How and Where to Buy Shiba Inu
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Meme coin Shiba inu (SHIB) has delivered tremendous returns for early investors, but it’s nowhere close to the price it traded near at the end of 2021. Nonetheless, some speculative traders are loading up on SHIB, hoping that the meme coin has some magic left.
Shiba inu was launched on the coattails of dogecoin’s success. This cryptocurrency shows the face of a shiba inu — a hunting dog in Japan that went after birds and rabbits. As a crypto asset, SHIB was launched in August 2020 and has since amassed a market cap of $8 billion.
The meme coin has been a dud over the past year and is down by more than 40% during that time. However, that doesn’t stop investors from buying SHIB, either hoping they can profit from its inherent volatility or that one day, it could defy all odds and reach the fabled 1-cent mark.
Data from CoinMarketCap suggests that approximately 1.5 million people now hold shiba inu. If you’d like to join them, this guide on how to buy SHIB will help you.
How to buy shiba inu (SHIB)
You first have to create a crypto wallet or open a crypto brokerage account with a firm that lets you trade SHIB. Luckily, the meme coin is now a mainstream cryptocurrency, so most brokerages that enable bitcoin trades will also let you buy and sell shiba inu.
You can use brokerage platforms like Robinhood and Coinbase to buy and store Shiba Inu. However, if you go this route, you won’t have any privacy. Centralized crypto exchanges require you to provide personal details like your name, email address and ID. However, if you store your SHIB with a digital wallet without KYC requirements and anonymity, such as Best Wallet, you won’t have to provide any personal information.
Regardless of whether you use a crypto wallet or a crypto brokerage, the steps for buying shiba inu are the same:
- The first step is to go into your platform’s Buy section. This section allows you to create an order ticket where you can purchase any cryptocurrency offered on the platform.
- You will then have to enter shiba inu (SHIB). After entering the name or ticker, you will have to input how many shiba inu tokens you want to buy.
- The order ticket will then display the total cost. You can also enter how many dollars you are willing to invest in an order ticket and see how many Shiba Inu you would end up with.
- After verifying the information, you can place the order.
SHIB trades 24/7, so you can enter and exit the cryptocurrency at any time.
Where to buy shiba inu (SHIB)
SHIB is available on most brokerage accounts that offer crypto trading and almost every crypto wallet. These are some of the top places you can go to buy shiba inu.
Best Wallet
Best Wallet offers privacy that centralized crypto exchanges like Coinbase lack. You don’t have to enter your email address or provide sensitive details like your ID or Social Security Number to start trading on Best Wallet. The wallet has plenty of happy users based on its average 4.4-star rating among more than 30,000 reviews in the App Store and Google Play.
This digital crypto wallet lets investors choose from thousands of cryptocurrencies across more than 50 blockchains. You can trade Shiba Inu straight from the wallet instead of having to connect it to a brokerage account.
Coinbase
Coinbase is one of the most recognized crypto brokerage platforms. It was launched in May 2012 and gives investors access to more than 150 cryptos. More than 100 million people use Coinbase to trade cryptos like bitcoin, ethereum and shiba inu.
You can keep your crypto in a hot wallet on Coinbase’s platform for easier access and quicker trades. However, you can also store crypto in the more secure Coinbase Wallet. It’s a self-custody wallet, but it won’t make you anonymous when you make your trades. Coinbase is a great resource for beginners to consider.
Ledger Nano X
Ledger Nano X is a hardware crypto wallet that makes your assets less vulnerable. You can choose from more than 5,500 cryptocurrencies, including SHIB. If you want to make trades, you can do them from the Ledger Live app.
Trust Wallet
More than 200 million people use Trust Wallet for their cryptocurrencies. You can choose from millions of assets across more than 100 blockchains. Shiba Inu is one of the many cryptocurrencies available on this app.
Trust Wallet gives you more ways to earn money. For instance, you can stake your cryptocurrencies and receive interest just for holding your assets. In the most basic sense, staking is similar to having a high-yield savings account or a corporation that pays dividends. You receive extra cash from your crypto, and the yields are usually higher for memecoins like Shiba Inu.
Robinhood
Robinhood allows you to connect an external wallet or create a Robinhood Wallet. The company gives you control over your cryptocurrencies and several asset options, including shiba inu. You can also trade stocks on Robinhood and access great perks like 1% IRA matches. The perks get even better if you upgrade to Robinhood Gold.
Should you buy SHIB?
Shiba inu is a speculative cryptocurrency that is down by more than 40% over the past year. Some investors may view this crypto as a buy-the-dip opportunity, but it doesn’t have any intrinsic value. The coin doesn’t have the global appeal or limited supply like bitcoin.
SHIB can be a great asset for traders due to its volatility. However, if you want to buy shiba inu, it’s best to make it a small portion of your portfolio. There are more established cryptocurrencies that have better growth prospects than this meme coin.