Together with Dogecoin (DOGE), Shiba Inu is one of the world’s most talked-about meme coins. Discover more about the Shiba Inu project and learn how to buy and store your SHIB tokens.
Introduction to Shiba Inu (SHIBA)
Shiba Inu is a layer 2 solution built on top of the Ethereum blockchain. As a result, Shiba Inu has access to a range of decentralised applications (dApps), while also benefitting from the security of the Ethereum network.
Shiba Inu operates using SHIB, a meme coin that rose to fame in 2021 after investors witnessed its significant price appreciation. SHIB is an ERC-20 token, which means that it has the potential to be used within the wider decentralised finance (DeFi) industry.
Shiba Inu, or SHIB, is the main token of our ecosystem, bringing the power of a decentralized, community-led currency to millions across the globe.
SHIB TOKEN
Shiba Inu is a decentralised project that relies heavily on its extensive community, which is often referred to as the “SHIB Army.”
Learn more about Shiba Inu and SHIB in our “What is Shiba Inu (SHIB)?” article.
Where to buy Shiba Inu
Shiba Inu (SHIB) has proven itself to be an incredibly volatile token, even compared to an already volatile asset class. As a result, SHIB has ended up on the watchlists of many cryptocurrency investors, as well as in the hands of many cryptocurrency exchanges.
Cryptocurrency exchanges and trading platforms, such as eToro, are arguably the best places to buy Shiba Inu (SHIB). There are two different types of cryptocurrency exchanges: centralised and decentralised.
Decentralised exchange (DEX) — a person-to-person marketplace for buying and selling SHIB directly from/to another investor. Using a DEX, SHIB can usually only be bought with another cryptocurrency.
Centralised exchange (CEX) — a marketplace for buying and selling SHIB on the exchange itself. The exchange holds Shiba Inu (SHIB) tokens until an interested party makes a purchase.
Tip: Centralised exchanges are more beginner-friendly than decentralised exchanges for buying SHIB.
How to buy Shiba Inu (SHIB) on eToro
For many, eToro is an excellent option for trading cryptocurrencies, including Shiba Inu, Dogecoin and Bitcoin. The process of buying SHIB on eToro is fairly straightforward:
- Create an eToro account
Register on eToro by creating a username and adding in your personal details. Because it is a secure, regulated platform, eToro requires all of its users to verify their identity before they can buy Shiba Inu (SHIB).
- Deposit funds
Click on the “Deposit Funds” button and enter the amount you wish to deposit in your chosen currency. Select a deposit method and follow the necessary steps to finalise your deposit. - Buy Shiba Inu (SHIB)
Visit the Shiba Inu page to buy SHIB. Click “Invest” and decide how many SHIB tokens you would like to purchase using the fiat currency you deposited earlier. On eToro, SHIB is represented as “Shiba (in millions)” or “SHIBxM,” which makes it easier to understand the cryptocurrency’s pricing structure. Clicking “Order” will enable you to buy a set amount of Shiba Inu tokens at a set price in the future.
How to keep and store Shiba Inu
When researching how to invest in cryptocurrency, many new investors are concerned with its apparent lack of security. Although this is inaccurate, it is still incredibly important to store your Shiba Inu (SHIB) safely once you have purchased it.
Many investors choose to keep their SHIB tokens on the platform that they bought it on. Many cryptocurrency exchanges, especially CEXs, are naturally secure, regulated platforms that utilise two factor authentication and other safeguarding measures.
On the other hand, some Shiba Inu investors prefer to store their SHIB tokens in a cryptocurrency wallet:
- Exodus — a free, multi-currency wallet that enables you to buy, swap and store SHIB tokens
- Atomic Wallet — a private and secure multi-currency wallet with 24/7 support
- MetaMask — an Ethereum-based cryptocurrency wallet with over 30 million global users
Learn more about Shiba Inu
Shiba Inu is a community-driven blockchain project. Despite SHIB’s foundations as a meme coin — a cryptocurrency with no real use cases — the network has quickly grown beyond that, with the Shiba Inu ecosystem now including its own metaverse, as well as various play-to-earn (P2E) games and non-fungible tokens (NFTs).
For those interested in learning more about the project before buying Shiba Inu, there are a range of resources available:
| eToro Academy | Online | A user-friendly platform, home to a wealth of information about Shiba Inu, cryptocurrencies and blockchain technology. |
| Shibpedia | Online | A comprehensive wiki about the Shiba Inu network, cryptocurrency and ecosystem. |
| Discord | Online | The “Official Shibatoken Community” discord. |
Final thoughts on investing in Shiba Inu
Shiba Inu (SHIB) was one of the most widely talked about cryptocurrencies during the 2021 bull market. Although initially created as a meme coin, SHIB has quickly outshined its biggest competitors, and the Shiba Inu developers have focused on creating a vibrant ecosystem around a loyal community.
Some investors are interested in buying Shiba Inu (SHIB) because of its volatility, while others are deterred by it. Consider whether or not Shiba Inu suits your risk-profile before committing real money to a trade.
Learn more about investing in cryptocurrencies on the eToro Academy.
FAQ
- Should you buy Shiba Inu (SHIB)?
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As is the case with all cryptocurrencies, Shiba Inu is a risky investment. It is highly volatile in nature and was originally created as an experiment in community building. Although Shiba Inu’s developers are building a considerable ecosystem around the SHIB token, there will probably always be a limit to its wider adoption.
However, as has been proven in the past, SHIB’s price movements are more reliant on its community than any other cryptocurrency, so there is still potential for the crypto token to see considerable price appreciation in the future.
- How many Shiba Inu (SHIB) tokens are there?
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There is a fixed supply of one quadrillion SHIB tokens, although Ethereum co-founder Vitalik Buterin was responsible for permanently burning over 400 trillion of these in 2021. The Shiba Inu community has also created a burning initiative to lower the maximum supply of the cryptocurrency, with the burn rate and total burn figures being tracked on Shibburn.
- Can you buy Shiba Inu (SHIB) with Ethereum?
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Because SHIB is an ERC-20 token, it is possible to buy or swap SHIB with Ethereum (ETH) at some cryptocurrency exchanges. Decentralised exchanges are among the most popular places for swapping one Ethereum token for another, but remember, gas fees can make these transactions incredibly expensive.
Alternatively, investors could consider selling one cryptocurrency on an exchange such as eToro, and then using those funds to purchase SHIB on the same platform.
This information is for educational purposes only and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to, buy or sell any financial instruments.
This material has been prepared without regard to any particular investment objectives or financial situation and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Not all of the financial instruments and services referred to are offered by eToro and any references to past performance of a financial instrument, index, or a packaged investment product are not, and should not be taken as, a reliable indicator of future results.
eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this guide. Make sure you understand the risks involved in trading before committing any capital. Never risk more than you are prepared to lose.