Memecoins made significant ground in 2021, and one of the most prominent in this respect was Shiba Inu. Designed as an alternative to Dogecoin, this cryptocurrency captured the imagination of many corners of the internet and has built a strong following since launching.
If you’re still looking to invest in Shiba Inu, it’s worth doing some prior research. Luckily, you’re in the right place if that’s what you’re looking for. This guide will tell you everything you need to know about investing in SHIB, along with the pros and cons – and whether or not it’s safe to do so.
Best Way to Invest in Shiba Inu in 2023
Compared to many alternative cryptocurrencies, it’s pretty easy to buy Shiba Inu online. But due to the sheer number of options, it can sometimes be tricky to make the right choice. To help you out, we’ve listed our favourite providers in the table below.
What Is Shiba Inu - Quick Overview
Name and ticker Shiba Inu (SHIB)
Date launched August 2020
Circulating supply | max supply: 589,735,030,408,323 | No specified maximum supply
Blockchain network Ethereum blockchain
Creators Ryoshi (anonymous online figure)
Use-cases Memecoin, investing, art
Famous Backers Kai Greene, Nick Carter
Social media Twitter | Reddit | Instagram
What Is Shiba Inu – Explained
In a relatively short space of time, Shiba Inu has grown into one of the world’s most prominent memecoins. The token first came onto the scene in the summer of 2020, and its original creator is known as “Ryoshi” – but the person’s actual identity remains unknown as of February 2022.
Shiba Inu has already become significant in the cryptocurrency space and is the 14th-largest on the planet based on market share. It takes up 0.87% of the overall market and has a market cap that exceeds $17 billion quite considerably.
At the time of writing, SHIB has over 549 billion tokens in circulation. No maximum market supply has been announced at the moment.
Why Was Shiba Inu Created?
Many cryptocurrencies have a particular reason for existing, and usually, this is to solve significant problems surrounding decentralisation or finance.
Shiba Inu’s original reason for creation was purely for fun. Since then, however, the project has been used for several initiatives – such as helping India recover from the COVID-19 pandemic.
What Are Shiba Inu’s Use Cases?
Compared to many major altcoins, Shiba Inu’s use cases are somewhat limited. The primary reason that people use the token is to invest and potentially make a profit.
Another reason that people use Shiba Inu is due to the Shiba Inu incubator, which allows creators to share their art.
Besides making short-term profits, many people have chosen to hold SHIB tokens in the hope of making additional money in the long term.
Does Shiba Inu Have a Big Following on Social Media?
For many cryptocurrency projects, the best way to interact with their audiences is through social media. A large number of the main ones, as well as some of the lesser-known coins, have significant presences on multiple platforms – allowing supporters to get all the latest news they need.
Shiba Inu is present on a couple of the main social media platforms, and the project has a fiercely loyal following. It’s particularly huge on Twitter, where over 2.8 million people follow the official account.
SHIB is also on Instagram, where its following is somewhat smaller. Here, 142,000 people have chosen to follow the official account as of mid-February 2022.
Many cryptocurrency projects are present on Reddit, which is often the best place for supporters to interact with one another. Shiba Inu is no different in this respect, and its forum on this particular platform is pretty large. Over 465,000 people are members of the subreddit.
Are There Any Famous Backers of Shiba Inu?
Some memecoins, notably Dogecoin, have acquired famous backers that have no doubt played a role in their increased popularity. Many celebrities have also expressed their interest in cryptocurrencies in general, with several well-known names holding tokens and some even choosing to start their own projects.
Shiba Inu’s large following online has partially been helped by the fact that some pretty famous individuals have bought the token. Kai Greene, who appeared in the Netflix series Stranger Things, is one of those people; he has also tweeted on several occasions about the token.
Another famous person that has backed Shiba Inu in the past is Nick Carter from the Backstreet Boys. Like Greene, Carter has tweeted numerous times about the currency.
How to Buy Shiba Inu
Buying Shiba Inu online is pretty straightforward, and you’ve got plenty of places where this is possible. One of the most common ways to purchase the token is from a cryptocurrency exchange, which also happens to be one of the most convenient.
To buy your SHIB tokens from a cryptocurrency exchange, you’ll need to sign up for an account. Typically, this will need to be verified via a know your customer (KYC) check – which is for legislative and anti-money laundering (AML) compliance purposes.
Once you’ve verified your account, you can deposit your fiat currency of choice. Keep in mind, though, that some might not be available – so you might have to use something like the Euro or US Dollar instead.
When your account has funds, you can submit a buying order to get a hold of your SHIB tokens. Once you’ve received these, which should be ASAP, it’s a good idea to store your tokens in a secure wallet.
Another popular way to invest in Shiba Inu is through purchasing derivatives. This method is arguably more beginner-friendly since you won’t need to deal with the technicalities of owning and setting up a cryptocurrency wallet.
When you purchase SHIB derivatives, you won’t own the tokens outright. To get a hold of them, you’ll typically need to use a cryptocurrency brokerage. One of the best that offers this token is eToro.
If you choose to buy derivatives from eToro, you can follow the steps we’ve listed below:
Step 1: Create an Account and Verify It
Step 2: Click “Buy”
Step 3: Select the Amount
Step 4: Confirm the Transaction
How to Sell Shiba Inu
At some point, you might choose to sell your Shiba Inu tokens or derivatives if you see a profiting opportunity. When the time comes to do this, the steps to take will differ slightly depending on whether you’ve got tokens or derivatives.
If you purchased SHIB from a brokerage, the steps to sell these are simple. Once again, we’ll use eToro as our example to show you.
Step 1: Log in to Your Account.
Step 2: Click “Sell”
Step 3: Confirm Your Transaction
If you purchased tokens instead of derivatives, you could sell them on the same exchange that you bought them from. In this case, you’ll need to transfer your Shiba Inu from your wallet to the account again. From there, you can submit a selling order.
Once your selling order has been processed, you can receive your fiat money.
Alternatively, you can swap your tokens from another cryptocurrency. This is a good option if you want to invest in alternative currencies; you can do this through a cryptocurrency wallet.
Alternative Ways to Invest in Shiba Inu
While cryptocurrency exchanges and brokerages are two of the most popular ways to invest in Shiba Inu, they’re not the only ones. You can find a couple of options when looking to profit on the currency, some of which are perhaps better suited to your needs.
Below, we’ve outlined the best alternative ways to invest in Shiba Inu.
Cryptocurrency Wallets and Apps:
If you don’t want to sign up for an exchange or brokerage account, you can invest in SHIB from a cryptocurrency wallet. Some have dedicated places for you to swap your tokens with ease.
Staking:
Staking is an excellent way to invest in Shiba Inu if you plan on holding your coins in the long run. You can use this method to put your coins out there and help with protocol-related issues.
Buying From a Friend:
If you’ve got a friend who already has SHIB tokens, it might be worth asking if they’re willing to send some over to you. You can negotiate a price and decide on how you’d like to pay them.
Is It Safe to Invest in Shiba Inu Right Now?
In terms of whether it’s safe to invest in SHIB from a profiting perspective, that’s a difficult question to answer. Yes, the project has a strong following – and it’ll likely stick around for some time. But unlike many other cryptocurrencies, it doesn’t yet solve a significant enough issue for us to believe that it will grow in value sustainably.
Having said that, it might be worth investing in Shiba Inu if you have genuine faith in the project.
When looking at things from a security-based perspective, the best way to protect yourself is by using a reputable cryptocurrency exchange or brokerage. We have listed the best ones we believe are safe to invest in earlier in this guide, so it’s a good idea to start with them.
But even if you use a reputable exchange, there’s still no guarantee that something won’t happen. You can do several things to protect yourself, including:
Always enable two-factor authentication (2FA) on your accounts.
Store your coins in a cold wallet where possible, especially if you plan on investing in the long term.
Never ask for help away from official websites and forums.
Only ask for the necessary documents when you undergo KYC checks.
Never give anyone else your login details, and change these if you suspect that someone has them.
