Shiba Inu (SHIB), the second-largest meme coin, has gained much popularity in the last few years, primarily because of its similarities to Dogecoin and famous personalities like Elon Musk showing interest in it. During the 2021 crypto bull run, Shiba Inu performed exceptionally well and gave massive returns to its investors. Many crypto enthusiasts are expecting the same to happen in the 2024 bull run. But, how to buy Shiba Inu coin so that you can also benefit from its price moves? What are some best platforms to use in that regard?
Well, look no further. We have created this comprehensive guide on buying Shiba Inu coins to help you out. Keep reading.
What Exactly Is Shiba Inu?
In simple words, Shiba Inu is a cryptocurrency token built on the Ethereum blockchain network. It was founded in 2020 by Ryoshi, who has kept his identity anonymous. Shiba Inu carries the same theme as another popular meme coin named Dogecoin. They use the same dog breed, Shiba Inu, as their mascot.
However, Shiba Inu is considered to be slightly better than Dogecoin due to its phenomenal capabilities. For instance, Shiba Inu is built on the Ethereum blockchain, which allows the utilization of smart contracts and provides users with numerous amazing functionalities in comparison to Dogecoin.
Sources say that Shiba Inu was created only as an experimental project but gained huge recognition in the crypto world. In fact, due to its significant edge over Dogecoin, it has also been considered a great alternative to Dogecoin, giving it the name of ‘Dogecoin Killer.’
The white paper (mentioned as the ‘woof paper’ on the ShibaToken.com website) states that Shiba Inu is a completely decentralized project fully run by its community.
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How To Buy Shiba Inu?
Buying Shiba Inu is easy; here are the steps you need to follow:
Step 1: Pick a Reliable Exchange
Right now, there are so many exchanges available in the market that you can use to buy Shiba Inu and many other cryptocurrencies. Some of the best ones include Coinbase, Binance, KuKoin, Kraken, etc. You can choose any of them that suits your needs and has Shiba Inu listed.
Once you have chosen the exchange, create your account and provide any document the platform requires for the verification.
Step 2: Add Your Funds
Once you are done creating your account, it’s the time to add funds. You can add fiat currencies like USD, EUR, etc. If you already own a cryptocurrency, you can also transfer it to your account and use it to buy Shiba Inu (only if the exchange allows that.)
Step 3: Purchase Your Desired Amount Of Shiba
After successfully funding your account, go to the trading section of the exchange, search for Shiba Inu, enter the amount you would like to invest and place the order.
That’s it; you have successfully bought your desired cryptocurrency, Shiba Inu.
Step 4: Create a Crypto Wallet
After buying Shiba Inu, you can use the same exchange to store your cryptocurrency. But if you want added security to keep your crypto safe from hackers, then it is highly advised to create a wallet and use it to store your crypto.
Currently, there are many wallets available in the crypto world, including Trust Wallet, Coinbase Wallet, Exodus, MetaMask, and many more. Pick any of them that you find most trustworthy and easy to use and withdraw your cryptocurrency to it to store it safely.
Things To Keep In Mind Before Investing In Shiba Inu Coin
So, now you know how to buy Shiba Inu coin. However, before you begin to put your hard money in it, there are a few things that you must keep in mind to make smart moves in the crypto world. Here are some of the main ones:
1. Do an In-depth Research
Proper research before putting money in any cryptocurrency like Shiba Inu is highly crucial. Never buy crypto just because someone in your network or a social media influencer has suggested. Always maintain a healthy level of skepticism whenever someone tells you to buy a coin. Conduct proper research on your own before you buy not only Shiba Inu but any other crypto.
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Look into their project, technology and motive to determine if a coin really has any potential to give good returns in future or not, only then make any investment decision.
2. Always Consider The Risk BeforeHand
Investing in cryptocurrencies can be extremely risky, mainly due to their high volatility nature, and the Shiba Inu coin is no exception.
Therefore, it is advised to never risk the money that you cannot afford to lose. If not that, at least have an emergency fund at your disposal so that if the market does the opposite of your analysis, you will still be able to take care of your basic needs.
3. Keep Your Portfolio Diversified
Another important thing to keep in mind is diversifying your crypto investments. Avoid putting all your money in one crypto, like Shiba Inu, as this can be extremely risky. We recommend you to invest in different crypto sectors, coins and blockchain ecosystems. This way you will not only reduce your risks but also learn about new cryptocurrencies and technologies.
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Conclusion
So, we hope that you have got the answer to your question of how to buy Shiba Inu coin. It is not rocket science at all as it can be done easily within a few simple steps – thanks to the availability of easy-to-use crypto exchanges. However, keeping that aside, always make sure to be strategic when making your investment moves. Conduct proper research, and do not forget the risks involved if you want to make good returns out of the crypto market.
Frequently Asked Questions (FAQs)
Is Shiba Inu going to rise?
It is difficult to say if a specific cryptocurrency will rise or not, as there are so many factors involved. However, investors have a positive outlook on Shib Inu and expect to see an increase in its price in the long term.
Is the Shiba Inu coin a good investment?
Adding some Shiba Inu tokens to your investment portfolio can be a good idea. However, please keep in mind that this meme token is highly volatile. Invest only if you can tolerate the risk that it brings along.
Who is the owner of the Shiba coin?
Shiba Inu was founded back in 2020 by an individual named Ryoshi. He has never truly revealed his identity and stayed anonymous, just like the founder of Bitcoin, Satoshi Nakamoto.
