How to Buy a Shiba Inu (SHIB) – Forbes Advisor Canada

If you want to buy bitcoin, you will need at least $30,000 USD by May 2022 to buy an entire coin. But if you invest in a Shiba Inu (SHIB), you can buy over a billion Shiba Inu for the same amount of cash.

The Shiba Inu is one of several cryptos known as “meme coins”, thanks to their origins in popular internet memes. Today, SHIB ranks among the top 15 cryptocurrencies by market capitalization. If you’re ready to join the SHIB army, here’s how to buy a Shiba Inu.

What is a Shiba Inu (SHIB)?

The Shiba Inu was created in August 2020 as an alternative to Dogecoin (DOGE), another meme coin that uses the Shiba Inu dog breed as its mascot. SHIB is built on the Ethereum blockchain and was launched with a total supply of one quadrillion – making it far more prevalent than other cryptocurrencies such as bitcoin.

Another fact about the Shiba Inu is that it is a decentralized cryptocurrency project. Its growth is driven by its community, the self-proclaimed SHIB army, who are focused on crypto trading and buying.

Shiba Inu in the digital economy

When it comes to buying cryptocurrencies, the price of the entire coin can be intimidating. Bitcoin and Ethereum cost thousands of dollars per piece. In contrast, the current price of the Shiba Inu trades at fractions of a penny.

According to Daniel Polotsky, co-founder and president of Coinflip, a leading bitcoin and cryptocurrency ATM provider, the Shiba Inu has potential for growth. But it is also subject to extreme volatility.

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“The biggest drawback of investing in a Shiba Inu is that it is very risky, even more so than most of its crypto counterparts,” Polotsky said.

Its price hit an all-time high in October 2021 after Tesla CEO Elon Musk tweeted about the coin. But the prices have dropped by 78% in the last six months.

Morningstar senior research analyst Madeline Hume said the financial services firm is cautious about the shiba inu and other so-called meme coins.

“We will not consider the purchase of the Shiba Inu as an investment,” Hume said. “The Shiba Inu is a meme coin, which means that it derives its value from the enthusiasm of other investors for the coin rather than from any fundamentals. Predicting that type of speculative return pattern with any degree of accuracy is extremely difficult. Its difficult.”

In terms of its ecosystem, Shiba Inu supports a range of projects, from a decentralized exchange to a non-fungible token (NFT) called Shibaswap.

Where can I buy Shibs?

You can buy SHIB on many different crypto exchanges. Here are some exchanges where you can exchange Canadian Dollar for SHIB:

Note the terminology of “trading pairs”, such as Shiba Inu to Tether (USDT). In the case of SHIB/USDT, SHIB can be converted into Tether, a stable currency whose value is equal to the US dollar. Here are some exchanges that link SHIB to Tether:

  • Binance Canada
  • KuCoin (no bank transfer available, must use credit or debit card)

And if you are trying to convert your stash of SHIB to Dogecoin. Binance has paired SHIB with DOGE.

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If you decide you’re comfortable taking on the risks associated with a Shiba Inu, you can get started in three easy steps:

1. Choose a Crypto Exchange

If you are wondering how to buy a Shiba Inu in the US, the first thing you need to do is choose a crypto exchange. Crypto exchanges are marketplaces that allow you to buy and sell cryptocurrencies.

“When looking for a cryptocurrency exchange, it is important to make sure everything is secure and reliable,” Polotsky said.

Some take a basic approach for new investors, while others are more complex, offering advanced trading features such as margin accounts and futures trading.

2. Buy Shibs

Once you have selected a crypto exchange, you can open an account and make your first deposit. How much to invest depends on many factors.

Once you have funds in your account, you can start buying SHIB. Make sure that you invest only that money which you do not need for your essential expenses or any amount that causes you stress.

To place an order, enter the trading platform of the crypto exchange and enter the Shiba Inu’s ticker symbol – SHIB – and the amount you wish to invest. Most crypto exchanges also allow you to choose what kind of order to place.

That’s all! You are now part of the SHIB army.

3. Store Your Shib

SHIB can be stored in several ways.

  • Hardware wallet. A hardware device stores the private key to your assets and allows you to interact with the wallet without exposing your data. Trezor and Ledger are examples of hardware wallets supporting SHIB.
  • offline storage. Sometimes referred to as a “cold storage” or “cold wallet”, it is considered a secure way to store SHIB because this type of storage is not available via an Internet connection. You can store your crypto on paper using a paper wallet – this will generate a public key and a private key for your crypto.
  • Software Wallet. Desktop wallets, considered “hot” wallets, are downloaded programs to store your crypto assets. There are also mobile wallets that interface with the management of crypto assets. Exodus is an example of a multicurrency mobile/desktop wallet where you can store SHIB.
  • crypto exchange. Many of the exchanges that trade SHIB will let you store your crypto. These crypto exchanges include Coinberry and Bitbay to name a couple.
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Should you invest in a Shiba Inu?

While the Shiba Inu is popular, especially on social media, invest carefully.

If you want to invest in cryptocurrency – but are looking for other alternatives to shiba inu or individual coins – consider exchange-traded funds (ETFs). There are now bitcoin ETFs and funds that invest in blockchain companies.

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