number of projects, from the decentralized exchange called ShibaSwap to nonfungible 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 exchange U.S. dollars for SHIB:
FTX
Bitfinex
Note the terminology of “trading pairs,” such as Shiba Inu to Tether (USDT). In the case of SHIB/USDT, bitcoin can be converted into Tether, a stable currency whose value is pegged to the US dollar. Here are some exchanges that link SHIB to Tether:
Binance is the best recommended 😇😇
KuCoin
How To Buy SHIB
If you decide that you are comfortable taking the risks associated with Shiba Inu, you can start with three easy steps:
1. Choose a cryptocurrency exchange
If you are wondering how to buy a Shiba Inu in the United States, you must first choose a cryptocurrency exchange. A cryptocurrency exchange is a marketplace that allows you to buy and sell cryptocurrencies.
"When looking for a cryptocurrency exchange, it's important to make sure everything is secure and trustworthy," Polotsky said.
Some take a basic approach for new investors, while others are more sophisticated, offering advanced trading features such as margin accounts and futures trading.
2. Buy SHIB
Once you have selected cryptocurrency exchange, you can open an account and make your first deposit. The amount of investment depends on several factors.
Once your account is credited, you can start buying SHIB. Make sure you only invest money that you don't need for essential expenses or any amount that might stress you out.
To place an order, go to the trading platform of the cryptocurrency exchange and enter the symbol of Shiba Inu - SHIB - and the amount you want to invest. Most cryptocurrency exchanges also allow you to choose the type of order to place.
That's it! You are now part of the SHIB army.
3. Storing SHIB
Your SHIB can be archived in a number of ways.
hardware wallets: A hardware device that stores the private key 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 secure way to store SHIB because this type of storage cannot be accessed over an internet connection. You can store your crypto on paper using a paper wallet. This will generate a public and private key for your cryptocurrency.
software wallet. Desktop wallets, known as "hot" wallets, are programs that are downloaded to store your crypto assets. 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.
cryptocurrency exchanges. Many SHIP exchanges will allow you to store your cryptocurrencies. These crypto exchanges include Coinbase and Binance.
Should You Invest in Shiba Inu?
Although Shiba Inu is very popular, especially on social media, invest with caution.
If you want to invest in cryptocurrencies but are looking for other options for the Shiba Inu or individual parts, consider exchange-traded funds (ETFs). There are Bitcoin ETFs and funds that invest in blockchain companies.
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