How to Buy Shiba Inu (SHIB) Cryptocurrency – NerdWallet

Shiba Inu ( SHIB ) cryptocurrency is an development of the “ doge ” meme that has been persistently popular among crypto enthusiasts. While SHIB shares some inspiration with Dogecoin, it operates using a different model that can support more complex transactions. You can buy Shiba Inu on many of the popular cryptocurrency platforms, and it is besides available on decentralized exchanges where you can trade SHIB for other cryptocurrencies. SHIB can besides be acquired through a process known as stake ( though this requires you to have some of this cryptocurrency, to begin with ). And theoretically, you could receive Shiba Inu as payment for goods or services. Before deciding whether to invest in Shiba Inu, it ’ s helpful to have at least a basic understand of how it works.

What is Shiba Inu?

Shiba Inu launched former in 2020, but it was relatively lightly traded before the bounce of 2021, when the crypto marketplace was on an upward swing, bringing many digital assets to all-time highs. such as with early cryptocurrencies in 2022, SHIB ’ randomness shine has faded as investors flee hazardous investments. Like crypto stalwart Dogecoin, Shiba Inu was inspired by the popular “ Doge ” meme — a widely mobilize movie of a shiba inu andiron. And it ’ south one of the largest among several other crypto projects that have used the chase as a mascot.

Dogecoin vs. Shiba Inu

The main dispute between Dogecoin and Shiba Inu is that SHIB is built using the Ethereum blockchain, enabling it to support more complex fiscal transactions than DOGE. Shiba Inu is a proof-of-stake blockchain. This means it does not support crypto mining like Dogecoin, which is built on a proof-of-work blockchain exchangeable to Bitcoin. While the technical details of this can be complex, the consequence for most casual users is that you can “ interest ” SHIB and earn more tokens as a wages. SHIB does not shy away from its meme heritage as it seeks to occupy the gap between utility and irreverence. For example, SHIB ’ s “ whitepaper, ” which lays out its mechanics and economics, is called a “ woofpaper. ” When you interest Shiba Inu, you ’ ra “ bury ” it. And when you lend it out to help power a decentralized rally, you ’ ra “ dig. ” Shiba Inu ’ s economy besides includes two company tokens, “ Leash ” and “ Bone, ” which are relatively rarer than SHIB and help incentivize people to keep its implicit in network running.

You decide: Is SHIB a good investment?

SHIB has lost a hearty parcel of its value in holocene months. As a leave, its total market capitalization, which exceeded $ 40 billion at its point, was below $ 5 billion by mid-june of 2022. See the current SHIB monetary value and its history below. Cryptocurrency is excellently fickle, and SHIB is no unlike. While its price has climbed quickly in the by, it has besides fallen precipitously. If you decide to invest in SHIB, you ’ re betting that more people will be concern in using products built using its engineering — driving up demand. You may besides believe that SHIB ’ s community of users will attract people away from more buttoned-up cryptocurrencies. Neither of these scenarios is a certain stake. If you decide to buy Shiba Inu, the process is alike to how you might purchase other cryptocurrencies. ad

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NerdWallet rating  NerdWallet ‘s ratings are determined by our editorial team. The scoring rule for on-line brokers and robo-advisors takes into account over 15 factors, including account fees and minimums, investing choices, customer support and mobile app capabilities .

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How to buy SHIB

You can buy SHIB in four steps.

1. Decide where to buy SHIB

Shiba Inu is one of the more democratic cryptocurrencies, and it is for sale on most centralize exchanges, such as Coinbase, Kraken and Gemini. If you don ’ deoxythymidine monophosphate already own cryptocurrency, you ’ ll probably have to buy SHIB in cash through one of these exchanges. » ready to buy ? here are our picks for best cryptocurrency exchanges. If you own cryptocurrency, you ’ ll have more options for buying Shiba Inu. While some centralized exchanges allow trades involving SHIB and other cryptocurrencies, it is available through many decentralized exchanges such as Uniswap. Shiba Inu even has its own decentralized substitution, known as ShibaSwap. Owners of Ethereum have many options if they want to acquire SHIB. For case, the popular MetaMask wallet allows you to convert ETH to SHIB directly. Whatever method acting you choose to buy Shiba Inu, be mindful of the costs you ’ ll incur. While some cryptocurrency marketplaces can impose trade fees, decentralized exchanges require you to pay network fees on the Ethereum blockchain, which can sometimes be high. » Learn more : How to buy cryptocurrency

2. Fund your account

If you ’ re using a centralize exchange, you ’ ll necessitate to deposit decree currency or another cryptocurrency into your explanation. With decree currency such as U.S. dollars, exchanges tend to offer bank transfers, debit card and credit card transactions. however, be careful using a recognition menu, as high-interest rates can worsen your losses in the event of a market downturn. besides, pay attention to the fees your exchange charges for moving money into your account. If you want to use another cryptocurrency, check if your exchange offers conversion to SHIB from early digital assets you own. This is true for both centralized and decentralized exchanges. not every exchange will provide the crypto-to-crypto trade pair you want to use.

3. Make your purchase

once you decide on your purchase, you ’ ll have a find to review how much SHIB you ’ re getting and at what price. This is alike on both centralized and decentralized platforms. You ’ ll besides want to look over the transaction costs. If everything looks good to you, you ’ ll be able to submit your transaction. Within a few minutes, the SHIB will be deposited into your account or your crypto wallet, and your payment will be deducted from your proportion.

4. Store your SHIB safely

You have two main options when storing cryptocurrencies, such as SHIB. If you use an substitute, you can leave it there. Storing your crypto on an exchange can be commodious and easier for beginners, but crypto exchanges can besides be targets for hackers because of the total of value they hold. » Learn more : Best exchanges to store your crypto

You can besides keep SHIB in your cryptocurrency wallet, where you control the information that enables you to spend or trade crypto. Wallets require slenderly more technical expertness, but they place the security in your manipulate. If you ’ re picking a wallet, use one that supports SHIB, as not all crypto wallets work with every cryptocurrency. » Learn more : How to choose a crypto wallet disclosure : The writer owned Shiba Inu, Dogecoin and Ethereum at the time of issue. The editor program owned Ethereum at the fourth dimension of publication .

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