The popularity of meme coins has been growing tremendously and doesn’t look like it will lose steam soon.
Unlike crypto, which grows because of real-world utility, the reason behind the growing popularity of meme coins is because of strong community support.
Among the meme coins that have grown dramatically is the SHIB coin. Let’s answer essential questions like what it is and where to buy Shiba coin.
What is a SHIB coin?
Shiba Inu is a native Japanese dog breed. It is the symbol for Dogecoin. An anonymous user in a Japanese group created a token that shares a name with the dog breed to add to the dog meme cryptocurrencies. Shiba Inu’s popularity increased so much in 2021 that it now threatens Dogecoin. It became more popular than other meme coins, including Dogelon Mars, Akita Inu, and Floki Inu.
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SHIB is an ERC-20 token based on Ethereum, robust and secure crypto with decentralization support. Just one year after its inception, the value of the SHIB coin increased by 150 million percent. The coin has the backing of many supporters, popularly known as the ShibArmy. Many online influencers promote the currency. In 2021, the SHIB coin surpassed the number of Twitter followers for popular coins like Solana, Cardano, and Ethereum. The coin’s popularity grew after Ethereum’s lead engineer donated $1 billion worth of SHIB coins to coronavirus mitigation in India.
How many total SHIB coins exist?
One of the jaw-dropping statistics of the Shiba Inu is its total supply. At inception, one quadrillion SHIB tokens were minted. It is the highest number of any crypto ever developed.
Ryoshi, the developer of SHIB, transferred half of the supply of SHIB coins to Uniswap. Uniswap is a decentralized crypto exchange where users swap cryptos using smart contracts. Ryoshi moved the remaining half of the SHIB coins to Vitalik Buterin with the hope that he would lock them away forever. People criticized why he would transfer such a large amount to a wealthy individual. However, Buterin appeased the community by donating 50% of his holdings to COVID relief efforts in India. He still owns 45% of all SHIB coins. It raises questions about whether the SHIB is decentralized.
Where to buy Shiba Inu
After the success of the SHIB coin, many of the most popular crypto exchanges added it to their tradable assets. People asking where to buy Shiba coin can safely purchase it from these four crypto exchanges.
1. eToro – The best place to buy Shiba coin
eToro has a solid reputation among the major cryptocurrency exchanges. The exchange has strict regulation by watchdogs such as ASIC, CySEC, FCA, FinCen, and the FCA. It has many beginner-friendly features and has among the lowest fees.
eToro charges a meager 1% commission for any trade (plus the spread). It has no hidden fees. Moreover, you can use the streamlined deposit process to add as little as $10 to your account. The icing on the cake is that eToro has 45 tradable assets.
2. Crypto.com – A popular exchange with low fees
With 250 tradable assets, Crypto.com blows other exchanges out of the water. Its crypto app is also among the best in the industry. If you prefer to use a PC, you can use the web-based version of the platform.
Experienced traders can use a maker/taker model where they pay a 0.4% fee on both sides of the trade. This fee drops by 10% if you use the CRO–Crypto.com’s in-house token. Using the Crypto.com app, you can buy assets directly using your credit card. The exchange waives your fees for the first month.
3. Coinbase – Where to buy Shiba Inu for beginners
Coinbase is a popular exchange offering web-based and app-based trading. You don’t need to own any crypto before acquiring SHIB coins–you can purchase them directly using a credit card.
The fees in Coinbase are straightforward. You pay a commission plus a spread of around 0.5%. The commission varies depending on your payment method and your trade volume. However, users of Coinbase pro pay a 0.4% maker fee plus a 0.6% taker fee.
Coinbase is also very safe because most of its assets are in cold storage. Moreover, any USD cash balance is insured by the FDIC up to $250,000.
4. Binance – Huge exchange with numerous assets
Binance is the current biggest crypto exchange. It has a vast array of tradable assets, including the SHIB coin. If you are looking for where to buy Shiba coin, Binance gives you a plethora of crypto-to-crypto pairs and many of the best DeFi coins.
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How to buy Shiba Inu
The crypto exchanges above are great starting points if you want somewhere to buy Shiba Inu in 2022 with low commissions and spreads. The crypto exchanges require you to start with deposits as low as $10.
The buying process is straightforward.
First, open a trading account at one of the exchanges.
Secondly, deposit funds using one of the numerous options such as credit/debit card, PayPal, or bank wire.
Third, look for SHIB or Shiba Inu and initiate the purchase.
Lastly, decide how much you want to invest and complete the transaction.
Pros of Shiba Inu
· Shiba Inu is very cheap. Therefore, you can buy numerous coins at a low cost.
· The SHIB coin is now a large-cap asset–it is a small-cap asset that gained traction and survived. It is a relatively safe long-term investment.
· The SHIB coin has impressive trading volumes and solid profit potential. Your Resource For Everything Finance
· Many crypto exchanges offer the Shiba Inu.
Cons of the Shiba Inu
· Online searches for Shiba Inu almost always give you results about the dog breed and can be confusing for beginners.
· The coin’s blockchain is not independent.
· Stiff competition
Does the Shiba coin have the millionaire-maker potential?
Yes. It has excellent potential thanks to the thriving community and increasing trade volumes.
How much should you buy?
It depends on your risk appetite. Short-term buyers should watch out for the current volatility of the asset.
The Shiba Inu is one of the most popular meme coins that appear to be excellent for long-term investment. Despite stiff competition from Dogecoin, it is holding up well in the crowded crypto space. Moreover, people looking for where to buy Shiba coin have many safe places to buy the asset.