How To Easily Buy Shiba Inu (SHIB)
SHIB is an Ethereum-based “meme coin.”
Step 1: Choose An Exchange Or Wallet
Due to the popularity of the SHIB token, many of the largest exchanges support the cryptocurrency.
Step 2: Decide On The Amount You Want To Purchase
Once you’ve picked out a cryptocurrency exchange, you will need to add funds to your exchange wallet. After you have an account balance, you can begin the process of purchasing SHIB.
Navigate to the SHIB purchase page, indicate how much you would like to purchase, and complete your purchase.
Step 3: Store, Transfer, Or Use Your SHIB
After your purchase, your SHIB will be available in your exchange wallet. You can either leave it there for safekeeping or transfer it out to a personal wallet (note that your wallet must support ERC-20 tokens).
Where To Buy SHIB
SHIB is supported by a whole host of crypto exchanges:
Shiba Inu Crypto Overview
|Token||Network||Founders||Key Individuals||Year Founded||Investors|
|SHIB||Ethereum (ERC-20)||“Ryoshi”||“Ryoshi”, The Shiba Inu Community||2020||The Shiba Inu Community|
Why Does Anyone Buy Shiba Inu?
Shiba Inu is one of the most popular “meme coins.” Originally launched in response to Dogecoin, which was itself a meme coin based off the popular Doge meme, Shiba Inu has grown to be one of the largest tokens by market capitalization.
- Shiba Inu is a top 15 cryptocurrency by market cap.
As a meme coin, the price of SHIB depends largely on its presence in the news headlines. Some notable events that have caused the price of SHIB to spike include:
- The creator of Shiba, Ryoshi, sent 50% of the entire coin’s supply to Ethereum creator Vitalik Buterin. This initially caused the price of the coin to spike. Buterin then disposed of 90% of this stake by sending it to a burn address and donated the other 10% (which was worth over $1 billion) to an Indian COVID relief fund.
- News that Shiba might be listed on popular trading platform Robinhood caused the coin to surge in October of 2021.
- In September of 2021, Coinbase listed Shiba Inu on their platform which pumped the token price by 40%.
Is SHIB Being Used?
Daily trading volume for SHIB: $257 million (as of 01/2023)
While SHIB currently does not have much utility, the Shiba Inu community has a roadmap of upcoming use-cases for Shiba which include a metaverse, a decentralized exchange, and even their own layer 2 blockchain, Shibarium.
- SHIB is accepted as payment at many online merchants, such as NewEgg, who support crypto payments through BitPay.
- The Shiba Inu community will be launching their own stablecoin, SHI, whose value will be pegged to $0.01.
- Shiba’s layer 2 blockchain, Shibarium, is expected to launch in 2023. The blockchain will not be using SHIB as its gas token, but the SHIB token’s success will undoubtedly be correlated with the success of Shibarium.
- SHIB will be an important token used to participate in the SHIB Metaverse project that is currently in development.
Key Events For Shiba Inu
- January 2023: Shiba Inu Developers Reveal First Look of Layer 2 Blockchain Shibarium
- April 2022: Finally, shiba inu coin is available on Robinhood
- October 2021: A crypto wallet shows an investor made an $8,000 shiba inu coin purchase last year. Today, it is worth $5.7 billion.
- May 2021: Ethereum creator donates meme coins worth $1 billion to help India fight COVID-19
Discover Similar Tokens
- Dogecoin (DOGE): Dogecoin is the original meme coin and the largest meme coin by market cap. Started in 2013 as a fork of Litecoin (which was itself a fork of Bitcoin), Dogecoin embodies everything light-hearted about crypto.
- Baby Dogecoin (BabyDoge): BabyDoge is a top 300 cryptocurrency by market cap. Created to iterate on Dogecoin, it features improved transaction speeds and a deflationary token-economics model.
- Dogelon Mars (ELON): Elon Musk, the famous entrepreneur, has been a figurehead for the “doge” meme coins and their derivatives. The Dogelon Mars calls out this connection explicitly and has risen to become one of the top 150 cryptocurrencies by market cap.
Frequently Asked Questions
SHIB reached an all-time high of $0.00007924 on October 27th, 2021.
At the time, the token was in the headlines for a number of reasons including attaining listings at several notable exchanges and the launch of its NFT line.
SHIB is considered a “meme coin” which means that the token does not have much utility and its price spikes can be random and erratic.
Still, for many investors, the low price of SHIB and its buzzy presence online is all they need to put some cash to work as an investment. Ultimately, however, there is no way to know if SHIB will be a good investment long term.
SHIB does not have any special restrictions for US residents.
You can buy SHIB as a US resident by using an exchange such as Uphold, eToro, Coinbase, or others.
No, SHIB is not supported by PayPal.
At this time, PayPal only supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The price of SHIB is low because there is a lot of supply of the token. While it may seem off-putting at first, the low price does not mean that SHIB is not a large token.
A better comparison between the sizes of cryptocurrencies is to look at market capitalization. For example, SHIB’s market capitalization is around $6.4 billion. Ethereum’s market cap, meanwhile, is around $200 billion. In this comparison, we can see that Ethereum is only about 30x bigger than Shiba Inu, even though the Ethereum token is worth thousands of dollars while SHIB is worth around 1/1000th of a cent.
Shiba Inu is not the same as Dogecoin. Shiba Inu’s token is SHIB while Dogecoin’s token is DOGE.
Many “meme coins” revolve around the doge meme, and SHIB and DOGE are two of the biggest names. They are, however, not the same token and have different communities, goals, and project roadmaps.