How to buy Shiba Inu in 2021 | BestBitcoinExchange.io
Shiba Inu coin (SHIB) was released in 2020, inspired by the success of Dogecoin (DOGE), crypto’s first dog-inspired coin. Shiba Inu’s inventor goes by the pseudonym Ryoshi, who’s referred to his creation as a “Dogecoin killer.” That’s because SHIB offers a number of features that set it apart from DOGE, most significantly as an ERC-20 token that runs on top of the Ethereum network.
Other features of SHIB include Shibaswap, a token swapping platform that allows users to trade their SHIB for other tokens on the Ethereum network. SHIB also boasts a soon-to-be-released NFT platform. With features like these and more promised from the development team, it appears to have a ‘leg-up’ on rival Dogecoin, first released in 2013 and lacks advanced functionality.
5 Steps to Buy Shiba Inu Token with eToro Now
Buying any cryptocurrency with eToro is easy, simply follow the steps below:
1Sign up for free with eToro, entering your details in the required fields.
2Fill out the questionnaire, this is both educational for you and eToro.
3Click 'Deposit', you'll then be asked how you want to fund your account.
4Choose your required payment method, follow the simple steps to link your payment.
5Enter the amount you want to deposit and you're good to go!
3 Things to Consider Before Buying Shiba Inu
Simply put, Shiba Inu has one of the most dedicated and vocal fanbases in cryptocurrency. Tweets about SHIB from Elon Musk also help raise the coin's price.
With a relatively small investment, you can own tens of millions of SHIB tokens. That's because the total supply of Shiba Inu is one quadrillion coins.
Built on Ethereum
Unlike similar tokens, Shiba Inu is built on Ethereum, allowing for additional security and functionality. Extra features include a decentralized exchange called Shibswap and an upcoming NFT platform.
Where to Buy Shiba Inu
SHIB is available on most major exchanges including eToro, Coinbase, Binance and others. It’s also available on a number of decentralized exchanges like Uniswap, where you can swap your existing tokens for SHIB.
Our Recommended Platform to Buy Shiba Inu
We recommend eToro to make your first purchase of SHIB.
How to Buy Shiba Inu With an Exchange
1. Choose and Join an Exchange That Offers Shiba Inu
As mentioned above, most major exchanges now offer Shiba Inu after its rise to prominence in 2021.To make your first purchase, simply select an exchange available in your country and make sure it has Shiba Inu listed. While each exchange differs slightly in layout, each will have a search function allowing you to search for Shiba Inu. From there, the coin’s page should indicate whether it’s available on the exchange you’ve selected.
2. Choose Your Payment Method for Buying Bitcoin
Just like when you’re signing up for Amazon or any online retailer, you’ll need to input your preferred method of payment into the exchange. This will allow you to directly purchase Shiba Inu in the simplest way possible.
3. Place an Order to Buy Shiba Inu
Now you’re all set up with the exchange, it’s time to buy. Simply use the search function to nativate to Shiba Inu. From there, you’ll want to click the ‘buy’ or ‘trade’ button, and a series of options will appear. You’ll want to select the option linked to buying with your debit or credit card on file. At this point, you can enter your desired amount of Shiba Inu and the exchange will tell you how much it costs. Alternatively, type in the amount you’d like to spend and it will indicate how much Shiba Inu you’ll receive.
Should You Buy or Trade Shiba Inu?
Most classify both SHIB and DOGE as ‘meme coins.’ In many respects, these cryptocurrencies are unpredictable and don’t follow the patterns of traditional investment strategies. Rather than relying on technical fundamentals, coins like SHIB depend on publicity and community engagement. In October 2021, Elon Musk tweeted an image of his new puppy, a Shiba. While Musk didn’t specifically mention SHIB, the tweet and viral and was credited for helping SHIB triple its worth in three days.
The example above demonstrates how coins like Shiba Inu thrive off viral notoriety. So while it’s got a huge supply of around 500 trillion coins, SHIB’s price can still rise significantly on the basis of a single tweet. The coin’s viral popularity and dedicated community make it an attractive option, especially considering that a few thousand dollars are equal to tens of millions of SHIB. For these reasons, picking up a bag of SHIB might be worth the investment.
What Are the Pros and Cons of Buying Shiba Inu?
Passionate community support
Influencers like Elon Musk who can drive up the price
You can own many coins for little investment
Built on the Ethereum network
Well known project in cryptocurrency
Enormous supply may limit growth potential
‘Meme coins’ like SHIB and DOGE are known for price volatility
Functionality on the Ethereum blockchain is limited compared to other projects.
3 Tips to Buy Shiba Inu
Time the market appropriately.
Remember that cryptocurrency markets are volatile, and this especially applies to coins like SHIB which can rise and fall very quickly.
Want to learn more about SHIB and get involved in the community? Join the official Discord channel, read their whitepaper or “woofpaper” to get more familiar with the project and community.