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How to Buy Shiba (SHIB)

Our ‘How to Buy Shiba Inu Coin’ beginners’ guide will help you invest in your favorite coin. You’ll learn everything from the basics of buying Inu coin instantly, including where to buy, the top brokers and exchanges; to secure payment methods like PayPal and credit cards.

Author: Edith Reads Last updated: 07/12/2021
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Introduction

Shiba Inu Coin (SHIB), is a decentralized cryptocurrency created in August 2020 by Ryoshi. Ryoshi created a coin based on the Ethereum network, with the intention of outpacing the famous meme coin, Doge. Amid recent price surges, SHIB captured huge attention amongst the masses and people have been actively looking to know more about the coin.

Shiba Inu

This guide answers. We’ll cover everything you need to know about how to buy, and the safe methods to invest in SHIBl. We’ll also provide information on how and where to buy Shiba Inu (SHIB) coins, including the best exchanges and brokers to buy Shiba Inu.

Best 4 Exchanges & Brokers to Buy Shiba Inu 2021

  • Min Deposit: $200
  • Number of Coins: 20+
  • Supports Multiple Languages
  • Regulated by FCA, ASIC & CySEC
  • Paypal, Debit & Credit Card Accepted
Card CashBankGiro PayMastercardNetellerPayPalSkrillUnionPayVisaWire CardYandex
Visit eToro

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  • Min Deposit: 20 $£€
  • Number of Coins: 12+
  • Regulated by FCA & CySEC
  • Place Buy & Sell CFDs Orders
  • Low Minimum Deposit
MastercardNetellerPayPalSkrillUnionPayVisaWire Card
Visit Capital.com

78.77% of retail cfd accounts lose money

  • Min Deposit: 1 $£€
  • Number of Coins: 50+
  • Regulated by SEC, & FinCEN
  • Place Buy & Sell CFDs Orders
  • Low Minimum Deposit
Giro PayMastercardNetellerSkrillUnionPayVisaYandex
Visit Coinbase

Capital At Risk

  • Min Deposit: 1 $£€
  • Number of Coins: 1500+
  • High Number of Coins
  • Accepts Fiat Deposits
  • Trade on Spot and Futures
Card CashMastercardSkrillWire Card
Visit Binance

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A quick three-step guide to Buy Shiba (SHIB) instantly

Step 1: Create an account

First, you need to create an account with a crypto exchange or a brokerage that lists Shiba Inu. Ensure the platform is reputable and legit before signing-up with it. You should be able to complete the sign-up process within a couple of minutes.

Step 2: Fund the account

After opening an account with your selected platform, deposit some funds to it so you can start buying Shiba Inu coins. Your broker or exchange is likely to have multiple funding options available, including credit cards, debit cards, e-wallets, bank transfers, and web money. Choose the one that suits you.

Step 3: Buy Shiba Inu with or without leverage.

Depending on the exchange or brokerage, you can buy Shiba Inu coins with or without leverage. For instance, signing up with a crypto exchange allows you to purchase real Shiba Inu coins.

On the other hand, most brokers don’t sell real crypto coins. Instead, they only allow you to buy a CFD contract and speculate on the prices of digital assets to make profits.

When you buy real coins, you trade without leverage. However, opening a CFD position involves leverage trading. Thus, instead of buying the entire asset, you buy the underlying contract and earn based on the actual outcome of the price movement.

What Is Shiba Inu (SHIB)?

Shiba Inu (SHIB) is an Ethereum-based meme coin founded in 2020. The cryptocurrency is named after a Japanese dog breed called Shiba Inu. According to the Shiba Inu official website, SHIB tests how well a decentralized, spontaneous community may emerge from nothing. The team behind Shiba Inu intends to create an ecosystem comprising three tokens, including SHIB, LEASH, and Bone. As per the information available in the crypto’s whitepaper, each coin will have a different token supply. The maximum token supply of Shiba Inu is estimated to be one quadrillion. The Shiba Inu Token ecosystem supports projects like the NFT art incubator and has its decentralized crypto exchange known as Shibaswap.

How Does Shiba Inu Work?

SHIB is an Ethereum based token and is compatible with the entire Ethereum ecosystem. Users can integrate it into ETH-based DeFi Apps, such as savings, lending products and NFT marketplaces. Its consensus mechanism is also the same as Ethereum, which currently employs Proof-of-Work (PoW). However, the network is in the process of shifting to the Proof-of-Stake consensus mechanism (PoS).

While the PoW technique offers rewards based on the nodes’ processing power, the PoS system-based mining incentives on staked coins.

Users can stake their tokens on ShibaSwap’s SHIB pool to earn interest. ShibaSwap employs unique terminologies, such as DIG, BURY, FETCH, and BONEFOLIO. Let us explain what each term means.

While digging enables you to earn BONE tokens (the governance token of the Shibswap crypto exchange), burying SHIB tokens in the Shiba Inu blockchain brings you more SHIB tokens as a reward. On the other hand, fetching allows you to swap SHIB tokens conveniently, whereas Bonefolio represents a stash portfolio.

How Is Shiba Inu (SHIB) Different From Bitcoins?

While Bitcoin remains the ultimate ruler of the crypto space, investors believe its glory might not last forever. As a result, they look for projects with potential for higher returns. The Shiba Inu token is an oddball prospect. Let’s discuss some similarities and differences between the two cryptocurrencies below.

Origin

Bitcoin is an original cryptocurrency that has been dominating the crypto market since 2009.  Satoshi Nakamoto is still the mysterious person who introduced the world to blockchain technology and cryptocurrency.

On the other hand, Shiba Inu is a meme-coin announced in a whitepaper by the pseudonymous Ryoshi in 2020. However, it is built on the Ethereum network and compatible with Defi apps.

Transactional Speed

Despite being the top-rated cryptocurrency, Bitcoin is incapable of scaling. Critics believe this limitation could become the reason for its demise. Since BTC employs the proof-of-work (PoW) consensus mechanism and the SHA-256 algorithm, It takes about ten minutes to create a new block. Consequently, Bitcoin could process a maximum of 5 transactions per second.

In comparison, Ethereum-based Shiba can add a block in just 15 seconds, making it a faster and cheaper payment than Bitcoin.

Supply and Demand

Bitcoin is a deflationary digital asset. The supply of bitcoins is hard-capped at 21 million. After 2140, new BTCs are unlikely to be created. Bitcoins have increased by a million-fold in value since their inception in 2009. While miners receive rewards for completing a new block every time, BTC has been consistent with the halving practice and anticipates continuing it unless the coin supply becomes sacred.

On the other hand, Shiba Inu employs an unorthodox approach concerning the coin supply. First, it announced that the total supply of the SHIB coins would be one quadrillion. Later, the blockchain sent nearly half of its token supply to Ethereum co-founder Vitalik Buterin for burning activity. Nonetheless, the SHIB network plans to maintain enough token supply to support Defi Apps and continue exchanging value.

Shiba Inu (SHIB) Historical Performance

The Shiba Inu coin, named after the dog breed, was launched almost a year ago and billed itself as the Dogecoin killer. Before getting listed on crypto exchanges, OKEx and SHIB coins had been worth around $0.00000016 as of April 13, 2021. However, the coins started showing substantial volatility after being listed.  One of the significant reasons behind its increased trading volume is the interest of Chinese traders. As per an estimate, Chinese exchange Huobi has handled most of SHIB’s trading volume in recent days.

Shiba In Historical Performance

SHIB began its price journey in August 2020, below $0.00000001. These low prices lasted through 2020 and into early 2021.

The price rose in line with the market, reaching $0.000003 in late April. After a two-week decline, the price reached an all-time high on May 07, printing around $0.00000279.

On May 11, it was $0.00003503, increasing by 1155% over just a week. However, the coin couldn’t uphold its value for long and soon started plummeting back until it printed $0.00000621 on June 11, 2021.

As of this writing, Shib costs around $0.00002225 with a circulating supply of 394.8 trillion and a fully diluted market cap of $8.6 billion. The coin currently ranks at 21st in the crypto market cap rankings.

What Factors Influence Shiba Inu (SHIB) Prices?

Like fiat currencies, cryptocurrencies also appreciate and lose their value over time. However, there are more factors than simple microeconomic events that could impact the price of digital currencies. Given below is a quick review of a few of them.

Retention of Investors Interest

Even though the Shiba Inu prices have fallen by 40% over the last quarter, investors don’t seem to be in a rush to put down the crypto. It means that value investors see the digital coins’ growth potential and don’t want to miss the opportunity in hastening.

Existence of a Dedicated Exchange – Shibaswap

Shiba is listed on its dedicated exchange. The decentralized cryptocurrency exchange (DEX) ShibaSwap is more like UniSwap or Pancake Swap. The platform has been working hard to offer increased security and transparency. Concerns believe that it could help the coin prices to surge shortly.

Social Media

No doubt, social media sentiments play a significant role in the success or failure of a cryptocurrency. Over 1000 crypto social media channels, including Facebook, Twitter, Telegram groups and crypto subreddits, mention Shiba Inu every other day. Despite losing more than 40% value in just three months, SHIB remains the widely discussed digital asset these days. Hence, presence on social media can help the coin retain interest amongst the masses and increase value in due course of time.

Mass Adoption

Shiba Inu is built on an Ethereum network and allows users to integrate it with decentralized apps. Since the launch of the crypto, developers have shown keen interest in building apps on the Ethereum blockchain. As an average estimate, people prefer buying a stake in Shiba Inu coin rather than holding their investment in the crypto giant – Bitcoin. With increased mass adoption, SHIB price is more likely to appreciate.

How to Invest in Shiba Inu (SHIB)?

Assuming that you have developed a firm understanding of the crypto coin, its performance history and how different factors could impact its price, let’s discuss how you can invest in Shiba Inu.

Buy and Hold (Long-term)

Buying an asset and holding is one of the most common practices amongst traders. You can also make Shiba Inu a part of your investment portfolio and keep it for some time.

Shiba Inu has recorded massive growth over the past few months. Due to various macro-economic and technical reasons, analysts believe that the coin might keep increasing in the future. SHIB is currently worth less than a dollar and now might be the right time to buy it for HODLing.

However, price appreciation may not always be the case. Your digital coin could lose value anytime, leaving you to bear substantial losses. However, despite losing worth for a while, most cryptocurrencies return to their peak values although it might take them years to do so.

Shiba Inu CFD Trading

Trading SHIB CFDs is a great way to make short-term profits. Cryptocurrencies are considered more volatile than any other financial instrument. However, even minor fluctuations in the prices of digital assets can help speculators to make healthy profits. The best part is that you don’t have to buy a crypto asset in full. Instead, you can open a position using leverage.

Day Trading Shiba Inu

Finally, you can also consider day trading your SHIB coins. Day trading involves the opening and closing of positions on the same day. Although day trading can bring you quick gains, it is relatively tricky than other investment markets. You need to have a deep understanding of the market and extensive hands-on experience trading. You can consider seeking professional help, such as funds managers. Copy-trading can also be a viable option for day trading.

How To Buy Shiba Inu (SHIB)?

Listed are some most common methods investors use for buying their favorite crypto assets. You can choose what is more convenient to you based on what the platforms you use offer..

How to Buy Shiba Inu (SHIB) with a credit/debit card

Card payment is among the most popular methods for buying Shiba Inu coins or any other cryptocurrency. Almost all crypto exchanges and brokerages accept card payments, including eToro. The broker allows you to deposit funds in your account for free. However, your card issuer might charge a transaction fee that typically ranges between 2% to 4% of the transaction amount.

How to Buy Shiba Inu

eToro’s minimum first-time deposit is $50 for clients based in the U.S. Customers residing in the rest of the world can get started with a minimum deposit of $200. While payments via debit and credit cards are processed instantly, the minimum amount you can withdraw is $30. The broker applies a flat rate of $5 on all withdrawals.

How to Buy Shiba Inu (SHIB) with PayPal

Paypal is yet another convenient option to consider while buying Shiba Inu coins on eToro. Besides being cheap, it is reasonably fast. However, despite being a universal payment method, Paypal might not be available in your country of residence. You can check the same on the link provided on the eToro deposit page. Once confirmed, you can proceed to deposit and buy SHIB.

You need to have an active funded account with PayPal before you can use it for deposits on eToro, but you can still link your bank with your PayPal for funds transfers.

The minimum amount you can deposit via PayPal is $200, but eToro doesn’t allow you to deposit more than $10,000 via PayPal.

How to Buy Shiba Inu  (SHIB) with eWallets (Skrill, Neteller)

eWallets allow you to buy Shiba Inu coins conveniently. eToro also accepts payments via e-wallets, such as Skrill and Neteller. However, you need to check if these payment networks operate in your country. You also need to have an account with either of the platforms with some funds in it. eToro doesn’t apply any deposit fee on payments made via Skrill and Neteller. Clients can fund their accounts in USD, EUR, and GBP when using e-wallets. The maximum amount you can add to your eToro account should not exceed $10,000 for both Skrill and Neteller.

How to Buy Shiba Inu (SHIB) with BankWire?

Bankwire is undeniably one of the most reliable methods to buy Shiba coins on eToro. Besides having no restrictions concerning maximum deposits, clients can transfer their funds securely. However, the lead time it takes to process funds transfers might not appeal to some investors. On average, payments made via bank wire could take between 3 to 7 business days to reach your account.

How to Buy Shiba Inu (SHIB) Anonymously (Without ID Verification):

eToro allows you to buy Shiba Inu coins without ID verification despite strictly complying with regulatory authorities. However, it limits the maximum amount of Shiba Inu coins you can buy without ID verification. For instance, you can only buy $2250 worth of Shiba coins without completing the KYC process. Also, the brokerage will still need you to verify your account as soon as possible or risk losing access to your account.

What Are The Pros And Cons Of Buying Shiba Inu (SHIB)?

Like all other cryptocurrencies, Shiba Inu also tends to have some prospects and limitations. Let’s find out a few of them below.

Pros

Cons

What Do You Need Before You Can Buy Shiba Inu (SHIB)?

Crypto exchanges strive to simplify the process of investing in digital assets. Listed below are the prerequisites before you can start trading SHIB on exchanges.

A trader account: First, you need to open a trader account with a reputable exchange or brokerage listing Shiba Inu. Multiple crypto trading platforms list Shiba Inu so you will have a range of options. However, you must carefully vet each platform before opening an account to ensure if it meets your trading needs.

Fund the account: Before buying Shiba Inu, make sure you have enough funds in your account. Capital requirements vary depending on your trading preferences. For instance, purchasing SHIB coins may be more expensive than buying a CFD contract that involves leverage trading.

Digital Wallet: After buying SHIB coins, you wish to keep them safe. Therefore, you need safe wallet storage. Usually, exchanges offer online wallets. However, these wallets are considered less secure. Consider storing SHIB coins in ultra-secure hardware wallets, especially when buying large amounts.

How Much Do You Need to Buy Shiba Inu (SHIB)?

There is no set amount you need to start investing in cryptocurrencies. Factors both within and outside your control usually influence the minimum and maximum investment amounts. Also, your preferred deposit method, investment strategy, and trading platform will likely affect the amount you will need.

Additionally, the maximum investment amount also depends upon several variables, such as your income stream, investment strategy, and risk tolerance level. Ideally, long-term crypto investments tend to be safer than looking for short-term profits.

Where Can You Buy Shiba Inu (SHIB) Today?

Shiba Inu is a favorite cryptocurrency for many industry enthusiasts. Nearly all crypto exchanges and brokerages offer SHIB coins on their product listings.

Depending on your preference, you can either buy real crypto coins or open a CFD position. Buying actual SHIB coins requires you to sign up with an exchange while registering with a brokerage firm like eToro enables you to open a CFD contract. Also, some hybrid platforms have both the option of buying actual coins and crypto derivatives. For instance, eToro sells real SHIB coins as well as CFDs.

With the increasing demand for cryptocurrencies, brokerage firms and exchanges are working to simplify the buying process. Today, all you need to do is open an account, verify your identity, and make a purchase.

What to Look for in a Shiba Inu (SHIB) Trading Platform?

Since multiple brokers and crypto exchanges list Shiba Coins, finding a legitimate platform to buy SHIB can drive you nuts. Here are some factors worth considering when choosing a platform to buy Shiba Inu.

Reputation

Unquestionably, a reputable broker remains fair and transparent in all aspects. Therefore, don’t forget to check out the platform’s online reviews and testimonials before signing up with it. Checking third-party review websites like Trustpilot can help you determine a platform’s worthiness by providing its trust score.

Regulation

Preferably, you should join a regulated exchange since it is considered safe compared to the non-regulated ones. However, it should also be sufficiently liquid, have adequate safeguards to protect your personal and financial information, and should be5accessible round the clock.

Trading cost

It’s not enough for a crypto exchange to have low transaction fees. Other than transaction fees and spreads, don’t frget to check variable costs, such as withdrawal processing fees. You can also compare the pricing structure of your selected broker or exchange with its competitors. Only use a cheap platform.

Supported payment methods

Reputable brokers and crypto exchanges have flexible payment options and low fees. Check your broker’s payment options to ensure it has your preferred payment method available.

Now that we’ve covered all the basics let’s look at the five best trading platforms to buy Shiba Inu (SHIB) conveniently.

1. eToro – Best for Social Trading

Number of Coins: 20+
Margin Trading: YES
Minimum Deposit: $200
Visit eToro

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eToro has been live since 2007. It is one of the most popular trading platforms for social trading. Besides holding a wide range of tradeable assets, including forex, cryptocurrencies, and CFDs, the platform offers a user-friendly trading interface along with rich educational and research resources. eToro holds dual regulations from the world’s most reputable regulatory authorities, including CySEC and FCA.

Buy Shiba Inu on eToro

At eToro, clients can access multiple basic and advanced risk management tools for an enhanced trading experience. The company’s social trading services are well suited for both newbies and professional traders experiencing skills or time constraint issues. Although the broker’s non-trading fees are relatively higher than the average industry standards, it keeps spreads cost pretty competitive.

Pros And Cons Of Buying Shiba Inu (SHIB) On eToro

Pros

Cons

Step By Step Process Of Buying Shiba Inu On eToro

  1. Visit the broker’s official website i-e www.etoro.com and click on the get started button to access the signup page.
  2. Fill in your details on the registration page, such as username, email id and password and accept the terms and conditions.
  3. Complete the KYC (know your customer) process and submit the relevant documents to verify your identity and address.
  4. On the deposit page, select your preferred payment method, such as debit/credit cards, bank transfers, Skrill, Paypal, Neteller, and enter the amount you wish to deposit.
  5. Navigate to the market tab and find Shiba Inu using the search bar. Select the crypto and enter your desired value on the pop-up window and authenticate transaction details.

Note: Upon successful payment, eToro transfers Shiba Coin to your account’s inbuilt wallet instantly but you can move them to third-party wallets.

2. Capital.com – Best for CFD Trading

Number of Coins: 12+
Margin Trading: YES
Minimum Deposit: 20 $£€
Visit Capital.com

78.77% of retail cfd accounts lose money

Capital.com is an online brokerage operating under the brand name Capital Com S.V. Investments Limited. While the broker accepts clients from over 180 countries and has regional offices worldwide, it holds regulations in the U.K., Cyprus, and Belarus.

At capital.com, clients can access over 3000 financial instruments across multiple asset classes, including cryptocurrencies. The company offers numerous deposit options in addition to a quick account opening process. Depending on your location, the broker may also accept Google Pay and Apple Pay. Low minimums and an instant withdrawal facility are among the main advantages of trading with Capital.com. The broker keeps customer funds in segregated bank accounts but doesn’t offer indemnity insurance. The firm also provides trading guides, educational materials, and news to help traders learn and grow.

Trading Shiba Inu at Capital.com is pretty straightforward. It provides personalized market insights and uses Artificial Intelligence technology to power its trading platforms and enable one-click order execution. After verifying your account, the broker only needs you to deposit $20 to start trading your favorite crypto asset.

While there are no deposit or withdrawal fees, the broker’s competitive spreads make it one of the best options for trading crypto CFDs. Clients can also open a demo account with the broker to practice trading without risking real money.

Pros And Cons Of Buying Shiba Inu (SHIB) On Capital.Com

Pros

Cons

Step By Step Process of Buying Shiba Inu (SHIB) On Capital.com

  1. On the broker’s homepage, click on the trade now button.
  2. Enter your email and password on the signup page and click continue to proceed to the next step.
  3. Access the dashboard and navigate to the deposit page. Select your preferred payment method from the list of available options, such as card payments, e-wallets, bank transfers, etc.
  4. Click on the trade tab and write Shiba Inu in the search box to find the tradable pair and set your trading preferences after indicating the required amount.
  5. Authenticate the transaction details to initiate the trade.

3. Coinbase – Best for Beginners

Number of Coins: 50+
Margin Trading: No
Minimum Deposit: 1 $£€
Visit Coinbase

Capital At Risk

Coinbase is a U.S based crypto exchange providing crypto trading services since 2012. Its user-friendly trading interface and hassle-free sign-up process make it an ideal crypto exchange for newbies. However, it also holds every reason to become the preferred choice of professional and institutional clients. In addition to offering Shiba Inu coin, the platform lists more than 50 altcoins. Traders can use multiple payment methods to fund their accounts, but the transaction cost could become a concern for some clients since they appear a little more expensive than other exchanges.

Buying Shiba Inu on Coinbase is super easy since it doesn’t take more than a couple of minutes to complete the purchase. However, the crypto exchange asks you to complete the KYC process before allowing you to buy any crypto asset. Clients can get started with as low as $1, but the minimum amount recommended for deposits is $50. In addition to providing seamless crypto trading services, the exchange offers USDC utility tokens and a custodial wallet for keeping your digital assets safe and secure.

Pros And Cons Of Buying Shiba Inu (SHIB) On Coinbase

Pros

Cons

Step by Step Process of Buying Shiba Inu (SHIB) on Coinbase

  1. Go to www.coinbase.com and click on the get started button available on the top right corner of the homepage.
  2. Enter your details on the signup page and click continue to proceed to the next step.
  3. On the dashboard, access the portfolio tab and navigate to the deposit page. Select your preferred payment method, such as credit cards, debit cards, PayPal, Skrill, etc.
  4. Enter the amount you wish to deposit and authenticate the transaction.
  5. Click on the trade tab, find Shiba Inu using the designated search box. Select the coin and press the buy button.

Note: Coinbase transfers Shiba Inu coins to your account as soon as the transaction gets completed.

4. Binance – Best for Low Fees

Number of Coins: 1500+
Margin Trading: YES
Minimum Deposit: 1 $£€
Visit Binance

Capital At Risk

Founded in 2017, Binance is the world’s largest cryptocurrency exchange. The platform is well-known for its low trading cost. It accepts clients from more than 200 countries worldwide.

Besides having a quick sign-up process, the exchange is pretty fast to process deposit and withdrawal requests. It makes it convenient for customers to buy their favorite crypto asset using multiple payment options, such as card payments, bank wire, and e-wallets. Traders can either buy Shiba Inu coins via the Binance web terminal or mobile trading app. Binance P2P exchange is yet another viable option to consider for purchasing Shiba coins.

The exchange also accepts fiat deposits so traders can use their debit or credit cards for deposits. The crypto exchange doesn’t ask for too much private information. Clients can proceed to account verification after filling in the essential details on the registration page. The platform’s customer support team remains readily available to help clients on a runtime basis. On the exchange’s pricing structure, it charges a small fee from both makers and takers depending on the volume they have traded in the last 30 days. Clients can also have special discounts on purchases made with Binance native token (BNB).

Pros and Cons of Buying Shiba Inu (SHIB) On Binance

Pros

Cons

Step By Step Process Of Buying Shiba Inu (SHIB) On Binance

  1. On the exchange’s official website, click the Register button and fill out the form.
  2. Complete the KYC process and submit the verification documents to get your account verified.
  3. Sign in to your account and go to the dashboard. Click on ‘Buy Crypto’ and choose your preferred payment method. Payments via credit or debit card, P2P transfers, or third-party channels like Simplex are all possible.
  4. Find Shiba Inu on the market tab and specify the amount of Shiba Inu you want to buy then confirm the transaction. As soon as the transaction is complete, the coins will appear in your account.

Other Ways of Getting Shiba Inu (SHIB)

Buying Shiba Inu coins through crypto exchanges and P2P platforms is the most common method. However, there are some other ways of getting your favorite crypto assets. Let’s list a few of them below.

Gift or tip

Buying Shiba Inu coins is relatively cheap and is accessible to all. For businesses, customers could be happily giving it away as a tip to appreciate your services. Your friends and family could also surprise you by sending Shiba Inu coins to your wallet as a gift. All you need is to set up a tip jar or a crypto wallet to start receiving your favorite coins.

Shiba Inu faucets

Shiba Inu faucets are websites that reward users for completing specific tasks. It could be as simple as watching a video, clicking a link, or filling out a survey. With the advent of digital currencies, faucet websites have also increased in numbers. However, be vigilant and avoid clicking any link unless you trust the faucet website.

Through mining

Like BTC and other cryptocurrencies alike, you can also get more SHIB coins through mining. However, the Shiba Inu coins mining process involves expensive hardware that might not be feasible for everyone.

How Can You Use Shiba Inu (SHIB)?

After buying Shiba Inu coins, you might wish to know the best way to use your digital assets. In this section, we list a few choices that are worth your consideration.

HODL as a speculative asset

Instead of actively trading Shiba Inu coins, you can HODL your assets for eternity or until you have a pressing need to liquidate the coins into cash. Not surprisingly, the value of your digital asset could have skyrocketed by that time.

Day trade Shiba Inu Coins

You can also day trade Shiba Inu coins. It involves buying your SHIB coins at lower prices and selling them at a higher price on the same day. Since Shiba Coins are relatively cheap, opening multiple positions might help you to make a reasonable return.

Settle your bills

You can also use Shiba Inu coins to pay for goods and services. Although not widely incorporated yet, retail merchants and online stores are likely to start accepting SHIB coins as a payment method soon.

Donate to a charity: Helping humanity in need can be a great way to use your Shiba Inu coins. Many human welfare organizations accept crypto donations these days. Find a charity or NGO that accepts SHIB donations.

What do Reddit & Quora users say about Buying & Investing in Shiba Inu (SHIB)?

Quora

Shiba Inu is one of the most enchanted cryptocurrencies these days. It’s only been a while that the coin entered the crypto space and got huge mass and media attention already. While seeking a public view on investment in Shiba Inu coins, we found that the Quora community holds a mix of opinions. According to some members, Shiba Inu can be a good fit for your investment portfolio if bought and held for a long-term basis. Others believe that the meme-coin isn’t suitable for short-term trading, neither is it a viable option to consider for long-term investment.

People against investment in Shiba Inu back their stance by arguing that the baseless hype of the crypto could vanish anytime soon, leaving people to incur severe losses. On the other hand, the community casting their vote favoring the meme coin believes that Shiba Inu is an excessively cheap tradable asset at times, and a devastating market move could only make them lose a few bucks. However, if the price surge and manages to come even closer to the price of the competitor coin (Dogecoin), it could help people make crazy profits.

Reddit

Reddit users also seem to have been actively discussing the prospects of investment in Shiba Inu. While most users appraise investing their money in the dog-themed coin, some people keep on rebuttal that it is unlikely for the crypto coin to succeed. According to users holding pessimistic views, the Shiba Inu coin has no individual identity. Being based on the Ethereum network doesn’t justify the reason for investing in it, they argue.

However, the majority of users see Shiba Inu as a worthwhile investment opportunity. They believe whether or not the SHIB price rises to $1. It can still make people accumulate healthy profits by moving from six digits to 3 digits after zero.

Bottomline

Shiba Inu is a high-risk investment. Unless you have a lot of patience and a gambling mentality, you shouldn’t own this crypto. Also, since the Shiba crypto is on Coinbase and Binance, the ShibaSwap exchange is unlikely to make any difference for crypto enthusiasts in terms of utility. Not to mention, Shiba Inu has once again initiated an uptrend. According to FXStreet experts, the crypto holds massive potential to grow as much as 300% in the months to come. Therefore, if you plan to stake your interest in the Shiba Inu coin, it might be the right time to do so. However, be curious and ready to lose money if things don’t work as expected.

Frequently Asked Questions (FAQs)

Yes. Shiba Inu is a decentralized cryptocurrency based on the Ethereum network. Hence, its consensus mechanism is also the same as Ethereum. However, the network anticipates shifting from Proof-of-Work (PoW) to Proof-of-Stake (PoS) and is currently in the transition phase.

Given its historical performance and recent price spikes, it can be a tough call to conclude whether it is worth your investment or not. Notably, Shiba Inu is currently only used for transfers to wallets, so its value is purely speculative.

SHIB needs around 35 network confirmations before it validates a transaction.

Considering Shiba Inu’s past price activity, ROI, and recent price spikes, it can be anticipated that the SHIB coin has the potential to grow in value in the future.

Burying refers to a term that defines an investment activity. It means staking your SHIB coins on the Shiba Inu blockchain and receiving additional SHIB coins as a reward.