Learn how to buy Shiba Inu coin if you are in the U.S. or the rest of the world. Also, learn what the craze about the coin is all about and our Shiba Inu coin price prediction.
What is the Shiba Inu Coin?
The Shiba Inu coin was created as a parody of the meme token Dogecoin. Dogecoin had received some tacit support from the world’s third-richest man at the time, Elon Musk in 2020. At that time, Elon Musk had made a cryptic tweet, using the logo of Dogecoin and saying: “who let the Doge out?” A few weeks and more tweets later, Dogecoin made an astounding 10,000% return and made several people very rich.
The Shiba Inu is a dog that is native to Japan. It is the dog that is featured on Dogecoin’s logo. When Dogecoin’s performance became too big to ignore, an anonymous individual named Ryoshi (aka the Dogecoin killer) created the Shiba Inu coin as an ERC-20 token on the Ethereum blockchain.
The reference to the Shiba Inu coin as a Dogecoin killer stoked market interest almost immediately, leading to a surge in the price of this token when it was listed on several exchanges.
How to buy Shiba Inu coin in the U.S.?
Presently, Crypto.com offers traders the opportunity to buy the Shiba Inu coin in the US. You can also buy Shiba Inu coin on Binance US. If you are trading Shiba Inu as a CFD (in which case you trade on margin and do not own the token), you can do so on the eToro US platform.
The following steps demonstrate how to buy Shiba Inu on the Crypto.com exchange.
The first step is to register for a new account on the Crypto.com platform. You can do this on the website or on the mobile app. If you are using the mobile app, you can download it on the Google Play Store (Android devices) or on the App Store (iPhone/iPad).
Using the app allows you to buy Shiba Inu coin using your credit card or via bank transfer. If you trade on the website (Crypto.com Exchange), you have to deposit with crypto to trade Shiba Inu. Once you have done this, create your account and log in.
Click on price. This opens a new browser window. Alternatively, you can log in, then click on the EXCHANGE button on the top left corner of the chart.
Scroll down the page until you see the Shiba Inu coin. On the right hand side of the coin listing, click on the TRADE button.
Once you get on the Crypto.com exchange interface, look for the pair display on the top left of the screen. Click on the small white drop-down arrow beside the pairs. It opens the listing of the pairs, with the four primary cryptos against which all the altcoins listed on Crypto.com are traded. These deposit coins are Tether (USDT), USD Coin (USDC), Bitcoin (BTC) and the Crypto.com native token (CRO).
In the search box, with the USDT deposit coin selected (if you prefer to trade Shibu against the USDT), type “SHIB”. This displays the SHIB/USDT pair. Click on it.
This action displays the SHIB/USDT pair, along with its chart, order book and the trade function to the right where you can buy or sell Shiba Inu coin.
To buy Shiba Inu coin with USDT, you can use Limit orders to get a cheaper entry price, or you can use a market order to buy at the current price.
Enter the order details as required:
preferred price (if using the Limit order)
amount of Shiba Inu coins to be purchased. You can also pre-select this by using 25%, 50%, 75% or 100% of your USDT holdings by moving the circle slider just below the AMOUNT box. This displays the total USDT to be used, and the number of Shiba Inu coins to be purchased.
When you are set to execute the trade, click on the blue bottom to complete the purchase. If you are want to buy Shiba with Bitcoin, or USD Coin or Cro, go back to the top corner of the screen, click the small white arrow beside the pair, and click the appropriate deposit coin.
How to Buy Shiba Inu Coin in Rest of the World
If you are looking for where to buy Shiba Inu coin and you are a non-US citizen or resident, there are a lot of options for you. You can fill your Shiba Inu coin purse with tokens purchased from Binance, Houbi Global, Gate.io or KuCoin. For this example, we will use Binance as the source of Shiba Inu coins.
It is assumed you have registered with Binance or any of the exchanges mentioned above. Login to your account, then click on Markets at the top left corner of the page.
Next, click on FIAT Markets (for USDT and other stablecoins) if you will use Tether, USD Coin, Binance Coin or other stablecoins to purchase the Shiba Inu coin. You can also select any of the fiat currencies (Euro, Pound, Brazilian Real, etc) if you will use fiat to buy Shiba Inu coin. Use the search button on the right corner of the page, and type “SHIB”. It displays the price information for the SHIB/USDT pair.
Click the TRADE button to enter the trading portal. This takes you to the advanced exchange portal where you can now buy your Shiba Inu coins. Like before, you can use 25%, 50% or 100% of your USDT holdings to set the trade parameters, simply by sliding the pointer below the AMOUNT tab. You can also enter the amount of USDT you will spend in manual format.
Complete the trade by clicking the BUY SHIB green button.
Should You Buy Shiba Inu Coin on Margin or Spot?
Buying Shiba Inu on margin means you trade Shiba Inu as a contract-for-difference asset. You will not be holding the Shiba Inu coin. Rather, you will buy or sell a contract on the Shiba Inu token, and trade it with leverage. This trade type is risky, and it is possible for the value of your contract to diminish and eventually become worthless if the trade moves against you. It is not something you want to hold for months or years. Not with the kind of moves seen in the cryptocurrency market. So buying Shiba Inu coin on margin is for traders.
If you love to hold coins for some time, then you can buy the actual Shiba Inu coins on a cryptocurrency exchange. Since the coins are yours and you can only profit or lose when you actually put up the coins for sale on an exchange, you can afford to hold Shiba Inu coins for a long time. If you get your initial Shiba Inu price predictions wrong and the price dips against you, you can afford to wait for the price to recover. So buying Shiba Inu coins to hold is the way to go for HODLers.
Pros and Cons of Using a Hard Wallet
Wallets are used to store cryptocurrency tokens purchased on an exchange, on P2P platforms or from face-to-face exchange. There are different kinds of wallets. They can be broadly classified as hard wallets and soft wallets. Most people that have been involved in the cryptocurrency market use all types of soft wallets (online wallets, smartphone wallets, etc).
Hard wallets are physical devices where you can store your private keys and other information related to your crypto holdings. The trading strategy and risk appetite usually determine the type of wallets used by crypto enthusiasts.
Hard wallets are considered safer than soft wallets because they are not exposed to online hacks and scams. However, just like almost anything else, there are pros and cons to using hard wallets.
Hard wallets are not exposed to online hackers or scams because they are offline wallets that exist in physical form.
There is an option to provide a backup of the stored information, in case the device is lost or stolen.
If the device is set up with multiple layers of authentication, the information contained within the wallet cannot be accessed by a third party.
Being a physical object, a hard wallet can be damaged, lost or stolen, leading to the loss of the private keys of the cryptos contained in them.
Unlike online wallets or soft wallets which cost next to nothing to acquire, hard wallets are expensive. They are also not widely available on a global scale.
They have to be connected to a device such as a laptop to be used. They cannot be used on a standalone basis.
How High Could Shiba Inu Coin Price Reach?
The Shiba Inu coin price is trading well below its previous highs and is also trading close to its all-time lows.
Right now, the Shiba Inu coin price is bouncing off support at 0.00000732, formed by a previous low on 29 May/20 June, 2021. If the price bounces off this support, it targets the 0.00000895 price mark. Above this level, 0.00001205 (20/24 May 2021 highs), 0.00001485 and 0.00001795 marks the potential upside targets, with a lot of room between these levels and the all-time highs.
Only when 0.00000735 breaks down can we see a dip towards the multi-month low levels at 0.00000595 price level. Only the 19 May low of 0.00000429 has ever gone lower. This makes for great potential for bullish Shiba Inu coin price predictions some time down the road.