Shiba Inu was launched as a Dogecoin killer in 2020 and as the meme token found huge success and rose to higher ranks in the crypto world. This token saw a huge rise pretty quickly and hit the $0.00008 mark but ever since then died down and now trades for around $0.000009. These numbers might seem really low but there is a reason for this. So let us look at what Shiba Inu is and how we can add it to our portfolio.
Shiba Inu operates on the Ethereum blockchain which makes it an ERC-20 token. It was launched in August of 2020 initially as a joke. It was a period of time when Dogecoin found huge success and Shiba Inu developers just wanted to make fun of it, but in the end, they saw huge success. This success hit its peak in October of 2021 when its price increased ten folds. Just like Dogecoin Shiba Inu’s success is associated with Elon Musk. When he shared the picture of his new Shiba Inu puppy named Floki. We talked at the start of this guide that the price of $0.000009 might seem like this token is worthless but in reality, it is one of the most valuable cryptocurrencies. Shiba Inu has a circulating supply of 589,371,421,825,146 and a total supply of 999,991,445,330,298. This high supply combined with price gives Shiba Inu a market capitalization of $5.2 billion and makes it the 14th largest crypto by market cap at the time of writing this guide.
“With shiba, we have from the beginning made very clear that no-one is in charge. There is no man accountable, no person responsible and no entity has the keys to the kingdom. The end result of this is that you are responsible.” - Ryoshi
There are many different ways we can purchase Shiba Inu. We can purchase Shiba Inu using fiat currencies and pay with Credit/Debit cards, bank transfers, and other traditional payment methods. We can also purchase Shiba Inu using other cryptocurrencies. There are different exchanges that support Shiba Inu trading pairs with big cryptos such as BTC, ETH, and USDT. You can also use some crypto wallets to swap your other cryptos for Shiba Inu. But before we start this we need to prepare some stuff.
The first step we need to take is to find an exchange that supports Shiba Inu. These exchanges have many different characteristics and options available. We need to determine if we want to purchase Shiba Inu using fiat or other cryptos. We also need to look at exchange fees and commissions. Each exchange has different fees for different payment methods and we need to find the exchange that fits us the best. Each exchange can also offer different usage for Shiba Inu. Some might only allow the purchase and trading of the token, while others might offer services such as Shiba Inu staking.
When we find the exchange that offers the best services for us we will need to open an account. Since most of these exchanges are centralized and are being regulated by different government bodies we will need to pass different identity verification processes such as KYC. So make sure you have your identity verifying documents with you.
There are also decentralized exchanges that we can use to purchase cryptos. If we make our choice on these exchanges opening an account will not be needed and we will just need to have a crypto wallet.
The next step we have to take is to deposit fiat currency or crypto depending on the option we choose for purchase. When deposition fiat currencies to purchase Shiba Inu each exchange will offer somewhat different payment options. Some might allow bank transfers and Debit/Credit Card deposits, while some might only accept Debit/Credit cards. There will also be different fees associated with each exchange.
The last but not necessary step we have to take is to get our own crypto wallet. When we buy crypto through an exchange that crypto is kept in the exchange wallet and in most case scenarios we are not in control of those wallets. When we have our own wallets, we are able to transfer our purchased Shiba Inu to our personal wallets and keep it safe. There are two types of wallets, hot and cold wallets. Hot wallets are more commonly used wallets. These are software that is connected to the internet and we can access them using any device. But they are less secure as it is always possible for someone to hack your wallet. Cold wallets are hardware wallets that are not connected to the internet and are more secure.
We now know what we need to do in order to purchase Shiba Inus but which is the best place to do so. There are many different exchanges that offer us to purchase Shiba Inu some are better for fiat purchases while others provide a wider range of trading pairs. We can also buy Shiba Inu from our crypto wallets by swapping our other cryptos for Shiba Inu. If your wallet does not support Shiba Inu swaps we can use decentralized exchanges and swap using their services. Now let us take a look at the best available options for Shiba Inu purchase.
One of the biggest crypto exchanges in the world, Coinbase is one of the best places to go if we want to purchase Shiba Inu using fiat currencies. Coinbase is a beginner-friendly crypto exchange that supports over 100 crypto assets including Shiba Inu. If you are new to crypto and want to purchase Shiba Inu this is one of the best options available. Coinbase is easy to use and has many different payment options. Here you can deposit funds for Shiba Inu purchase using Credit/Debit cards, SWIFT transfer, ACH transfer, and SEPA transfer. When it comes to fees while depositing using credit/debit cards you will have to pay 2.49% as fees. Their ACH transfers don’t charge any fees while using a Wire transfer we have to pay a fixed fee of $10.
Okay, but how do we exactly purchase Shiba Inu on Coinbase?
When joining Coinbase first step we have to take is to create our account on the exchange. To create an account we will see a blue Sign Up button at the top-right menu. There we will be asked to provide basic information such as First Name, Last Name, and Email, and come up with a strong password. Once we fill in these fields and press create a free account we will need to verify our phone number.
When we verify our phone number, we will be asked to verify our identity. This process might be different depending on where you reside in. For US customers they will need to provide their First and Last names again, their residential address, which state they live in, and ZIP code. They will also be asked to provide their date of birth and the last four digits of their social security number. After this verification is done automatically and usually takes a few minutes. You can also be given an option to upload verification documents and prove your identity that way. Coinbase accepts Driving licenses and state-issued IDs.
Once we have our account ready and verified we are ready to purchase Shiba Inu. We can do this by going to explore tab. There we will find Shiba Inu which will have Trade next to it. There we will be given the option to buy Shiba Inu and will need to select which payment option we want to use. Once the purchase is finalized Shina Inu should appear in our Coinbase wallet.
Just like Coinbase, Binance also offers us the option to purchase Shiba Inu with fiat currencies but payment methods for Shiba Inu are limited and might cause unnecessary hassle for us. What Binance has is many trading pairs that we can use to buy Shiba Inu. Pairs that are available with Shiba Inu are one of the most commonly used cryptos which are easy to get your hands on and there is even a high possibility that you already hold those tokens. Shiba Inu can be traded with USDT, BUSD, DOGE, and many others. This is one of the best places for those who want to purchase Shiba Inu using cryptocurrencies. Since we will be converting one crypto to Shina Inu we won’t be paying any deposit fees. Also, Binance supports the Convert function where we can convert a big selection of tokens to Shiba Inu with 0 fees.
Our first step should be to create our Binance account. We can do so by pressing the register button at the top right on the Binance website. There we will be presented with three different options to create an account. We can start the signup process using our email/phone or we can create a Binance account using an Apple account or our Google account. When choosing the Email/Phone option first thing we will be asked is our Email/phone number and the password we want to use. After that, we will be asked to verify our email address or phone number by the code sent to us. After that, we will need to verify our identity
When we create an account and verify our email address we will be asked to verify our identity in order to use Binance services. This identification process is easy and usually takes less than an hour to complete. First, we will need to provide our personal information such as country of residence first and last names, and our date of birth. Then we will be asked to provide our identification documents. It can be a government-issued ID, Driving license, or passport. Then all that is left to do is to wait for verification to complete before moving to the next step.
Our next step is to get the necessary funds on our Binance wallet. For this, we can take two different approaches. We can either purchase cryptos that have more payment methods and are accessible to us and then trade this crypto for Shiba Inu. If we already have crypto on a different wallet we can also transfer those tokens to Binance and swap them for Shiba Inu.
If we wish to purchase other cryptos on Binance using traditional payment methods and then swap them for Shiba Inu we need to go to the Buy Crypto section at the top. There we can select crypto which we wish to purchase and is available for our payment method. There we just enter the necessary information and complete the purchase.
Once the crypto gets added to our wallet we need to go to the Trade section and Select Binane Convert. There we can swap the crypto we purchased for Shiba Inu. It should be noted that before purchasing crypto for swap make sure that Binance allows you to trade that crypto for Shiba Inu
If you already own crypto on another crypto wallet that can be traded for Shiba Inu you can easily deposit this crypto on Binance and swap them for Shiba Inu. To do so we need to select Wallet at the top-right menu. There we select Overview and Deposit. Once there we have to select which token we want to deposit and which network we will be using for the deposit. Make sure that you select the right network since selecting the wrong network might cause you to lose your cryptos.
After we deposit the crypto we need to repeat the swap process we did previously using Binance Convert.
We can also use some crypto wallets to acquire Shiba Inu. One of the best wallets to do so is MetaMask. This is one of the biggest Ethereum wallets used by millions of people. Unfortunately, we can not directly purchase Shiba Inu here, but if you want to avoid centralized exchanges like Binance and Coinbase you are able to acquire Shiba Inu directly from MetaMask. To do so we need to purchase ETH on the MetaMask wallet and then swap Ethereum for Shiba Inu.
To create a MetaMask wallet we need to add the MetaMask extension to our browser. Once we add this extension we can start creating a wallet. First, we will be asked to come up with a secure password for our wallet. This password will be used to access MetaMask from your browser only and even if someone gets access to your password, they won’t be able to access your wallet from their browser.
After this, we will be presented with a 12-word secret recovery phrase. We need to write down these 12 words and keep them safe as this is what grants us access to the wallet. In some sort, this is our password to the wallet. Then we will be asked to input these 12 words in order to confirm that we have written down this phrase. After doing so MetaMask will be ready for us to use.
When our wallet will be ready we will see the Buy option available in the wallet. Here we will select how much ETH we want to purchase and which payment method we want to use. Then we finalize the purchase and ETH should appear in our wallet shortly.
Once we have ETH in our wallet we can use the Swap function which is next to the Buy option. There we simply select that we want to switch ETH to Shiba Inu and this is it.
Okay, we purchased Shiba Inu but keeping them on an exchange or the wallet we purchased it on might not be as profitable or secure as some other options. Let us take a look at some of the best places we can keep our Shiba Inu
If we are looking for security purchasing a Ledger wallet is the best option we have. Ledger is a cold crypto wallet. What this means is that Ledger is not connected to the internet and it is hardware. Ledger wallets come in form of USB sticks that have inbuilt wallets. When we purchase this wallet it comes with instructions on how to set it up and store our crypto inside. To deposit and withdraw the Shiba Inu then we just need to download the Ledger app from the Ledger website and plug in our USB wallet on our computer and manage it just like a normal wallet.
If you want to generate passive income from your Shiba Inu tokens one of the best places to do so is on Crypto.com. Here beginners should not have a hard time staking Shiba Inu tokens for high returns. Staking is the process where you lock your tokens away for a certain period of time and receive an interest rate on them, just like a normal savings account. The amount of interest rate you receive will depend on the amount of Shiba Inu you staked but on average this number is around 2%-3%.
| Ledger | Crypto.com | |
|---|---|---|
Security | This is a cold wallet and your funds are secure as possible | Crypto.com stores most of the user's funds on cold wallets but there is still a possibility of being hacked. But you benefit from the insurance provided by them |
| Price | $149 | Crypto.com account is free |
Benefits | High security and big selection of tokens | Good interest rates on Shiba Inu and high liquidity in order we want to trade it in the future |
| Number of available cryptos for storage | 23 directly and 1,100+ using third-party apps | 90+ |
| Binance | Coinbase | |
|---|---|---|
| Purchase options for token | Fiat with limited options and crypto | Fiat and limited crypto trading pairs |
| Fees | SWIFT transfer - Free; Signet transfer - Free Credit Card - up to 2% | ACH deposits - Free; Wire - $10; SEPA - €0.15 Credit/Debit Card - 2.5% |
| Allows Token Staking | Yes | No |
| Number of trading pairs available for Token | Binance allows trading of many different tokens for Shiba Inu | 5 |
| Trading options for token | Spot and Margin | Spot and Margin |
| Withdraw fees for token | No withdrawal fees | No withdrawal fees |
| Security | Uses cold wallets. Has crime insurance | Uses cold wallets. Has crime insurance |
This is a tricky question to answer. Shiba Inu's whole price right now depends on the hype. When something major happens on the internet that involves Shiba Inu prices tend to go up but other than that it usually does not fluctuate in price. But despite that, there are some developments in the Shiba Inu project that might raise the price of the token. Shiba Inu just recently announced that they will be launching a new project which will be SHIB: The Metaverse. SHIB: The Metaverse will feature 100,595 virtual land plots which could be purchased for SHIB tokens. The success of this token will have a great effect on the token. So if you are interested in adding Shiba Inu to your portfolio it will be a good idea to take a look at this upcoming metaverse project and make a decision based on that.
Shiba Inu is also now widely used as a regular payment method just like Bitcoin. The most notable company that allows Shiba Inu as a payment method is the Porsche dealership in Baltimore.
While Shiba Inu seems an interesting project to invest in with its upcoming metaverse it is still not as good of an investment as some other big cryptos such as Ethereum, Bitcoin, and BNB. So going hard in Shiba Inu is not a smart idea but if you want to make a small investment then go ahead and decide if it's worth to further investing in it.
| Pros | Cons |
|---|---|
| Cost-effective | No Independent Blockchain |
| Is listed on Robinhood | Price of Shiba Inu depends on its hype |
| Upcoming Metaverse | It is a Meme Token |
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Yes, you can buy Shiba Inu on eToro. You can purchase Shiba Inu on eToro using both fiat deposits and crypto-to-crypto trading pairs
You can stake Shiba Inu on Binance and Crypto.com. Crypto.com is more beginner-friendly and staking there should be easier for newer investors. While staking Shiba Inu on Binance requires some expertise but it also has higher return rates.
No. Shiba Inu is extremley unlikley to reach the $1 mark. The reason behind it is the abundance of SHIB tokens in supply. If Shiba Inu were to reach a $1 valuation this would mean that the market capitalization of the token will be $589,385,140,584,486 which would make this token alone the strongest economy in the world by a landslide.
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