How to Buy Shiba Inu Coin 2024

What Is Shiba Inu Coin?

Shiba Inu, known by the designation SHIB, is an altcoin (a digital coin other than the bitcoin) that is based on the Ethereum network.

The Shiba Inu coin has a mascot that is a Shiba Inu, a Japanese hunting dog, which makes it similar to Doge.

These two coins are linked in other ways too.

SHIB is known as a meme coin, which is a special category of cryptocurrency where the design and purpose of a coin are to be part of a theme. Doge is the same.

Most of the time, meme coins are a parody or some sort of inside joke with the development team. Still, they can grow in popularity and challenge some of the most established digital currencies.

The Shiba Inu coin was created in August 2020 to see what would happen if a cryptocurrency project was 100% run by its community.

The creator is anonymous, an individual or group known as Ryoshi.

What Is the History of the Shiba Inu Coin Price?

Cryptocurrency prices are highly volatile, and it's always best to refer to a reliable financial platform or exchange for the most up-to-date and accurate information on the prices of cryptocurrencies.

Shiba Inu Coin is considered an alternative cryptocurrency and may be subject to higher volatility and risks compared to established cryptocurrencies like Bitcoin or Ethereum.

At its initial launch, Shiba Inu Coin had a negligible value, and its price remained relatively low for several months.

It gained significant attention and experienced a surge in price during the cryptocurrency bull run in early 2021.

Around mid-May 2021, the price of Shiba Inu Coin reached its all-time high, driven by increased interest and speculative trading.

However, the market for meme coins can be highly volatile, and prices can experience sharp fluctuations within short periods.

It's important to conduct thorough research and exercise caution before making any investment decisions, especially with highly volatile and speculative cryptocurrencies like Shiba Inu Coin.

Always consider factors such as market trends, project fundamentals and risk tolerance when investing in cryptocurrencies.

Where to Buy Shiba Inu Coin

To buy Shiba Inu coin, you need to follow the following steps:

1. Find a cryptocurrency exchange platform that allows purchase of Shiba Inu (SHIB). Not all exchanges will have access to this coin.

2. Set up a trading account and fund using one of the approved methods.

3. Decide where you want to store your coins. This might be in the wallet provided by the exchange or in your personal wallet.

4. Place the order for Shiba Inu.

5. Monitor your investment so that you can make further trading decisions if necessary.

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Understanding Shiba Inu

Shiba Inu started as a project about creating something from nothing. The principles that guide the creation of the altcoin are available on the ShibaToken.com website on something that they have described as a 'woof paper' (white paper).

The whole Shiba Inu ecosystem uses canine terminology (all part of the theme, of course).

You can dig (provide liquidity), bury (stake tokens) and fetch (exchange one token for another token).

This extension of the theme is part of the draw for supporters of meme tokens, being fun and different and demonstrating that they reject the conventions and protocols of the more serious cryptos.

The passionate community that is part of the founding of the SHIB system is known as the SHIBArmy, and there are about 500,000 of them.

The SHIBArmy, and the SHIB system itself, is based on the following ideals:

• The currency is created from zero, with zero – to make something from nothing
• No pre-existing community or preassembled team
• Share the love of the Shiba Inu dogs

Shiba Inu is an Ethereum-based token made to the ERC-20 standard.

ERC-20 is a fungible token (one that can be exchanged for another token) that is created using the Ethereum blockchain. This is different from Non-Fungible Tokens (NFTs), which are not interchangeable.

Ryoshi chose to create SHIB and the other parts of the Shiba Inu ecosystem on the Ethereum blockchain because it is an already established network that is secure.

Understanding the Shiba Inu Ecosystem

There are three main token types in the Shibe Inu Ethereum-based ecosystem.

SHIB

This is the foundational currency of the group. There was a starting supply of 1 quadrillion, and immediately 50% was locked in Uniswap (a decentralised exchange) to ensure liquidity.

The other 50% was sent to the Ethereum cofounder Vitalik Buterin.

Since then, Buterin donated more than 50 trillion SHIB to the COVID-19 relief fund in India and ‘burned’ 40% of the remainder by removing it from circulation and sending it to a so-called ‘dead wallet'.

LEASH

This is a more exclusive token, with only 107,646 in total available.

BONE

This token has more availability, with 250 million in circulation.

The founders wanted this to be a token used as part of the community governance of the project – so the SHIBArmy could vote on any proposals that are coming up.

There are other parts of the Shiba Inu ecosystem that are not tokens. These include:

• ShibaSwap – This is a DeFi platform that is the best place to buy or sell SHIB or LEASH because it is a decentralized, safe place to trade cryptocurrency.
• Shiba Inu Incubator – This is a place to discover ways to honour creativity and ingenuity beyond popular art forms.
• Shiboshis – These are a collection of 10,000 NFTs that were generated from Shiba Inu, and each one has some sort of different trait, making them unique (and, therefore, collectable).

How to Invest in Shiba Inu

Shiba Inu gained popularity very quickly once it was released, and like other meme tokens, it was created without any real purpose other than to see if it could be done.

What this means for investors is that as a legitimate cryptocurrency, it lacks the foundational support that other altcoins and Bitcoin have.

There is limited differentiation, and the coin does not have any actual use at this point.

For the SHIBArmy, frenetic buying of the SHIB drove the price up and saw the market value grow to above even Doge, especially when a tweet by one of the most controversial names in cryptocurrency piqued the interest of traders who might not have been involved otherwise.

Elon Musk had a hand in the rise of Doge when he publicly backed the altcoin with a tweet. The same happened with SHIB when he shared an image of his new puppy Shiba Inu on Twitter.

The peak market capitalization happened just after that, in October 2021, reaching $41 billion.

A $1 investment in Shiba Inu made in August 2020 (when the coin was launched) would have had a value of $146,705 at that peak.

Cryptocurrency, by its very nature, is a hugely volatile trading instrument anyway.

Meme coins like SHIB have their own challenges because they are limited in terms of utility and have no real use case other than for exchanging to other cryptocurrencies.

Regarding SHIB, it might be a ‘fun’ investment. Still, when the market price is governed by a social media-fuelled speculative frenzy, it might not be the best way to get into crypto if you want to focus on a sound investment strategy.

However, this hasn’t stopped the SHIBArmy and other supporters from buying and selling, and SHIB remains in the top 20 most popular cryptocurrency asset lists on many exchanges.

How to Buy Shiba Inu Coin

If you want to get involved in buying Shiba Inu, you need to have an account with a platform that allows you to purchase the altcoin.

There are many cryptocurrency exchange platforms, but not all will give you access to the full gamut of available coins. Hence, you need to find one that does.

Of course, according to Ryoshi, you should be using the Decentralized Finance (DeFi) platform ShibaSwap, but others are available.

Once you have created your account on the exchange, you need to make a deposit.

How to Invest in Shiba Inu Coin

On some platforms, it is expected that you will fund your account with cryptocurrency.

If you are just getting started, then you can use fiat currency (regulated ‘normal’ currency) via a credit or debit card payment, a bank transfer or even using PayPal and other eWallets.

There might be a minimum deposit amount that you must have to make a purchase, but this will be stated by the exchange you choose.

Most cryptocurrency exchanges will have a wallet where you can store your cryptocurrencies.

This is usually well encrypted, and it is the easiest option, especially for new traders, but you can choose to store it in a personal wallet if you have one; just make sure that you have both the public and private keys so that you can access it.

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Buying SHIB should be straightforward: choose the number of coins or the amount you want to spend, and you are well on your way to building a cryptocurrency portfolio.

All you need to do then is keep an eye on the value and decide whether you want to hold your investment, buy more, or sell (at a profit, of course!)

Frequently Asked Questions

Final Thoughts

The Shibe Inu coin has been nicknamed the ‘Doge Killer,’ demonstrating the power that these meme coins can have.

While at the peak of the coin’s value, it did overtake the market value of Doge, the current price performance doesn’t seem to point to it beating the original meme coin. However, that does not mean that it wouldn’t happen in the future if the market condition were right.

If you want to invest in Shiba Inu, then you can follow the instructions above.

Just remember that crypto currencies are even more volatile than most other trading instruments, and any investment should be carefully considered to mitigate the risks involved.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.