The meme coin Shiba Inu (SHIB) has generated remarkable returns for its early adopters, yet it remains far from the peak prices it experienced at the close of 2021. Despite this downward trend, many speculative traders are investing in SHIB, with hopes that this meme-driven cryptocurrency might surprise them with future gains.
Launched as a response to the popularity of Dogecoin, Shiba Inu features the image of a Shiba Inu dog, a breed known for its hunting skills in Japan. Since its debut in August 2020, this cryptocurrency has grown to boast a substantial market capitalization of approximately $8 billion.
Over the past year, the meme coin has struggled and has seen a decline of over 40%. Nevertheless, this does not deter investors who continue to purchase SHIB, either betting on its inherent price fluctuations or dreaming of the day it might reach the coveted 1-cent mark.
According to data from CoinMarketCap, around 1.5 million individuals currently hold Shiba Inu. If you’re interested in joining this growing community, our comprehensive guide on how to buy SHIB will provide you with all the necessary steps.
Step-by-Step Guide to Purchasing Shiba Inu (SHIB)
To start your journey in acquiring Shiba Inu (SHIB), the first step is to establish a crypto wallet or to open an account with a crypto brokerage that facilitates the trading of SHIB. Fortunately, due to its rise to mainstream popularity, most cryptocurrency brokerages that support Bitcoin trading also allow users to buy and sell Shiba Inu.
You can opt for brokerage platforms such as Robinhood and Coinbase to purchase and store your Shiba Inu. However, it’s important to note that using these centralized exchanges compromises your privacy, as they typically require personal details including your name, email address, and identification. Conversely, utilizing a digital wallet that does not require KYC (Know Your Customer) procedures, such as Best Wallet, allows you to trade without disclosing personal information.
No matter if you choose a crypto wallet or a crypto brokerage, the buying process for Shiba Inu is largely uniform:
- Begin by navigating to the Buy section of your chosen platform. This area allows you to create an order ticket for purchasing any cryptocurrency available.
- Next, input Shiba Inu (SHIB) into the search bar. After locating the cryptocurrency, specify the quantity of Shiba Inu tokens you wish to acquire.
- The order ticket will then calculate the total cost of your purchase. Alternatively, you can enter the amount of money you want to invest, and the system will display how many Shiba Inu tokens you would receive.
- Once you have confirmed all the details, proceed to place your order.
Keep in mind that SHIB is traded 24/7, providing flexibility to buy or sell at any time that suits you.
Top Platforms to Purchase Shiba Inu (SHIB)
Shiba Inu (SHIB) is accessible via most brokerage accounts that support cryptocurrency trading, as well as nearly all crypto wallets. Here are some of the premier platforms where you can buy Shiba Inu.
Best Wallet: A Privacy-Focused Option
Best Wallet provides a level of privacy that centralized exchanges like Coinbase do not offer. You can begin trading on Best Wallet without the need for an email address or sensitive information such as your ID or social security number. It has garnered a favorable reputation with an average rating of 4.4 stars from over 30,000 reviews on both the App Store and Google Play.
Trade Directly from Your Wallet with Confidence
This digital wallet allows investors to access thousands of cryptocurrencies across more than 50 blockchains. With Best Wallet, you can trade Shiba Inu directly without needing to link it to a brokerage account.
Coinbase: A Premier Crypto Brokerage Platform
Coinbase stands out as one of the most reputable cryptocurrency brokerage platforms, having launched in May 2012. It provides users access to over 150 cryptocurrencies, including Shiba Inu, and is utilized by more than 100 million people worldwide.
On Coinbase, you can keep your cryptocurrency in a hot wallet for quick access or transition to the more secure Coinbase Wallet, which is a self-custody wallet. However, be aware that using Coinbase Wallet does not guarantee anonymity during trades. Coinbase serves as an excellent entry point for cryptocurrency beginners.
Ledger Nano X: A Secure Hardware Wallet
The Ledger Nano X is a hardware wallet designed to minimize the risk of asset vulnerability. It supports over 5,500 cryptocurrencies, including SHIB. When you’re ready to make transactions, you can easily do so through the Ledger Live app.
Trust Wallet: A Versatile Option for Crypto Enthusiasts
With over 200 million users, Trust Wallet is a popular choice for managing cryptocurrencies. Users can select from millions of assets across more than 100 blockchains, including Shiba Inu.
Moreover, Trust Wallet offers numerous ways to earn passive income. You can stake your cryptocurrencies to earn interest simply by holding your assets. Staking functions similarly to a high-yield savings account or dividend-paying corporation, providing you with additional income from your crypto holdings, often yielding higher returns for meme coins like Shiba Inu.
Robinhood: Managing Your Crypto and Stocks in One Place
Robinhood allows users to either connect an external wallet or create their own Robinhood Wallet. This service gives you control over your cryptocurrencies, including Shiba Inu, while also allowing you to trade stocks. Additionally, Robinhood offers enticing perks, such as 1% IRA matches, with even more benefits available for those who upgrade to Robinhood Gold.
Is Buying Shiba Inu (SHIB) a Smart Investment?
Shiba Inu (SHIB) is viewed as a highly speculative cryptocurrency, having lost more than 40% of its value over the past year. While some investors might see this as a buy-the-dip opportunity, it’s crucial to acknowledge that SHIB lacks intrinsic value. Unlike Bitcoin, it does not possess the same global appeal or limited supply.
For traders, SHIB can serve as an intriguing asset due to its volatility. However, if you decide to invest in Shiba Inu, it’s advisable to limit your exposure, considering that more established cryptocurrencies may offer superior growth potential compared to this meme coin.
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