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Learn how to buy Shiba Inu on 6+ exchanges in our step-by-step guide.
Since release SHIB now trades on the ecosystem’s proprietary DEX, ShibaSwap. Before deciding whether to invest in Shiba Inu, it’s helpful to have at least a basic understanding of how it works. We update our data regularly, but information can change between updates.
The first notable thing about the shiba inu coin is its total supply. A fixed total supply of 1 quadrillion SHIB tokens was minted during the project’s official launch in 2020. Some 50% of the supply of shiba inu was locked in Uniswap SHIB/ETH liquidity pool – a decentralized exchange where users deposit pairs of assets into liquidity pools that other investors can trade against.
If you’re picking a wallet, use one that supports SHIB, as not all crypto wallets work with every cryptocurrency. You have two main options when storing cryptocurrencies, such as SHIB. Storing your crypto on an exchange can be convenient and easier for beginners, but crypto exchanges can also be targets for hackers because of the amount of value they hold. Shiba Inu (SHIB) cryptocurrency is an evolution of the “doge” meme that has been persistently popular among crypto enthusiasts. While SHIB shares some inspiration with Dogecoin, it operates using a different framework that can support more complex transactions. Our partners cannot pay us to guarantee favorable reviews of their products or services.
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Best Crypto Wallets: Top Picks for 2024
While Shiba Inu is popular, especially on social media, invest cautiously. “The largest drawback to investing in Shiba Inu is that it is very risky, even more so than most of its crypto counterparts,” Polotsky said. If you want to buy Bitcoin, you’ll need at least $38,000 to buy a whole coin. He has over a decade of experience writing in the personal finance space for outlets such as Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.ca. The Shiba Inu universe also consists of two other tokens, “LEASH” and “BONE” (see below).
It has since grown into one of the world’s most well-known cryptocurrencies and has even been labelled as “The Dogecoin Killer”. “Top picks” are those we’ve evaluated to be best for certain product features or categories – you can read our full methodology here. If we show a “Promoted Pick”, it’s been chosen from among our commercial partners based on factors that include special features or offers and the commission we receive. While this has helped make SHIB the #16 crypto by market cap, Shiba Inu is still a highly volatile asset capable of major price swings in a single day. Once you have selected a crypto liabilities on balance sheet exchange, you can open an account and make your first deposit. According to Daniel Polotsky, co-founder and chairman of CoinFlip, a leading Bitcoin and cryptocurrency ATM provider, Shiba Inu has growth potential.
Shiba Inu in the Digital Economy
- Shiba Inu is similar to its memecoin counterparts, including Dogecoin, and has gained enough traction to build a nearly $8 billion market cap.
- If everything looks good to you, you’ll be able to submit your transaction.
- Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
- For instance, the popular MetaMask wallet allows you to convert ETH to SHIB directly.
- If you see colorful charts with a range of prices, you’re probably in the spot market.
- Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
However, it has a deflationary supply, and many of these coins have since been burned. For the past seven years, Kat has been helping people make the best financial decisions for their unique situations, whether they’re looking for the right insurance policies or trying to pay down debt. Kat has expertise in insurance and student loans, and she holds certifications in student loan and financial education counseling. Some take a basic approach for new investors, while others are more complex, offering advanced trading features like margin accounts and futures trading. It’s important to remember that crypto assets are high-risk investments.
Shibarium is designed to reduce gas fees and improve the speed and efficiency of transactions. The public launch of the much-anticipated Shibarium layer-two network was completed in August 2023. The meme coin continues to expand its utility with a move into the metaverse. LEASH tokens have since been “unleashed,” and now serve mainly as a store of value for investors.
NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance.
Should You Invest in Shiba Inu?
The viral success of shiba inu coin (SHIB) in 2021 means it’s easier than ever to purchase the dogecoin competitor across a range of platforms. The official Shib Twitter account, for example, has over 3.6 million followers – more than leading crypto companies such as Cardano, Kraken and Solana. In just one 24-hour period between Jan. 17 and Jan. 18, Nansen reported that over $1 billion in SHIB has traded hands.
Shiba Inu is known particularly for its Japanese dog mascot and high volatility. It was created as a solution to Dogecoin’s inefficiencies, but it still doesn’t have much use case. Either way, some retailers and companies accept it as a means of payment. Examples of such companies are NOWpayments, Gucci, and Nordstrom. Ryoshi is the alias used to identify the creator of this dog-themed cryptocurrency, invented in 2020.
“When looking for a cryptocurrency exchange, it is important to make sure that everything is secure and trusted,” Polotsky said. There are a few options when it comes to purchasing cryptocurrency, but they each come with varying fees. Its price reached an all-time high in October 2021 after Tesla CEO Elon Musk tweeted about the coin. But the price has experienced a 78% drop over the past six months. If you want to buy Bitcoin, you’ll need at least $30,000 USD as of May 2022 to buy a whole coin.