Shiba Inu token (SHIB) has taken the cryptocurrency world by storm since its introduction in August 2020 as “the Dogecoin killer.”
A completely secure and decentralized meme token that features the Shiba Inu hunting dog as its mascot, Shiba Inu SHIB has become one of the most talked-about and hotly-traded cryptocurrencies on the market. However, there’s more to the cute meme token than meets the eye – the serious investment opportunity that cannot be ignored.
Buying Shiba Inu tokens (SHIB) has never been easier using CoinStats’ built-in swap tool. The platform leverages its partnerships with decentralized exchange aggregators, such as 1inch and 0x, to provide users with the best exchange rate.
1. Sign Up for a CoinStats Account
Sign up for a CoinStats account if you don’t already have one, and verify your identity. Connect your digital wallet that supports Ethereum-based tokens, such as MetaMask or MyEtherWallet, to your CoinStats account.
2. Navigate to the CoinStats Swap
Navigate to the CoinStats Swap platform. After successfully linking your wallet, choose the token to swap by providing the data in either cryptocurrencies or USD/EUR.
3. Swap SHIB
For example, we are swapping ETH for SHIB. In the “From” field select the ETH token from your wallet, and in the “To” field, select “SHIB.”
Click on Advanced Options to change the slippage. When you’re finished customizing, scroll down to the bottom of your screen and tap the “Submit Swap” button.
After you submit your swap request, you’ll be prompted to confirm it. To begin the swap, follow the instructions on the screen, review the information, and click “Confirm.”
NOTE: You will be charged Network Transaction fees also known as gas fees. This refers to the charge necessary to complete a transaction on the blockchain. In essence, gas fees are paid in the network’s native currency, i.e. ETH for the Ethereum network. CoinStats charges a small swap fee in addition to the gas fees.
Once the transaction is completed, your SHIB will be credited to your digital wallet, and you can track your SHIB holdings in your CoinStats account.
If you don’t have any crypto yet, don’t fret! You can buy any large-cap cryptocurrency on CoinStats’ buy crypto with bank card page, and swap that crypto for Shiba Inu (SHIB).
Where Can I Buy Shiba Inu?
There are several ways to buy cryptocurrencies, each with advantages and disadvantages. We will explore five ways to buy cryptocurrencies: exchanges, cryptocurrency brokers, Bitcoin ATMs, stock companies holding crypto, and crypto ETFs.
Also read: How to Stake Shiba Inu (SHIB)
Cryptocurrency exchanges are one of the most common ways to buy cryptocurrencies. A crypto exchange is a platform where you can buy and sell various cryptocurrencies, including Bitcoin, Ethereum, Shiba Inu, etc. Most exchanges work by matching buyers and sellers, similar to a traditional stock exchange.
Note that we are only mentioning centralized exchanges here, as decentralized exchanges currently offer no direct way of buying crypto (though they may use third parties).
To buy a cryptocurrency on an exchange, you typically need to create an account and verify your identity. You can then fund your account with fiat currency (such as USD, EUR, or your local currency) and use that balance to purchase the cryptocurrency of your choice. Some popular cryptocurrency exchanges include
- KuCoin and more.
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Cryptocurrency brokers are more like traditional brokers. They act as intermediaries between buyers and sellers and typically charge a commission or spread for their services. Brokers are a good place to start for crypto investors that want to diversify their portfolio, and spread their investments in crypto, stocks,etc.
To use a broker, you typically need to create an account and pass the identity verification. The broker will then quote you a price for the cryptocurrency you want to buy and execute the trade on your behalf. Some popular cryptocurrency brokers include:
- SoFi Invest.
Crypto ATMs are a relatively new way to buy cryptocurrencies. ATMs allow you to buy Bitcoin or other cryptocurrencies with cash or a debit card. They instantly connect you to a cryptocurrency exchange and execute the trade on your behalf.
However, in order to use a crypto ATM, you must have a cryptocurrency wallet. Also ATMs support limited cryptocurrencies, so you must convert your newly-bought crypto into the one you actually want if the cryptocurrency of your choice isn’t supported.
Stocks Companies Holding Crypto
Investing in stock companies that hold cryptocurrency is an amazing way to indirectly invest in cryptocurrencies. Numerous companies hold significant amounts of cryptocurrency on their balance sheets, such as MicroStrategy and Tesla with billion worth investments in Bitcoin.
To invest, you must open a brokerage account, pass identity verification, deposit funds, and purchase the stock on a stock exchange.
However, it’s important to note that, by investing in these stocks, you reduce your exposure to the crypto market and accept risks related to the company and the stock market as a whole.
Crypto exchange-traded funds ( ETFs) enable you to invest in a diversified portfolio of cryptocurrencies directly on the stock market without the hassle of managing individual coins.
Crypto ETFs provide exposure to the cryptocurrency market while diversifying risk among different cryptos.
To invest in a crypto ETF, you must go through the full process of opening a brokerage account first. If you aim to create a diversified portfolio and spread out your risk, then ETFs might just be the right option for you. However, ETFs are not suitable for investing in a single cryptocurrency.
Other Ways to Buy Shiba Inu
Shiba Inu is an ERC-20 token powered by the Ethereum blockchain and works by leveraging smart contracts. SHIB is the ecosystem’s fundamental currency. With Ethereum 2.0, you can stake Shiba Inu tokens to contribute to the security and governance of the Shiba Inu network. In return for validating and verifying SHIB transactions, you’ll be rewarded with newly minted SHIB tokens. The process of staking Shiba Inu coins is called Bury.
Binance and Crypto.com are two of the largest centralized exchanges allowing users to buy and stake Shiba Inu Coin and offering varying payouts like daily, weekly, monthly, etc. You can also buy Shiba Inu on a decentralized exchange using a cryptocurrency wallet such as the CoinStats Wallet or the Metamask wallet.
Follow our step-by-step buying guide below to buy SHIB tokens:
Step #1: Select a Crypto Exchange
Choose a cryptocurrency exchange that supports both the fiat currency of your choice and XLM to ease the process. Additionally, ensure to consider the exchange’s transaction fees, as they differ from exchange to exchange. Some of the most popular crypto exchanges include Binance, Coinbase, Kraken, and KuCoin.
Also, consider whether the cryptocurrency exchange is regulated by the Financial Industry Regulatory Authority (FINRA) and allows you to buy crypto using your preferred payment method.
Step #2: Create an Account
After you’ve chosen a cryptocurrency exchange that fulfills all your criteria, the following step is to register with the exchange using a valid email or mobile number. A link will be sent to your address, and you must click it to verify your account. Once the account is activated, you must create an elaborate password, and you’re good to go.
Some exchanges have strict KYC and AML requirements, and in order to get verified, you must provide personal information such as:
- Full name
- Residential address
- Date of Birth
- ID Document.
In some cases, you might also need to upload a selfie or undergo video verification to finalize the verification process.
Once your identity verification is complete, it’s recommended to activate two-factor authentication (2FA) for an extra layer of security.
Step #3: Deposit Funds
The next step is to deposit funds into your account. Many crypto exchanges support fiat currencies like USD, EUR, or your local fiat currency. Simply select your preferred deposit method, such as a bank transfer, wire transfer, credit or debit card, e-wallets, PayPal, etc., and the currency you wish to deposit. Tap on “Deposit Funds,” enter the amount you want to deposit and click “Deposit.”
Some deposit methods are extremely fast, while others, depending on the amount, require a confirmation from authorities. Remember to evaluate the fees of different deposit methods since some have larger fees than others.
- Credit or Debit Card
Linking your debit card to your crypto account is advantageous as it lets you make instant or recurring purchases, but be aware that it attracts an additional fee.
- Bank Account
It’s usually free to make a bank transfer from your local bank accounts, but you should still double-check with your exchange.
SHIB can be traded for another cryptocurrency or a stablecoin; the trading pairs vary between exchanges. So, you must search for SHIB on the spot market to select a pair from the list of available trading pairs.
Step #4: Buy SHIB
Follow the steps below to place a market order to buy Shiba Inu SHIB tokens instantly at the current market price:
- Click the search bar, enter SHIB, and select “Buy SHIB” or the equivalent.
- Select a trading pair you wish to buy SHIB against.
- Choose the payment method and the currency you wish to use, and input the amount of SHIB or the fiat amount to be spent. Most exchanges automatically convert the amount to show you how many SHIB tokens you’ll get.
- Double-check the transaction details and click “Confirm.”
- The SHIB tokens will be displayed in your balance once the transaction is processed.
You can also place a limit order indicating that you want to buy SHIB at or below a specific price point. Your broker will ask you the number of coins you wish to acquire and the maximum price you’re ready to pay for each once you’ve placed an order. The coins will only appear in your wallet if your broker fulfills your order at or below your requested pricing. The broker may cancel your order at the end of the day or leave it open if the price exceeds your limit.
If you’re planning to keep your newly purchased coins for an extended period, we highly recommend securely storing them in a hardware wallet.
To trade SHIB on spot markets, go to the Trade page and search for the SHIB pairs (SHIB/USD or SHIB/USDT). Select the trading pair and check the price chart. Click “Buy SHIB,” select the “Market,” enter your amount or choose what portion of your deposit you’d like to spend by clicking on the percentage buttons. Confirm and click “Buy SHIB.”
Congratulations on adding Shiba Inu SHIB tokens to your crypto portfolio!
Step #5 (Optional): Store SHIB
While your SHIB tokens can be stored in your brokerage exchange wallet, experts highly recommend storing your precious coins away from exchange wallets, as those might be susceptible to hacks and interference.
We highly recommend creating a private wallet with your own set of keys. Depending on your investing preferences, you might choose between software and hardware wallets:
If you’re looking to trade SHIB regularly, software or hot wallets provided by your selected crypto exchange will suit you. The strength of software wallets lies in their flexibility and ease of use. A software wallet is the most easy-to-set-up crypto wallet and lets you easily interact with several decentralized finance (DeFi) applications. However, these wallets are vulnerable to security leaks because they’re hosted online. So, if you want to keep your private keys in a software wallet, conduct due diligence before choosing one to avoid security issues. We recommend a platform that offers 2-factor authentication as an extra layer of security.
Examples of software wallets include CoinStats Wallet, MetaMask, Coinbase Wallet, Trust Wallet, and Edge Wallet, amongst others.
Hardware or cold wallets are usually considered the safest way to store your cryptocurrencies as they offer offline storage, thereby significantly reducing the risks of a hack. They are secured by a pin and will erase all information after many failed attempts, preventing physical theft. Hardware wallets also let you sign and confirm transactions on the blockchain, giving you an extra layer of protection against cyber attacks. These are more suitable for experienced users who own large amounts of tokens.
Ledger hardware wallets are arguably the most secure hardware wallets letting you securely manage your digital assets. The Nano X is designed for advanced users and offers more storage space and advanced features than Ledger Nano S, designed for crypto beginners.
A hardware wallet is more expensive than a hot wallet, with prices ranging between $50 – $200.
Examples of cold wallets are Trezor Model T, Ledger Nano X, CoolWallet Pro, KeepKey, Ellipal Titan, and SafePal S1, amongst others.
Step #6 (Bonus Step): Track SHIB Tokens
The crypto market is volatile, and managing your portfolio could get tricky if you hold multiple assets. Utilizing a portfolio tracker will help you keep track of your SHIB tokens and all your crypto investments from one platform at all times. CoinStats offers one of the best crypto portfolio trackers in the market.
You can also monitor the profit, loss, and liquidity of SHIB across several exchanges on CoinStats.
CoinStats supports over 300 cryptocurrency exchanges and over 20,000 cryptocurrencies. It offers charting tools, analytical data, advanced search features, and up-to-date news. Here you have the opportunity to connect an unlimited number of portfolios (wallets and exchanges), including
- Trust Wallet
- Bitstamp, and 500 others.
To connect, go to the CoinStats Portfolio Tracker page and:
- Click Add Portfolio and Connect Wallet.
- Click the wallet you want to connect to (e.g., Ethereum Wallet).
- Input the wallet address and press Submit.
Is Shiba Inu a Good Investment?
Shiba Inu’s meteoric rise in 2021 was fueled by the excitement over dog-themed meme coins and its addition to Coinbase, one of the world’s leading crypto exchanges. While ShibaSwap offers some great products and services, SHIB tokens are the real deal. Users who stake Shiba Inu are rewarded with xBONE, xSHIB, and xLEASH tokens in proportion to the staked Shiba coins. As you stake Shiba Inu tokens, you provide liquidity to the pool and also act as validators.
If you’re a fan of high-stakes speculations and up for a wild ride, Shiba Inu may be the investment opportunity you’ve been looking for. It’s always important to do your own research and consult a financial advisor before investing in cryptocurrencies.
Shiba Inu Price Prediction and Price Movement
According to the most recent data on CoinStats, Shiba Inu’s current price is $0.00001449, and SHIB is now ranked No. 12 in the crypto ecosystem. Shiba Inu has a circulating supply of 589,367,562,527,608 SHIB and a market cap of $8B.
In the last 24 hours, the cryptocurrency’s current value has climbed by $0.0000034.
The Shiba INU price has been steadily declining to a low of $0.0000088 since having reached as high as $0.00008. Currently, the price is exhibiting a positive divergence from the support levels and is expected to retain a significant upswing until it hits the intermediate resistance to justify the resuscitation of a bullish trend.
The SHIB price is getting closer to the neckline of the parabolic curve, which might lead to a greater price action in the future. By the end of the month, the price could reach $0.000015, and by the end of Q1 2023, it could reach $0.000021. It may increase close to $0.000026 by the end of Q2, but the bears who are active at $0.000025 may limit the advance. However, the price should rise beyond $0.0000315 to $0.000032 by the end of 2023.