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. “When looking for a cryptocurrency exchange, it is important to make sure that everything is secure and trusted,” Polotsky said. Madeline Hume, senior research analyst at Morningstar, said the financial services firm is cautious about Shiba Inu and other so-called meme coins. Unfortunately, if you live in New York or other crypto unfriendly territories, it’s difficult to secure some cryptocurrencies. Although Shiba Inu was previously inaccessible to New Yorkers on Coinbase, residents can now purchase the dog-inspired token on the platform. The easiest way to buy Shiba Inu coin is via the KuCoin exchange.
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. Investing in cryptocurrencies, decentralized finance (DeFi), and other initial coin offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile.
SHIB also surpassed the one-million holder mark following its all-time high. The experiment was a succes, and in October 2021 SHIB briefly flipped Dogecoin to become the most-valued meme coin by market capitalization. Robinhood executive Christine Brown has lauded the efforts of the Shiba Inu community, saying that one of her favorite things was seeing it engage with the community to make its wishes heard. SHIB is a decentralized, community-led currency held by millions across the globe. The main difference between Dogecoin and Shiba Inu is that SHIB is built using the Ethereum blockchain, enabling it to support more complex financial transactions than DOGE. Once you have selected a crypto exchange, you can open an account and make your first deposit.
- As of Oct. 5, the “Dogecoin killer” is skyrocketing once again and many daredevil crypto investors are scrambling to get their hands on Shiba Inu.
- Holders can use it as a payment method for real-life commodities at accepted retail outlets and/or to buy Shiboshi NFTs on the Shiba ecosystem.
- It was created as a solution to Dogecoin’s inefficiencies, but it still doesn’t have much use case.
- But the price has fallen by more than 65% as of late April.
- Such as with other cryptocurrencies in 2022, SHIB’s shine has faded as investors flee risky investments.
- A centralized exchange is a cryptocurrency exchange owned by a company or an entity that helps you trade your crypto for a fee by acting as a go-between.
But if you invest in Shiba Inu (SHIB), you can buy more than a billion Shiba Inu for the same amount of cash. Tick the “Disclaimer” button and click “Confirm.” Follow the prompts to finish the payment process. For more information about how to buy crypto with fiat, check out CoinMarketCap’s education portal — Alexandria. It is possible to buy Shiba Inu on Binance, Huobi, Coinbase, Gate.io, Uniswap (V2) and OKEx, among other exchanges. According to Ryoshi, the end goal is that SHI becomes a global stable currency “that plebs across all countries are able to use as both a store of value and method of payment.”
Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on how to buy polkadot in the us past market performance, and past performance is not a guarantee of future performance. Shiba Inu is known particularly for its Japanese dog mascot and high volatility.
Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. With fiat currency such as new to bitcoin read this first U.S. dollars, exchanges tend to offer bank transfers, debit card and credit card transactions. However, be careful using a credit card, as high-interest rates can worsen your losses in the event of a market downturn.
Before you can get your hands on Shiba Inu, you’ll need to purchase something called USDT (Tether). I know this may sound complicated, but I can assure you that the process is super easy. Once you’ve made a KuCoin account, here’s how to buy Shiba Inu.
This token rose to popularity in 2021 and is still a favorite choice for investors today. Another fact about Shiba Inu is that it’s a decentralized cryptocurrency project. Its growth is driven by its community, the self-proclaimed SHIB Army, who are focused on trading and buying the crypto. It has been speculated that Vitalik Buterin was behind the initial liquidity that helped set up Shiba Inu’s liquidity on Uniswap. According to Ryoshi, he had “a fren” he met at Devcon in Osaka that sent him 10 ETH to set up the liquidity pair on Uniswap.
“We believe through the power of collective decentralization, we can build something stronger than a centralized team could create,” SHIB’s founder Ryoshi (psuedonym) said. “A community-run token is nothing without the united individuals who give it purpose.” While looking to expand the utility of SHIB, the development team introduced a metaverse — a virtual reality project powered by non-fungible tokens (NFTs).
For this reason, Ryoshi can be “pure and unbiased,” getting satisfaction from Shiba “in other ways.” Since release SHIB now trades on the ecosystem’s proprietary DEX, ShibaSwap. Cryptocurrency is famously volatile, and SHIB is no different. While its price has climbed rapidly in the past, it has also fallen precipitously. Morgan Self-Directed Investing account with qualifying new money.
Decentralized Exchanges
These exchanges combine the functionalities of decentralized and centralized exchanges by giving users greater liquidity than typical decentralized exchanges. Many hybrid exchanges use smart contracts to secure transactions and ensure the safety of funds for all parties involved. You can buy Shiba Inu on many of the popular cryptocurrency platforms, and it is also available on decentralized exchanges where you can trade SHIB for other cryptocurrencies.
SHIB: The Metaverse and Shibarium
Here, users can mint parcels of digital lands using ETH or its equivalent amount in SHIB tokens. The price surge also led to increased adoption across token holders. WhaleStats compiled data of the largest ETH wallets and found that SHIB represents over 20% of the combined market shares of all ERC-20 tokens held by Ethereum whales.
You decide: Is SHIB a good investment?
Shiba Inu was created in August 2020 as an alternative to Dogecoin (DOGE), another meme coin that uses the Shiba Inu dog breed as its mascot. SHIB is built on the Ethereum blockchain and was launched with a total supply of one quadrillion—making it far more prevalent than other cryptocurrencies like Bitcoin. Shiba Inu is one of several cryptos that are called bitcoin price hits $58k “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. On May 16, to SHIB holders’ delight, Buterin announced that he burned 90% of his Shiba Inu coins, and planned to donate the remaining 10% to charity.
Ryoshi also stated that Shiba Inu was an experiment in decentralized community building, and he thus declined all the influencer requests and pitches from different exchanges he received. His “job” is to defend the brand and give suggestions, although he does so very sparingly, as his last blog entry dates back to May 2021. If everything looks good to you, you’ll be able to submit your transaction. Within a few minutes, the SHIB will be deposited into your account or your crypto wallet, and your payment will be deducted from your balance.
Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. If you want to invest in cryptocurrency—but are looking for other options for Shiba Inu or individual coins—consider exchange-traded funds (ETFs). There are now Bitcoin ETFs and funds that invest in blockchain companies. Shiba Inu launched late in 2020, but it was relatively lightly traded before the spring of 2021, when the crypto market was on an upward swing, bringing many digital assets to all-time highs. Such as with other cryptocurrencies in 2022, SHIB’s shine has faded as investors flee risky investments.
These exchanges are usually safer than centralized exchanges as they do not store crypto on a centralized exchange. Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short. Most cryptocurrency exchanges, especially centralized ones, will require you to fill out personal information before accessing its full features. In terms of its ecosystem, Shiba Inu supports a number of projects, from the decentralized exchange called ShibaSwap to non-fungible tokens (NFTs).