If you’ve been paying any attention to the latest crypto trends, you’ve probably already heard of Shiba Inu Coin (SHIB.) This crypto has been making headlines thanks largely to billionaire Elon Musk. Though SHIB isn’t actually the crypto Musk personally backs, that’s DOGE Coin. Shiba Inu Coin often simply gets residual attention from his antics, mostly, of course, due to the billionaire’s fondness for Shiba Inu dogs.
Either way, Shiba Inu cryptocurrency has been enjoying surprising gains. So much so that it is now regarded as a hot favourite, which is certainly surprising for a self-proclaimed meme coin. But what exactly is Shiba Inu Coin, what is a meme coin, and is it really worth investing in a currency based around a dog? The short answer is yes, but check out our detailed guide now and learn how to buy Shiba Inu Coin.
First and foremost, what exactly is a meme coin? Meme coins, although actual digital currency, are characterised by being based on a comical or humorous idea. In the case of Shiba Inu Coin, the currency is based on a widely known comical image of a dog. The creators very specifically declared SHIB as an alternative to the more widely known DOGE Coin.
It is worth noting that many consider meme coins as nothing more than a joke. But that doesn’t stop them from potentially gaining real, substantial monetary value.
SHIB launched in August 2020, using the Ethereum blockchain, and was declared as being a step towards creating a decentralised ecosystem. An exchange was also launched, known as ShibaSwap, where cryptos can be bought and traded. Importantly, since its original inception, the Shiba Inu cryptocurrency has been gaining more and more attention with daily trade volumes often surpassing $200,000.
Besides being a focus of comical attention, there are other reasons to be interested in meme coins. As a comparison, investing in Bitcoin (BTC) or Ether (ETH) would set you back tens of thousands of dollars. Not many have that sort of money to just throw around, making the idea of investing in crypto extremely intimidating. But what if there was a far cheaper alternative?
Investing in Shiba Inu Coin costs next to nothing, with billions purchasable for the same price as a single ETH. The idea is, of course, that although SHIB has a fairly low value today, it may potentially gain a great deal of value in the future. Anyone that invested early will, of course, potentially find themselves in a digital currency goldmine. But does a meme coin really have the potential to gain value?
Daniel Polotsky, co-founder of CoinFlip certainly thinks so. When asked about the meme coin he declared that he thinks it has enormous potential to grow, though added that investing in a meme coin is always a risky endeavour.
Senior research analyst at Morningstar, Madeline Hume, elaborated. She first declared that she personally wouldn’t invest in a meme coin, explaining that all meme coin value is derived from investor enthusiasm. She continued that such return patterns are very unpredictable, making accurate investments difficult.
In a nutshell, investing in a meme coin like Shiba Inu cryptocurrency is risky, but the potential returns can be very lucrative. It is up to you where to invest, but it should always be kept in mind that first-time investors often have to start small. Meme coins are a good starting point, mostly because they’re cheap but still come with respectable growth potential. It should also never be forgotten that DOGE Coin also started out as a meme but is certainly much more than that today.
Shiba Inu Coin can easily be purchased online from a number of exchanges, including Coinbase and Bitfinex. The crypto can either be purchased directly for fiat currency or can be traded with other cryptos. In the case of trading, it is important to understand what “trading pairs” exist in the digital market. A trading pair indicates that a crypto can be easily traded and converted into another crypto. For example, SHIB/USDT means that SHIB can be traded for Tether, and vice versa. Tether is a stablecoin, making it a flexible commodity.
Though, importantly, certain exchanges may offer different trading pairs, making it important to choose an exchange wisely. Exchanges that have paired SHIB with Tether include Binance and KuCoin.
How do you actually go about buying Shiba Inu Coin? Let’s take a look at a step-by-step guide for those that are still unclear about cryptocurrency works.
Before you deal in crypto you are going to need somewhere to store it. Various options are available, including online wallets as well as more advanced offline storage methods. As far as wallets are concerned, signing up and claiming a wallet is easy, requiring no more than a few moments of time. Different wallets have varying pros, cons, promotions, and other special features, so be sure to look around and see which best suits your needs. Generally speaking, digital assets stored in online wallets are safe and secure.
There are, however, also offline storage options. Offline storage involves transferring all your crypto to an external, physical device, similar to a hard drive. Those that are serious about security insist on storing their crypto offline, though there are obvious drawbacks. Namely, as long as your crypto isn’t online it also isn’t gaining interest and isn’t working for you. Either way, offline storage is considered by many to be the ultimate step for total security.
As just mentioned, choosing an exchange isn’t as straightforward as it first seems. There are many exchanges to choose from, and you would be wise to take the decision seriously. Though, the most important factor by far is ensuring that the exchange is safe, secure and trusted. Thankfully getting an idea of how reputable an exchange is isn’t difficult. There are many online review sites that investigate exchanges on your behalf, ensuring that everything is above board. It is a very good idea to check out these review sites, see what the reviewers have to say and make a decision based on the provided information.
Aside from safety, you should also check that the exchange deals with the crypto you’re interested in. In this case Shiba Inu Coin. Once you’ve decided on an exchange you will have to sign up.
It is now important to mention that different exchanges have different sign-up policies. Some exchanges insist that the Know Your Client (KYC) process be completed. KYC is a security measure, designed to keep out traders that might be involved in questionable activity. However, since KYC requires that validated identification be provided, not every exchange makes the process mandatory.
If you prefer to deal in crypto anonymously you’ll want to find an exchange that does not require the KYC process. Whichever exchange you choose, signing up shouldn’t take more than a few minutes, assuming you have the required paperwork standing by.
Now that you’ve chosen an exchange it’s time to buy your Shiba Inu cryptocurrency. The question is, are you going to buy with fiat currency or trade for another crypto? If you want to buy with fiat currency you will have to deposit funds to the exchange. This can be done by signing into your account, selecting the option to make a deposit, selecting your preferred credit or debit card, and indicating how much you’re like to deposit. The funds should appear in your account instantly, depending on your bank. At some crypto exchanges, it is also possible to purchase using Apple Pay and Google Pay. You can now simply select Shiba Inu Coin, indicate how much you’d like to buy, and complete the purchase.
If you’d like to trade for another crypto you’ll have to transfer the currency from storage to this exchange. This can be done by signing in to your account, selecting the option to make a deposit, and choosing the transfer option. In the case of a crypto transfer, the exchange will generate a delivery address. This address must then be taken over to your storage wallet and entered as a transfer destination. The crypto will then appear in the exchange account.
Remember that cryptos have designated trading pairs. The crypto you’re using to make the trade must be supported as a trading pair with SHIB.
Now that you have your Shiba Inu Coin, you’re going to want to store it. It is possible to leave crypto in your exchange account, but this isn’t recommended. Veteran traders have the saying; not your key, not your crypto. In other words, while exchange hacks are uncommon, they do happen, and if your crypto is at an exchange when it's hacked there is no telling what will happen to it.
To withdraw your SHIB to an external wallet simply sign in to your account, select the option to withdraw, and then select your storage wallet. If the account already received funds from a specific wallet, it should already be listed. If you wish to withdraw to a wallet that isn’t already linked you will have to generate a delivery address at that wallet. Transfer of SHIB to a wallet should be instant.
Did you know that it’s even possible to store crypto as paper money? Cryptocurrency can be printed out on paper. The printout will include a public key and private key, essentially turning your digital currency into a physical version of itself. Of course, many consider paper storage to be a dangerous way to store crypto, given how vulnerable physical assets are. But there really shouldn’t be a problem if you print your crypto out and put it in a safe, well-guarded location.
If you’ve read this review and are still left wondering if you should invest in Shiba Inu cryptocurrency, rest assured that it is a complicated question. It has already been touched on that meme coins are a risky investment, which is a reality that most traders will agree on. However, keep in mind that low value meme coins are perfect for those taking their first steps into the crypto-sphere. Many beginners think that crypto investment requires a lot of money, but that certainly isn’t true when you’re dealing with Shiba Inu Coin.
Either way, if you decide to invest in SHIB or another crypto, the best way to start out is with small, varied investments. As the saying goes; don’t keep all your eggs in a single basket. Consider making a number of well, carefully thought-out investments in a variety of cryptos. Then simply see which investments gain value and which lose value; you’ll soon get a better idea of where additional investments should be made.
Now that you’ve heard everything there is to know about SHIB, it is your choice to buy or look elsewhere. For those that do choose to buy; you’ll need to investigate exchanges, find one that supports SHIB, and sign up for an account.
You’ll need to store your crypto purchase somewhere, so sign up for a wallet or invest in an offline storage device. You can buy SHIB at an exchange with other crypto or fiat currency. Either way, you will need to deposit funds into your exchange account.
Once you’ve made your purchase don’t forget to withdraw the funds for storage. It is possible to store crypto at an exchange, but it is a good idea to transfer the funds for safe external storage.
If you’re new to the crypto-sphere we hope that your first investments are a success. You can look at some of our other guides and reviews for a deeper look into everything cryptocurrency.