Carefully consider investing in SHIB as part of a wider strategy, and talk to a financial advisor if you have any questions. If you see colorful charts with a range of prices, you’re probably in the spot market. Some platforms only offer 1 way to buy Shiba Inu, while others provide several choices. The 2 most common ways to buy SHIB are on the spot market or with an “instant buy” feature. This is a standard security procedure for most exchanges in the US and requires you to upload some photo ID, and in some cases a selfie with today’s date. The Shiba ecosystem is divided into multiple tokens – SHIB, LEASH and BONE – each with different functionality.
Therefore, ensure you do your due diligence before adding this meme token to your portfolio. Additionally, retailers increasingly started adopting SHIB as a means of payment following its popularity among small-time investors. American electronics retailer Newegg added SHIB at the start of December 2021, partnering with crypto payments platform BitPay to unlock payments in SHIB. At one point, the Shiba Inu community called for McDonald’s to accept Shiba Inu, although the social media effort eventually fell short. You can buy Shiba Inu on many of the popular cryptocurrency platforms, and it is also available on decentralized exchanges where you can trade SHIB for other cryptocurrencies. Shiba Inu is one of several cryptos that are called “meme coins,” thanks to their origins in popular Internet memes.
- While SHIB shares some inspiration with Dogecoin, it operates using a different framework that can support more complex transactions.
- The blockchain manages the transactions of the coin and records every purchase.
- Elon Musk regularly tweeted memes and support of dogecoin and investors looked for other canine coins to invest in, with the shiba inu token (SHIB) happily benefiting from the interest.
- SHIB has lost a substantial portion of its value in recent months.
- It was created as a solution to Dogecoin’s inefficiencies, but it still doesn’t have much use case.
We may also receive payment if you click on certain links posted on our site. Shiba Inu was created in August 2020 as an alternative to Dogecoin (DOGE), another meme coin that uses the Shiba Inu dog breed as its mascot. SHIB is built on the Ethereum blockchain and was launched with a total supply of one quadrillion—making it far more prevalent than other cryptocurrencies like Bitcoin. Shiba Inu, an Ethereum-based cryptocurrency and popular memecoin, is often compared to Dogecoin thanks to the fact that they have the same fluffy Shiba Inu dog mascot. Despite its tongue-in-cheek name and icon, Shiba Inu is a cryptocurrency with serious money behind it and sits in the top 15 cryptocurrencies ranked by market cap.
The Bankrate promise
Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. Shiba Inu launched late in 2020, but it was relatively lightly traded before the spring of 2021, when the crypto market was on an upward swing, bringing many digital assets to all-time highs. Such as with other cryptocurrencies in 2022, SHIB’s shine has faded as investors flee risky investments. If you want to invest in cryptocurrency—but are looking for other options for Shiba Inu or individual coins—consider exchange-traded funds (ETFs).
Confirm details with the provider you’re interested in before making a decision. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. Once you’ve bought some SHIB, think about your short and long-term goals.
Note that each platform’s fee structure is different and may require more or less money depending on which form of payment you use. The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive payment from the companies that advertise on the Forbes Advisor site.
Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Notably, the desire to provide more utility to users has seen the self-proclaimed “doge killer” become the second-most popular meme coin in the market. Shiba Inu (SHIB) is a decentralized meme token created in August 2020 by an anonymous person or group of people under the pseudonym Ryoshi. It is based on the Ethereum blockchain and is one of the most popular dog-themed cryptocurrencies in recent years.
You’re our first priority.Every time.
Ordinarily, a meme coin offers owners little to no utility compared with more established cryptocurrencies such as bitcoin and ether. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.
How to buy other cryptos
Shibarium is Shiba Inu’s Layer 2 solution, the blockchain where Shiba Inu and other tokens in the Shiba ecosystem, like Leash and Bone, are deployed. The Shiba ecosystem also has a metaverse called the Shiba Metaverse, which gives users a place they can build, 5 steps to calculate units of production depreciation run, and grow their projects. The immersive virtual world features a WAGMI temple, the first of 11 HUBs in SHIB The Metaverse, which previewed at the SXSW XR Experience also in March 2023.
Popular Tokens on the Ethereum Chain
Therefore, conducting thorough research is essential before making the decision to add Shiba Inu to your crypto portfolio. Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. Andrey Sergeenkov is a freelance writer whose work has appeared in many cryptocurrency publications, including CoinDesk, Coinmarketcap, Cointelegraph and Hackermoon. In a blog post, the developers wrote the focus will be on the Metaverse, gaming and NFTs as well as be used as a cheap settlement for decentralized applications (dapps) built on Shibarium. Every transaction will burn SHIB tokens, but the details are still to be determined.
Many cryptocurrencies look legit, but more research can show you the ones worth investing in. A good rule of thumb is to read the whitepaper or litepaper of the crypto you intend to buy; a litepaper, if you can find it, is better. It is the concise version of a whitepaper that will give you the information you need to make a better decision. If you would like to know where to buy Shiba Inu at the current rate, the top cryptocurrency exchanges for trading in Shiba Inu stock are currently Binance, Bybit, BYDFi, OKX, and BloFin.
The live price of the Shiba Inu coin (SHIB) is updated and available in real-time on Binance. Owners of Ethereum have many options if they want to acquire SHIB. For instance, the popular MetaMask wallet allows you to convert ETH to SHIB directly. If you decide to buy Shiba Inu, the process is similar to how you might purchase other cryptocurrencies. Shiba Inu’s economy also includes two companion tokens, “Leash” and “Bone,” which are comparatively rarer than SHIB and help incentivize people to keep its underlying network running. Remember that owning and using Shiba Inu is not without its risks.