Where to Buy Shiba Inu? – Beginner’s Guide
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Despite Dogecoin’s inaction, Shiba Inu’s price has increased rapidly this October. It is worth noting that although both coins share a doggy mascot, they operate very differently. Dogecoin operates on its own blockchain, whereas Shiba Inu is based on Ethereum.
In addition to Shiba being listed on Coinbase, investors can now buy Shiba Inu. Recent price appreciation for Shiba Inu has, at least in part, been attributed to the Coinbase listing making it interesting to buy Shiba Inu.
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What is Shiba Inu?
The Shiba Inu cryptocurrency is similar to Dogecoin in style as it has a very similar theme. However, the Shiba Inu token is not only strikingly similar to its canine counterpart, but it goes further than that. Using Ethereum’s strong network, the token has created a DeFi ecosystem, and Shibaswap (the company’s decentralized exchange) has played an integral part in shaping that ecosystem.
In addition to this, Shiba Inu tokens can also be used on Shiba Inu’s staking platform “ShibaSwap,” where users can earn interest if they stake their tokens. Additionally, ShibaSwap has recently released an NFT marketplace themed around Shiba Inu called Shibatoshis, where users can buy NFTs based on Shiba Inu. On a broader level, Shiba Inu’s platform is hosted by 3 different tokens native to the platform. Those three tokens are Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE).
Due to the limited supply of BONE and LEASH, this coin’s price per token is higher than the price of SHIB, the largest token in terms of market capitalization. The $20,000 market cap of Shiba Inu as of October 2021, which makes it the 11th most valuable cryptocurrency by market cap, is astronomical when compared to other cryptocurrencies.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Why Buy Shiba Inu?
As one of the meme tokens that has taken off recently, Shiba Inu (CRYPTO: SHIB) has had quite a good year. During the past month, the share price of SHIB has more than doubled, and it has been a six-bagger over the past 3 months.
It is not unusual for a particular cryptocurrency to be subject to such a large amount of interest. Recent years have seen a wide range of parabolic moves in a wide range of cryptocurrencies. Among the most impressive aspects of Shiba Inu’s rise to prominence in such a short time was how rapid it was.
Token trading commenced in August of last year, at $0.0000000005 (that’s nine zeros), at a total market capitalization of $600,000,000. At the moment, investors can buy SHIB tokens for around $0.00005 (only four zeroes) at the moment of writing.
How Much Does It Cost to Buy Shiba Inu?
At the moment, Shiba Token is trading for 0.00004341 USD (at the time of writing), and there has been a 24-hour trading volume of 1,831,623,221.13 USD. The share price of SHIB has fallen by -3.40% over the last 24 hours. A copy of this video is available on Youtube. Currently, it is -19.81% from its 7-day all-time high of 0.00005413 USD and 6.40% from its 7-day all-time low of 0.0000408 USD. In total, there are 549,055,952,729,358.75 SHIB circulating in the system.
A SHIB community-building experiment was created based on the ecosystem of the SHIBA INU as an experiment in decentralized spontaneous community building. SHIBs can be held by a user at any given time, with no restriction on how many SHIBs can be held. It is the role of ShibaSwap to act as the platform which incentivizes the usage of a cryptocurrency token called Shiba, commonly known as Shiba.
How to buy Shiba Inu Coin – Traditional Ways
1. Open an Exchange Account
Shiba Inu is a type of dog that can be found on eToro, Voyager, and Coinbase. In addition to being available on Uniswap and Sushi DEX, SHIB is also available on cryptocurrency exchanges running on Ethereum.
Creating an account with one of these crypto exchanges is as easy as providing your email address and creating a password, but you will need to provide both. In addition, to make sure you are who you say you are for tax purposes, you need to verify your identity before you can begin trading. To participate in the exchange, you are required to provide certain information such as your Social Security number, a photograph of your driver’s license, and your birthday.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2. Use Uniswap or a Centralized Exchange
There are two primary ways in which Shiba may be procured: centralized exchanges and decentralized exchanges. If you are using an exchange called eToro, you can skip to the next step if you are using a centralized exchange.
It’s great to have decentralized exchanges (DEX) that participate in almost every Ethereum-based coin, such as Shiba since many of them are there. In addition, decentralized exchanges such as Uniswap, powered by Ethereum’s blockchain, have become more and more popular as of late. The technology behind UniSwap has been designed with over $2 billion in resources locked up, and thousands of investors are using their platform to trade their Ethereum based tokens.
It is required that you have a software wallet such as MetaMask or Coinbase Wallet to trade on a DEX. You can own your cryptocurrency using crypto wallets instead of certain centralized exchanges, which must charge fees for using their services.
3. Buy a Crypto Wallet (Optional)
It would help to consider where you will be storing your precious Shiba Inu tokens before taking the plunge and getting yourself some Shiba Inu tokens. If you aren’t actively trading, it’s not a good idea to keep your tokens on a crypto exchange unless you’re actively trading your tokens. Several exchanges operate cryptocurrency, and several of these platforms have been compromised in the past.
Using software wallets for cryptocurrencies is not only free and convenient, but it is also much safer than using crypto exchanges since they use proprietary technology. Additionally, you will need an easy-to-use software wallet to interact with Uniswap, and you will find Coinbase Wallet and MetaMask to be the best options.
You should opt for a hardware wallet if you want to ensure that your cryptocurrency assets are stored securely at all times. It is a physical device that stores cryptographic keys offline, meaning that it is entirely unhackable and where your funds cannot be stolen.
4. Make your purchase
If you wish to complete the process of connecting your bank account to eToro, then you will first need to verify your identity with the company. If you have already found your SHIB order book, you should now place the order there.
UniSwap is not a stock exchange as other exchanges are and do not use order books. Instead, a Uniswap strategy uses liquidity pools to calculate the price of crypto assets instead of individual trades determining the price. To swap your Ethereum tokens for Shiba Inu tokens, you need to connect your wallet to Uniswap’s website after establishing it. We recommend that you hold on to your Ether tokens for as long as possible if you’re in it for the long run.
How to Buy Shiba Inu Coin with PayPal
With cryptocurrencies such as SHIBA INU, one can purchase these through PayPal, which has become a trend. eToro is a unique trading platform thanks to the fact that it offers customers the opportunity to invest in cryptocurrencies like SHIB using PayPal as a funding method.
As far as we know, there are no other crypto exchanges that let you invest in SHIB with PayPal besides Binance, Coinbase, Bitpanda, etc.
Therefore, eToro is an excellent investment platform for all investors who wish to use this particular payment method when making investments.
How to Buy Shiba Inu Coin with Bitcoin
A large range of products and services can now be purchased using bitcoin and other cryptocurrencies as a result of growing awareness and popularity. In recent years, the number of retail stores and payment processors that accept bitcoin has grown to an extent, though there are still some major holdouts in this regard. A trader can even buy Shiba Inu Coin with Bitcoin in some exchanges.
Buying Shiba Inu Coin Safely
As far as investing in Shiba Inus is concerned, there are no guarantees. The demand for ShibaSwap can expand enormously if it launches smoothly and becomes popular, but Shiba does not bring any novel concepts to the Ethereum ecosystem of Decentralized Finance (DeFi). Even though it has more use cases than Dogecoin, it does not mean that it will perform better than Dogecoin because it is on the Ethereum network. Buterin donated her Shiba tokens to two charities that have to sell most of their Shiba tokens in a market where the supply of Shiba tokens is low, which will eventually lower the price of the tokens. Unfortunately, Shiba gained more notoriety and legitimacy through these donations, but Shiba will still struggle to reach its all-time highs again soon.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Investing in anonymous projects like ShibaSwap also presents distinct security risks since a critical flaw in the code may allow the developers to steal cryptocurrency from investors by scamming them. Unfortunately, in the wild west that is DeFi, some scams are causing users to lose millions of dollars with increasing frequency. If experienced code auditors had access to the code, this possibility could be ruled out, but ShibaSwap hasn’t yet been audited, so that they couldn’t do this.
Risks of Buying Shiba Inu
As such, altcoins have a strong community function as opposed to their utility. Because of this, the success and growth of the community are pivotal in determining how successful they are, explains Boneparth, who has been investing in cryptocurrencies since 2014. For example, in its white paper, Ryoshi describes the Shiba Inu as “an experimental, decentralized spontaneous community-building experiment.”.
Even though experts warn that if you invest in crypto-currencies, you could lose all your investments. These authorities generally recommend that you should only invest what you can afford to lose regardless of which cryptocurrency you choose.
However, it is important to remember that altcoins may require a greater level of caution because they differ from something like bitcoin in several aspects, including their structure, supply, and usage.
A good example is Bitcoin, created in 2009 to serve as a peer-to-peer electronic cash system. In addition to its blockchain, the company has carefully designed an ecosystem to support the blockchain. Using the fact that Bitcoins are a limited supply allows for a certain amount of built-in scarcity through the design. The fact that it can be used for this purpose makes it such a valuable investment for its holders, with the hope that it will be recognized as a prominent decentralized digital currency.
Most altcoins lack these characteristics
Shiba Inu supporters contend that the ecosystem that Shiba Inu offers, including features such as smart contracts and nonfungible tokens and opportunities for enterprise-wide liquidity mining, goes beyond community value.
While this is true, Brett Harrison, president of cryptocurrency exchange FTX US, warns that “those altcoins can be extremely risky, and may not always have inherent value as investments, and that individual retail investor should always conduct research and diligence before trading these assets.”
Harrison looks for assets that offer specific utility rather than investing in a booming cryptocurrency based on hype to make money from crypto-assets.
Crypto assets are a growing area of interest for investors. They provide a store of value, facilitate an efficient mechanism for the transfer of funds, or serve as an algorithm that enables the construction of blockchain-based applications, writes Marcus. He says many assets can be suitable for retail users.
Selling Shiba Inu
Uniswap will be able to convert your Shiba Inu tokens into Ethereum tokens so that you can exchange your Shiba Inu tokens for Ethereum. The Ethereum tokens that you receive as a result of exchanging your Shiba Inu for Ethereum will be credited to the Ethereum wallet you have set up through Uniswap. You can then use any exchange that supports Ethereum to exchange them back into USD.
Shiba Inu Price Forecast
It is expected that the Shiba enthusiasm will reduce somewhat soon, according to Marie Tatibouet, chief marketing officer of cryptocurrency exchange Gate.io.
The expert forecasts that the market will correct in the short-term as the hype fades down a bit and that soon enough, the market will stop falling.
Jordan McCreery, the founder and a partner of integrated media company Ingrained Media is of the contrary opinion. “In my opinion, Shiba has a real opportunity to grow from a fraction of a cent amount to something that would exceed $0.01 or even more,” he remarked.
CEO of Fintech company Broctagon Don Guo told Bloomberg it would be impossible for Shiba Inu to achieve $1 status in the foreseeable future. ‘For SHIB to hit the elusive dollar, it is necessary that the market capitalization of SHIB reach a quadrillion dollars, as he told The Express.
SHIB has a shipload of $1.3 trillion capital that is ready for development and access to the best student loans in the world. This difference represents less than 3% of the amount required for SHIB to achieve that price point. Shiba has more than a 50 percent probability to stay within a ballpark of less than a fraction of a cent given the current economic conditions.
Where to Buy Shiba Inu
1. eToro – Overall Best Shiba Inu Trading Platform
Our review of 50+ crypto day trading platforms for 2023 showed that eToro is by far the best. The site is heavily regulated, which may be the most important fact. That includes licenses from FCA, ASIC, and CySEC – but eToro is also registered with and authorized by FINRA.
eToro is therefore safe and secure for traders in the United States and around the world. There are 18 popular cryptocurrencies you can buy and sell on eToro, in addition to Bitcoin, EOS, Bitcoin Cash, Ethereum, Uniswap, Ripple, Shiba Inu, and Binance Coin. The ability to trade derivatives related to cryptos may also be available depending on where you live.
The yen, euro, British pound, and U.S. dollar are all fiat-to-crypto pairs included in this category. In addition to crypto-to-crypto trades, you can also trade BTC/XRP and ETH/BTC. Most eToro customers can trade these crypto CFD derivatives – unless you are from the U.S., U.K., or Hong Kong. Nonetheless, with regards to fees, eToro is a 100% commission-free cryptocurrency day trading site. In other words, you are not charged any fees if you enter and exit the market as often as you like.
Registration and payment methods in USD are free. You will be charged a small currency conversion fee of just 0.5%. You will also be offered passive investment tools in eToro’s user interface, making it one of the best crypto day trading platforms around. CryptoPortfolios include a diversified basket of digital currencies with various weightings. eToro manages your portfolio for you not to have to worry about rebalancing your portfolio yourself.
Another option is to use the Copy Trading tool to buy and sell cryptocurrencies. eToro uses crypto traders who are skilled and proven investors. You will copy their trades. The minimum amount you need is $500. You only need $25 to make a crypto trade if you do it yourself. It takes minutes to open an eToro trading account – and you can deposit with a debit/credit card, bank transfer, or e-wallet like Paypal.
Pros:
- Trading platform and online broker that is extremely user-friendly
- Spreads are tight on thousands of assets
- 100% commission-free
- In addition to stocks, indices, ETFs, and cryptocurrencies, you can trade a wide variety of instruments
- Debit/credit cards, e-wallets, and bank accounts can be used to deposit funds
- Social trading and copy trading
- Accepts PayPal
- Regulated by the FCA, ASIC, and CySEC, and registered with FINRA in the US
Cons:
- Traders who perform technical analysis may not be interested in this product
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
2. Binance – The Best Shiba Inu Coin Trading Platform For Small-Cap Pairs
You will likely have a chance of finding the cryptocurrency you are looking for on Binance. That is because a huge volume of transactions is conducted on this cryptocurrency exchange every day, worth billions of dollars.
It includes several small-cap coins as well as hundreds of pairs. There are hundreds of ERC-20 tokens included as well. Your debit/credit card might be accepted where you live.
Fees range between 3 and 4%, however. Even so, Binance’s trading fees are exceptionally low. If you own Binance Coins (BNB), you’ll pay even less – just 0.1% – on the platform. Besides offering various charting options and order types, Binance is a great option if you enjoy performing technical analysis.
Pros:
- Advanced charting platform with customizable indicators
- There are hundreds of supported pairs
- 0.10% commission
- Supports fiat currency
- BNB users get a discount on fees
- Security measures have proven to work
Cons:
- Support is provided only through the ticket system
- Deposits by debit/credit card are charged up to 3.5%
Your money is at risk.
3. Coinbase – Good Selection of Digital Currencies
Over 100 tradable cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin are offered through Coinbase, a cryptocurrency trading, and investing platform. Over 73 million users access Coinbase, which has more than $255 billion in assets under management.
Simple buy and sell orders are likely to be preferred by beginners on the original Coinbase platform. However, Coinbase Pro, available to all Coinbase users, offers more advanced features and order types.
In general, digital currencies are an emerging asset class that can be risky and volatile, making them unsuitable for all investors. Nevertheless, if you’re into cryptocurrencies, Coinbase is an excellent option for both beginners and veterans.
Pros:
- Easy to use for cryptocurrency beginners
- Support for a large number of cryptocurrencies
- Opportunities to earn cryptocurrency
- Lower pricing available with Coinbase Pro
Cons:
- Potentially high transaction fees
- Customer service issues
- No access to trade many altcoins
Your money is at risk.
How to Get Started with a Shiba Inu Trading Platform – eToro
Step 1: Open an Account
- Click here, fill out your details, click on ‘create an account,’ and that’s it. You are now part of the eToro family.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Step 2: Upload ID
- Uploading documents is a simple process that can be done by clicking here. Documents can be uploaded in the following formats: .pdf, .jpg, or .doc
Step 3: Deposit Funds
- In the left-hand navigation box, select the “Deposit Funds” button. Enter the amount you would like to deposit. Enter your payment information and choose your preferred method of payment. Users in the U.S. have the following three payment options:
Step 4: Trade SHIB
On your eToro dashboard, click “Trade Markets.” Select “Crypto.” Then scroll down to look for “SHIB” and click “Buy” and set the amount you want to invest. Click “Open Trade” and there you go!
eToro – Buy Shiba Inu With Competitive Commissions
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
FAQs
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Jhonattan Jimenez
