A decade ago who would’ve thought that memes would be turned into cryptocurrencies? Well, Dogecoin started this in 2013 and it was inspired by a popular Doge meme of a Japanese Shiba Inu dog. A few years later, Shiba Inu (SHIB) followed in its footsteps. But what exactly is Shiba Inu?
What is Shiba Inu (SHIB)?
Shiba Inu is a crypto meme token launched by an anonymous founder, Ryoshi (pseudonym) in 2020. SHIB is an Ethereum-based altcoin and leverages the network's smart-contract technology.
According to a whitepaper written on SHIB—also known as “woof paper”—it is a community-based crypto project. This means that the “ShibArmy,” the Shiba Inu community is in charge of the coin and its development. Finally, the total supply of SHIB is one quadrillion, which makes it more ubiquitous than other cryptocurrencies.
It’s fair to say that what started as a meme coin quickly became the fastest-growing cryptocurrency in the top 100 by market capitalization. In a short period it was termed the Dogecoin killer because, in 2021, it offered returns of 1,970.57 percent in just seven days. While the prices of Shiba Inu have dropped in the past few months, experts believe that it is profitable in the long run as a lot of bulls are buying it and holding it in large amounts. So, if you are thinking - how to buy Shiba INU coin or where to buy Shiba INU coin, you are in the right spot as we will answer these questions in this guide.
But before that, let’s quickly recap a few things that you need before you buy SHIB, the crypto exchange.
What is a Crypto Exchange?
The very first thing you need to buy is a crypto exchange. Usually, a crypto exchange acts as an intermediary between a buyer and a seller and earns revenue via commissions and transaction fees. To buy cryptocurrency on an exchange, you have to register on it and complete the Know Your Customer (KYC) process.
From a business perspective, KYC is extremely important as it helps crypto exchanges protect their users and themselves from money laundering and fraud. This is especially important in crypto, where scams are prevalent.
That being said, there are two types of crypto exchanges as discussed below:
- Centralized Exchange (CEX): these crypto exchanges are operated by an organization that owns them in a centralized fashion. They coordinate crypto trading on a large scale leveraging a similar business model to traditional asset exchanges such as stock exchanges.
- Decentralized Exchange (DEX): a DEX is a peer-to-peer marketplace where users have the liberty to trade crypto tokens in a non-custodial way. Also, DEXs don’t rely on intermediaries to facilitate transactions.
Once the desired purchase has been made from a crypto exchange, you can either leave them on the exchange, which is prone to hacks and lose all the funds or store them in a crypto wallet, the next cog in the wheel.
What is a Crypto Wallet?
A crypto wallet is a software program or a physical device that keeps your recovery phrase or private key—a password that gives you access to your crypto tokens—safe and allows you to transfer cryptocurrencies. There are several types of wallets - hardware wallets, software wallets, and crypto exchanges integrated wallets - continue reading to learn about the detail!
With the basics out of the way, let’s discuss how and where to buy SHIBA INU.
Where to Buy Shiba INU From?
There are a number of different crypto exchanges from which you can buy SHIB. Here are a few listed below:
Coinbase is an excellent platform to buy cryptocurrencies as it offers a wide selection of crypto assets via both an app and a browser-based platform. While buying SHIB or any other coin, investors can use a credit or debit card, eliminating the need to own cryptocurrency beforehand.
The fee structure includes the Coinbase fee and the spread and is:
- Spread is approx. 0.5 percent
- The transaction fees have the tendency to fluctuate depending on the mode of payment and trade volume
- For Coinbase Pro users, the taker fee is 0.6 percent, and 0.4 percent is the maker fee
The platform offers top-notch security since it holds a majority of its customers’ funds in cold storage, guarding them against hacks and breaches.
Another platform ideal for buying Shiba INU is Crypto.com - one of the most investor-preferred platforms - thanks to its large selection of cryptocurrencies and user-friendly trading app with the web-based exchange.
This exchange appeals to seasoned traders because it charges a 0.4 percent maker/taker fee. More importantly, you can further reduce this fee by 10 percent if you pay using Crypto.com's native coin, CRO.
eToro is overall a great platform to buy Shiba INU. Over the years, it has earned the moniker of the best crypto exchange within the trading community and it complies with strict regulatory entities such as ASIC, FCA, FINRA, FinCEN, and CySEC. But what makes it one of the best is its beginner-friendly features and low trading fees.
eToro’s fee structure is one of the most appealing features of the platform, and it only charges a 1 percent transaction fee including the spread when a trader opens or closes a position. This keeps you transparent with no hidden charges or fees. Additionally, eToro does not charge any monthly account fee or deposit fee, making it a very pocket-friendly exchange.
How to Buy Shiba Inu Coin?
Buying SHIB is similar to buying any other cryptocurrency. It is a fairly simple process and here’s how it goes:
1. Choose Your Crypto Exchange Platform
The first step is to pick any of the crypto exchanges listed in the earlier section. Even though the exchanges listed above make it to the top of the list, we’d still recommend taking time out to conduct exhaustive research on the exchange you are considering. Some possible aspects/questions that you could take into consideration are - What are the reviews like? Does it have a history of hacking? And, if so, how has the exchange handled it? The idea is to simply dig deep and find the negatives as well as the positives to make the best pick for you.
2. Make the SHIB Purchase
Once you’ve chosen your platform, the next step is to visit their official website, create an account, and complete your KYC. On a vast majority of exchanges, you must complete the KYC process to buy/sell cryptocurrencies and add/withdraw funds.
Once the KYC is done, deposit funds into the trading account, and you are ready to buy SHIB. Place your order, find Shiba Inu with its ticker symbol, SHIB, and make the purchase.
3. Store the SHIB Safely
You can choose to either leave it on the exchange or store it in an external wallet such as a hardware wallet or a software wallet. If you decide to leave it on the exchange, you might lose your coins if the exchange gets hacked. Therefore, it is always advised to use a crypto wallet.
To help you here, we've listed a few types of crypto wallets that can come in handy:
- Hardware/Cold Wallet: These wallets are hardware devices that are not connected to the internet. As the name gives it out, hardware wallets store your public addresses and recovery phrases that allow you access to your cryptocurrency on the blockchain. Since they are not connected to the internet, the exposure of the data is prevented making it the most secure option to store coins.
- Software/Desktop Wallets: Software wallets are unstable software packs that run on your laptop or desktop. In comparison to the other wallets, these are different as they are not always online. They only connect to the internet when you initiate a transaction. Additionally, they offer a streamlined, easy-to-use interface to interact with crypto holdings.
- Crypto Exchanges Integrated Wallets: Crypto exchanges, whether centralized or decentralized often offer built-in wallets to keep your funds safe and within reach. With exchange wallets, you don’t have to buy separate crypto wallets to store digital assets.
How to Buy Shiba Inu Coin - Conclusion
Shiba Inu has often been termed the Dogecoin killer and if SHIB rises again after its downward trajectory, it can earn the badge. Experts believe that it is a good investment for the long run because a lot of heavy investors are buying it in bulk and holding it. However, it is important to note that investing in any cryptocurrency is extremely risky and you have to do your research before making a purchase.