Shiba Inu (SHIB), the dog-faced coin, has been in talks since last year. The coin had massively surged in 2021 before it lost the majority of its value to the repeated ‘red’ sessions in the crypto market towards the end of the year. Even this year, the coin has not seen significant green sessions due to the Russia-Ukraine war and the major crypto crash that followed. However, it seems that the SHIB token is still in demand and people are curious to know where and how can they invest in it. This article is aimed at providing relevant information for the same so people are able to invest in the dog-themed meme coin using the right medium.
What is Shiba Inu?
Shiba Inu (SHIB) is a doge-face meme coin that was launched in August 2020. It is fairly new compared to the King of meme coins, Dogecoin (DOGE), which was launched in December 2013. Its inspiration from a popular meme coin (DOGE) got it a place in the same category as well. However, it seems that the inspiration turned into its rival in no time since the SHIB token dubbed itself the “Dogecoin Killer” at its launch.
A few months after its release, the popular crypto personality, Vitalik Buterin, donated over 50 trillion Shiba Inu coins, which were valued at more than $1 billion at that moment, to India’s COVID-Crypto Relief Fund. This move played a significant role in the coin’s popularity. However, even after gaining attention, the pump and dump price actions that Shiba follows, are often a hindrance when it is to be considered as an investment.
Where To Buy SHIB?
The Shiba Inu token has already been listed on major crypto exchanges in the world. Therefore, it is fairly easier to trade compared to ones that are listed only on a few of them. However, every crypto-trading platform has its own policies and set of rules to follow, therefore, choosing the right network based on one’s preferences is necessary. We will be discussing 3 crypto exchanges once we can consider investing in Shiba Inu.
Binance is one of the largest global crypto exchanges, therefore, it is reliable and trustworthy. Further, it processes crypto transactions worth over $40 billion on a daily basis, therefore the liquidity is high. In addition, the trading fee is quite low. For investing in the Shiba coin, there is a maker or taker fee ranging between 0.04% and 0.1%, which is calculated based on the 30-day trading volume. In addition, if one pays the trading fees with BNB coins, they enjoy a 25% discount. This eventually lowers the fee range between 0.03%and 0.75%.
The above-cited reasons rightly explain why Binance tops our list. However, deep liquidation and low trading fees are not the only reasons for this top ranking. One other reason that benefits Shiba token‘s investment is that the crypto exchange platform lists several other tokens. This increases crypto pairs for the SHIB token and enables the trader to venture out into various other digital and crypto assets with the basis being Shiba.
Binance has a user-friendly interface and facilitates convenience in trading. This crypto exchange is known for providing a premium trading experience, cryptanalysis, and various tools that aid in risk management. Additionally, it mostly ensures a fast crypto execution speed. Moreover, one can start trading Shiba on Binance with a relatively small investment of $1. Since the coin is priced at a few cents, even a dollar’s investment would prove to be beneficial in the long run as you can own a number of SHIB tokens with that.
The crypto-trading platform also benefits its users by providing a free crypto custody service that stores the SHIB tokens in offline vaults on behalf of their holders. Moreover, Binance has launched a free mobile wallet service, Trust Wallet, for ones that prefer non-custodial crypto wallets. Therefore, tracking and curating Shiba investments.
eToro ranks high on the list of top crypto exchanges to buy Shiba due to its uniqueness and the presence of extensive trading resources. In addition, the minimum deposits required for investing through this crypto platform facilitate investments. The trading fee charged maintains transparency and is relatively low. Further, its interface and features not only aid experts in the crypto domain but also beginners.
It has an easy and straightforward registration and onboarding process. The trade and deposit minimums are pinned at $10 which is quite feasible compared to other platforms which have set the bar high. It offers a wide range of payment methods to choose from that include the popular payment modes such as credit cards, debit cards, Paypal, eWallets, and bank wire transfers.
The crypto exchange has a user-friendly interface even for beginner traders. However, it also provides a wide array of tools that facilitate research, trading, and risk management. These tools attract expert investors to its platform. Just like Binance, eToro also has a liquidity value and is able to execute crypto orders at a fast speed.
eToro has the option of trading Shiba CFDs (Contract For Difference) as well. One can choose to buy such CFDs or even buy SHIB tokens according to their preference. However, this feature is limited to some countries, and to use it your country of residence should comply with the ones eToro has enabled this service in. The deposits made will be free of cost, further, Shiba Inu investors will just have to pay a fixed transaction fee of 1%.
Crypto.com is a crypto exchange that gained immense popularity in a relatively less amount of time. In line with the other two exchanges on our list, it also has deep liquidity since it generally executes crypto transactions worth over $2 billion on a day-to-day basis.
When compared to eToro, its deposit maximum limit is relatively high. On eToro one can deposit up to $40,000 on a daily basis while using cards, whereas, on Crypto.com one can deposit a maximum of $50,000. Moreover, these deposits are mostly instant in nature and one doesn’t have to wait for their deposits to be successful.
The payment modes that are available on one of the fastest-growing crypto exchanges include debit cards, credit cards, SEPA, Paypal, Transfer Wise, and bank transfers. Another point to be noted is that Crypto.com doesn’t levy any processing fee for deposits. However, one has to pay the service charges levied by the payment services provider.
In addition, Crypto.com charges the lowest transaction fee out of all other exchanges on the list. There is a fixed maker or taker fee that ranges between 0.1% and 0.4%. Moreover, if one has invested in 5000 Cronos (CRO) tokens on the platform, they are entitled to a discount of 10%. This eventually lowers the transaction fee to a range of 0.09% to 0.36%. The Shiba Inu coin price is generally very low, therefore, if higher transaction fees would have been levied, most investors would withdraw from the platform.
In addition to the above-mentioned platforms, one can trade Shiba at Coinbase, FTX, KuCoin, and even ShibaSwap (SHIB’s home project).
How To Buy SHIB Tokens?
Now that we have discussed the top crypto exchanges to consider for buying SHIB, let’s see how one can actually buy them. The following steps are to be followed to efficiently buy the second most valued meme token:
- Choose A Crypto Trading Platform: The trader needs to choose a crypto exchange platform that lists Shiba and matches their preferences.
- Create an account: Then the investor has to create an account on the selected crypto-trading platform. Any verification steps should also be completed.
- Make Deposits: Then the trader has to make deposits into their account adhering to the maximum and minimum deposit constraints.
- Acquire SHIB: Finally, the person can buy SHIB from the exchange after the successful deposition of funds.
- Store SHIB: The acquired Shiba crypto should be stored in crypto wallets, offline vaults, or even the crypto exchanges they were purchased from.
SHIB Coin Performance
The Shiba token has been witnessing a series of see-saw trading sessions in recent days. Even the 7-day trading summary shows that the coin has been often swinging between red and green price movements. On June 23, 2022, the Shiba coin price closed at $0.00001031 and seven days later, on June 29, 2022, the token closed at $0.00001018. This depicts a slight decline of 1.26 approximately. However, the close price earlier peaked at $0.00001179 on June 25, 2022, indicating a substantial increase of over 14% from the base value of June 23. Therefore, it can rightly be said that the Shiba Inu token has been battling hard to recover from the recent losses but is unable to do so.
In addition, the Shiba Inu coin price today (at the time of writing) stood at $0.00009829, losing 0.71% in value. The market valuation stood at $5.3 billion then. In contrast, the 24-hour trading volume gained significantly by 16.42% to $589.7 million. The current circulating supply of Shiba tokens is 549,063.28 billion coins. At the time of writing, the coin ranked at #15 on CoinMarketCap, a leading price-tracking website for cryptos.
Shiba Inu is still not out of trend. Though it has been experiencing significant losses recently, it is also trying to recover them. Moreover, Shiba enthusiasts have still not lost faith in the crypto asset. Therefore, it is still not too late to consider SHIB as an investment. One who is interested can surely check out the three crypto exchanges we listed namely Binance, eToro, and Crypto.com for a better experience.
Frequently Asked Questions On Shiba Inu
1. Is the Shiba Inu coin worth buying?
The Shiba coin has gained immense popularity through social media in recent times. Therefore, several people are showing interest in it. However, it is highly advised to be cautious while investing in it as it is a ‘mem coin’.
2. Does Shiba Inu have a future?
Before the crypto crash sessions, a majority of crypto experts and analysts suggest that the SHIB token indeed has a future due to constant support from the ShibArmy. However, now the picture seems hazy.
3. How much Shiba is expected to reach between 2025 and 2030?
Analyst predictions suggest that the Shiba coin might reach $0.0002 by 2025 and thereafter it is estimated to soar up to 0.001 by 2030.
4. What was the starting price of Shiba Inu?
The starting price of Shiba was $0.000000000056 and thereafter gained massively in a few months and reached $0.00003791 on May 10, 2021.
5. Will Shiba Inu survive?
During the recent crash sessions, Shiba is struggling to survive in the crypto domain. However, analysts have indicated the dog-themed coin has almost no chance of survival.
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