Unleashing the Hype: A Guide to Buying Shiba Inu (SHIB) Meme Coins
Table of Contents
Meme coin Shiba inu (SHIB) has delivered tremendous returns for early investors, but it’s nowhere close to the price it traded near at the end of 2021. Nonetheless, some speculative traders are loading up on SHIB, hoping that the meme coin has some magic left.
Shiba inu was launched on the coattails of dogecoin’s success. This cryptocurrency shows the face of a shiba inu — a hunting dog in Japan that went after birds and rabbits. As a crypto asset, SHIB was launched in August 2020 and has since amassed a market cap of $8 billion.
The meme coin has been a dud over the past year and is down by more than 40% during that time. However, that doesn’t stop investors from buying SHIB, either hoping they can profit from its inherent volatility or that one day, it could defy all odds and reach the fabled 1-cent mark.
Data from CoinMarketCap suggests that approximately 1.5 million people now hold shiba inu. If you’d like to join them, this guide on how to buy SHIB will help you.
How to buy shiba inu (SHIB)
You first have to create a crypto wallet or open a crypto brokerage account with a firm that lets you trade SHIB. Luckily, the meme coin is now a mainstream cryptocurrency, so most brokerages that enable bitcoin trades will also let you buy and sell shiba inu.
Best Wallet
Best Wallet offers privacy that centralized crypto exchanges like Coinbase lack. You don’t have to enter your email address or provide sensitive details like your ID or Social Security Number to start trading on Best Wallet.
Coinbase
Coinbase is one of the most recognized crypto brokerage platforms. It was launched in May 2012 and gives investors access to more than 150 cryptos. More than 100 million people use Coinbase to trade cryptos like bitcoin, ethereum and shiba inu.
Ledger Nano X
Ledger Nano X is a hardware crypto wallet that makes your assets less vulnerable. You can choose from more than 5,500 cryptocurrencies, including SHIB. If you want to make trades, you can do them from the Ledger Live app.
Trust Wallet
More than 200 million people use Trust Wallet for their cryptocurrencies. You can choose from millions of assets across more than 100 blockchains. Shiba Inu is one of the many cryptocurrencies available on this app.
Robinhood
Rosinhood allows you to connect an external wallet or create a Robinhood Wallet. The company gives you control over your cryptocurrencies and several asset options, including shiba inu. You can also trade stocks on Robinhood and access great perks like 1% IRA matches.
Should you buy SHIB?
Shiba inu is a speculative cryptocurrency that is down by more than 40% over the past year. Some investors may view this crypto as a buy-the-dip opportunity, but it doesn’t have any intrinsic value. The coin doesn’t have the global appeal or limited supply like bitcoin.
SHIB can be a great asset for traders due to its volatility. However, if you want to buy shiba inu, it’s best to make it a small portion of your portfolio. There are more established cryptocurrencies that have better growth prospects than this meme coin.
