In 2013, a group of software developers created Dogecoin, a cryptocurrency named after a popular internet meme. The project was a joke, intended to illustrate the point that thousands of cryptocurrencies were being created without regard to purpose or long-term market needs.
Dogecoin kicked off a new kind of cryptocurrency. The crypto market now includes hundreds of memecoins, currencies like Dogelon Mars, Kitty Inu, Loser Coin, Hoge Finance, MonaCoin, DogeBonk, Woof, Pepemon Pepeballs, Zelda Inu, DogeCola, FarmerDoge, and Zombie.
One of the new memecoins became notorious during 2021. Shiba Inu – named for the breed of dog in the Doge meme – became one of the hottest cryptocurrencies on the market when its value rose from 0.00000004 euros per token in May 2021 to 0.00006135 euros at the end of October. A single euro’s worth of SHIB purchased in May 2021 rose in value to more than 1,500 euros in less than six months.
SHIB groups on the internet went crazy. Memecoin investing started to look like a smart strategy.
Here’s a quick overview and a few tips on where and how to buy Shiba Inu.
WHAT MAKES SHIBA INU SPECIAL?
Shiba Inu was launched in August 2020 by an anonymous person or group using the name Ryoshi – a Japanese word meaning “fisherman.” Instead of the detailed project plan customarily known as a whitepaper, SHIB came with a woofpaper. The project was largely tongue-in-cheek from the start. But the Shiba Inu token is not just a joke.
Built on the Ethereum blockchain, Shiba Inu tokens can execute smart contracts, create non-fungible tokens (NFTs), and provide passive income to users who stake tokens to liquidity pools. The Shiba Inu ecosystem includes a cryptocurrency exchange called ShibSwap and a developer community known as the Shib Army.
In May 2021, Ryoshi sent half the supply of SHIB – 500 trillion tokens – to the public crypto wallet of Vitalik Buterin, the creator of Ethereum. Buterin promptly destroyed 90% of the SHIB in a process called “burning.” He donated the remaining tokens, worth about 1 billion U.S. dollars, to a Covid-19 relief fund in India.
Often referred to as the “Doge Killer,” Shiba Inu has delivered substantial returns to investors who purchased the crypto when its price hovered just above 0€. SHIB is now listed on major crypto platforms, including Kriptomat. With market capitalization of more than 13 billion euros and a circulating supply of more than 500 trillion tokens, SHIB is now routinely listed among the top 10 or 20 cryptocurrencies at many exchanges.
In August 2020, a single anonymous trader purchased 70 trillion SHIB tokens for about 7,000€. A year later, the rising price of Shiba Inu gave the stake a value of more than 5 billion euros – a 7.1 million percent return.
All of this has made Shiba Inu attractive to forward-looking investors and motivated them to learn how to buy SHIB.
WHERE TO BUY SHIBA INU
There are lots of places to buy cryptocurrency. Many old-fashioned platforms require buyers to install external wallets, secure hexadecimal cryptographic keys, and interact directly with blockchain technology. For most users, that’s not where to buy Shiba Inu. If you don’t have a computer science degree, the best way to buy and sell SHIB is to create an account at a custodial crypto platform like Kriptomat. These online services provide the current trading price for SHIB and offer you a chance to make a purchase. If you are new to the crypto world and looking for how to buy Shiba Inu, custodial platforms are a great choice.
Creating an account is more than selecting a user name and making up a password. Reputable exchanges will require you to verify your identity by providing a copy of your government-issued ID and perhaps other documents. These Know Your Customer regulations are legally required by sites and applications that comply with the anti-money laundering provisions of the EU’s GDPR.
Identity verification can be a long, complicated process that takes days or longer at some sites. At streamlined sites like Kriptomat, which operates throughout the EU and around the world, you can complete the simple process in minutes.
You start by providing your address and uploading a high-resolution photograph of your passport (or, in some countries, driving license). Finally Kriptomat guides you through creating and uploading a selfie – a photograph that matches the photo on your government ID. If all goes well, your identity will be verified within a few minutes.
HOW TO BUY SHIBA INU
The next step is to fund your account so you can buy Shiba Inu and other crypto. Common options include credit and debit cards, bank wire transfers, and cash-transfer services like Neteller and Skrill. Credit and debit cards are generally the safest and easiest, but reputable crypto exchanges offer multiple options.
Once your deposit has shown up in your account, you can make a purchase. Depending on the exchange, you might view the SHIB page and press “Buy” or select “Buy” from a menu and choose SHIB from a list of cryptocurrencies.
That’s all there is to it – you are now an expert at how to buy SHIB. The key decision is choosing where to buy Shiba Inu. Evaluate licenses, security procedures, investment tools, and customer support to find the platform that suits you best.
You don’t wind up with physical coins when you buy Shiba Inu. The tokens you purchase are transferred to your electronic address on the Ethereum blockchain that serves as SHIB’s technical foundation. You may one day choose to install cryptocurrency wallet software that lets you access the blockchain, but most users prefer to use a custodial platform like Kriptomat that secures their cryptocurrency and handles complex blockchain transactions on their behalf.