How to Buy Shiba Inu (SHIB) in 3 Simple Steps
Shiba Inu appeals to fans of both crypto and dogs with a meme token that has developed to fuel a dynamic ecosystem. Keep reading to find out how to buy SHIB and why some are calling it the “Dogecoin killer”.
3 Steps to Buy Shiba Inu
1. Choose a broker or exchange
Finding a platform that supports SHIB will be your first step towards buying it. It is a good idea to find one that you can navigate easily and that charges fees you’re happy with. There is more about platforms later in this guide, but if you can’t wait to get started, sign up now with our top recommended platform.
2. Create and fund your account
Click “Register” or “Create an account” to get started. You will need to supply some personal details on the registration form and you may also need to provide a photo ID and/or proof of address for verification purposes. Then go to the deposit page and choose a payment method with which to fund your account.
3. Buy Shiba Inu
Find the trading pair for SHIB and the currency you just deposited. If there isn’t one, you may first have to trade your deposited currency for a cryptocurrency such as USDT or BTC which is in a SHIB trading pair. Create a market order to purchase SHIB now or a limit order to buy it at a specified future price.
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Where to Buy Shiba Inu: Compare the Top Platforms
There are plenty of crypto platforms but a regulated one with a strong reputation is the most likely to be secure. Not every platform offers SHIB, but there is no need to trawl through them all as we’ve already shortlisted the top platforms for buying SHIB below.
What Is Shiba Inu?
Shiba Inu is a decentralised meme coin inspired by the craze for canine cryptocurrencies such as Dogecoin. The project created ShibaSwap, a decentralised exchange (DEX) where users can SWAP tokens, as well as DIG (provide liquidity) and BURY (stake) them to earn returns. The platform also provides access to portfolio trackers and upcoming non-fungible tokens (NFTs).
Other parts of the project include the Shiba Inu Incubator, which supports artists from the Shiba Inu community, and an Amazon Smile campaign to help rescue Shiba Inus in the real world.
Shiba Inu has three project tokens, the first of which is SHIB. The token was created with a supply of 1 quadrillion, enabling investors to hold billions or even trillions of tokens. SHIB was designed to outpace Dogecoin in terms of growth, even if it never reaches $0.01, which earned it the nickname of the “Dogecoin killer”. SHIB can be swapped, staked, and used to provide liquidity on the ShibaSwap DEX.
Ways to Invest in Shiba Inu
You may decide to buy Shiba Inu just for a short period of time, or hold onto it for the long term. Both approaches are popular with buyers, and you will need to consider your own skills and goals when deciding what course of action to take.
Buy and hold Shiba Inu
As you might have guessed, this strategy simply involves buying SHIB and holding onto it. You won’t have to spend time and effort monitoring the market, as this strategy can be profitable for people with minimal knowledge and skill.
While you’re holding onto your SHIB, you also have the opportunity to generate some extra income. You can stake your tokens or use them to provide liquidity through ShibaSwap to earn rewards.
Best Shiba Inu wallets
A private wallet can be a good place to store tokens for long-term investors as it provides better control over your tokens and can be more secure. Software and hardware wallets are the most popular options.
Software wallets, which can be downloaded onto computers and mobiles, are free and easy to use. Hardware wallets, like Trezor, BitBox, and Ledger, can be costly and less user-intuitive, but they are more secure than software wallets.
Trade Shiba Inu
Those with more time and skill may choose to trade SHIB, which involves buying and selling over shorter timeframes to take advantage of volatility. You may have to monitor the market more closely to identify the best entry and exit points.
It can be time-consuming and expensive to regularly transfer tokens between a private wallet and an exchange for trading. Although web wallets are less secure, they may be the most convenient option for traders.
Should I Buy Shiba Inu Now?
This is up to you, but we can provide you with some information before you make your decision. Although the starting supply of SHIB was 1 quadrillion, half of this was sent to Ethereum co-founder Vitalik Buterin. He sent 10% of his SHIB holdings to charity, temporarily panicking and depressing the market, and then burned the rest. This huge reduction in supply could make SHIB more valuable.
The fact that SHIB can be used to earn rewards on ShibaSwap creates demand for the token. Some of those rewards are time-locked, incentivising SHIB holders to stake their tokens or provide liquidity with them for longer periods of time. This results in less SHIB available on the market, which could be good for its price.
The internet and hype are key factors for SHIB’s value. Early investors have seen astronomical returns as the token surged in popularity. Holders spreading the word and social media trends have the power to move the price of SHIB.
Shiba Inu has developed into a vibrant ecosystem with a large community. The utility of SHIB makes it much more than just a meme coin and the passion of the “ShibArmy” could see Shiba Inu become a long-lasting and valuable project.
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Frequently Asked Questions
LEASH is another token in the Shiba Inu ecosystem with a supply of 107,646. It was initially tied to the price of Dogecoin but the rebase has been removed so it is now a normal token, with its price decided by the market. LEASH can be used for staking and providing liquidity on ShibaSwap.
BONE is the third token in the Shiba Inu ecosystem. It is only available on ShibaSwap and has a supply of 250 million. BONE functions as a governance token, allowing holders to vote on proposals in the Doggy DAO. It can also be staked and used to provide liquidity on ShibaSwap.
Head over to ShibaSwap, click “Connect wallet” in the top right corner, and follow the instructions to connect a wallet such as MetaMask where you keep your SHIB. Click on “Stake Tokens” under “BURY”, select “Bury Shib”, and then enter how much you want to stake and click “Approve”.
As an ERC-20 token, SHIB can be stored in any Ethereum-supporting wallet, like the ones discussed earlier. If you want to use the ShibaSwap DEX, however, you will need a Web 3.0-enabled wallet, such as MetaMask, WalletConnect, or Coinbase Wallet.
Yes. ShibaSwap was audited by CertiK. Eight major issues were found during the audit, but they have all since been resolved.