How to Buy Shiba Inu (SHIB)13-min read

Shiba Inu – A Primer for All Investors

The digital finance world experienced a phenomenon with the emergence of Shiba Inu. With a staggering market capitalization of over $40 billion by October 2021, it positioned itself prominently alongside major cryptocurrencies. Notably, Shiba Inu’s acceptance extended to major retail chains such as Nordstrom. Like every other digital asset, it’s imperative to understand its intricacies before investing.

On August 4th, 2023, a significant stride for Shiba Inu was taken when Binance, a leading cryptocurrency exchange, incorporated it as a collateral asset for its Flexible Loan and VIP Loan services. This incorporation led to a remarkable 5% price surge for SHIB.

From its inception in October 2020 to the culmination of October 2021, Shiba Inu reported a surge of 250,000,000%, transforming early-stage investors, who initiated with nominal investments, into financial magnates within a year’s span. Those who had invested merely a few cents or USD during its ICO stage or shortly after launch, became multi-millionaires within a few months. 

In This Guide:

1. What is Shiba Inu?
2. How to Buy Shiba Inu in December 2024
3. Additional Routes to Procuring Shiba Inu and Understanding Cryptocurrency Exchanges
4. Is Investing in Shiba Inu Coin Prudent?
5. Shiba Inu Coin Price Overview
6. Forecasting the Shiba Inu Coin’s Price
7. Exploring Shibarium: What Is Shibarium and What Does It Mean for SHIB?
8. Shiba Inu’s Tokenomics
9. Shiba Inu’s Burning Philosophy
10. Optimal Shiba Inu Wallets
11. Conclusion – Is SHIB a Good Investment?

What is Shiba Inu?

Digital currencies, as their name suggests, exist solely in the digital realm, with cryptocurrencies being the most prominent members of this group. Shiba Inu emerged as a meme token that caught the attention of the digital finance community in 2021.

The originator of this canine-themed digital currency goes by the pseudonym Ryoshi. There’s speculation, as suggested by Coinbase’s Conor Grogan, linking Ryoshi to Alameda Research, closely associated with FTX. Its surge in popularity finds parallels with notable entities like the Yuga Labs NFT collection – Bored Ape Yacht Club, bolstered by the dedicated Shiba community across various platforms.

Shiba Inu is identifiable by its Japanese dog mascot and is notorious for its price volatility. Its inception aimed to address certain inefficiencies associated with Dogecoin. Nevertheless, its utility remains limited, though certain establishments like NOWpayments, Gucci, and Nordstrom have started accepting it.

The Shiba Inu ecosystem anticipates growth, especially post the Shibarium’s beta launch in March 2023, with the full launch aimed for August 13-17, 2023. Shibarium serves as Shiba Inu’s secondary layer, the foundational technology hosting Shiba Inu and related tokens such as Leash and Bone. The Shiba universe is expanding, showcasing its metaverse – the Shiba Metaverse, offering users a platform to establish and expand their projects. Notably, this metaverse introduced the WAGMI temple, one among the 11 hubs in SHIB’s Metaverse, making its debut at the SXSW XR Experience in March 2023.

Informed decisions are paramount when venturing into cryptocurrencies. The realm is filled with promising prospects, but thorough research delineates worthy investments. An effective strategy involves examining the crypto’s whitepaper or its concise version, the litepaper.

How to Buy Shiba Inu in India in December 2024

To secure Shiba Inu, either a cryptocurrency wallet or an exchange is required. An exchange offers comprehensive features allowing trading futures and earning through staking of Shiba Inu.

• Register on a Trusted Exchange: Platforms such as Libertex and Avatrade are among the many available.
• Undergo the KYC Process: Mandated by global Anti-Money Laundering norms, this verification step ensures the prevention of illicit activities.
• Select the Desired Shiba Pair: Shiba Inu typically pairs with renowned cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).
• Fund and Purchase: Deposit funds, select your Shiba pair, place an order, and await its completion.
• Check Your Wallet: Post-purchase, Shiba Inu will reflect in your digital wallet promptly.

Best Crypto Exchanges for Buying SHIB in India and Abroad in December 2024

The following exchanges have been unanimously reviewed as the most reliable by both seasoned and new investors alike, offering up to a 100% match welcome bonus on your first deposit, doubling your investment funds when buying SHIB:

AvaTrade

Overview: AvaTrade is a well-established name in financial trading, offering a variety of cryptocurrencies, including Shiba Inu (SHIB). Suitable for both new and experienced investors, AvaTrade provides a seamless trading experience with a variety of features designed to support users at all levels.

Key Features:

• Regulated Platform: AvaTrade operates under the regulations of multiple financial authorities worldwide, ensuring a secure trading environment for users.
• Platform Options: AvaTrade offers compatibility with MetaTrader 4, MetaTrader 5, and AvaTradeGO, allowing traders to choose the platform that best suits their needs.
• 24/7 Support: Round-the-clock multilingual customer support is available, offering help to Indian users regardless of the time zone.
• Zero Commission on Crypto Trades: AvaTrade features 0% commission on cryptocurrency trades, enabling users to retain more of their profits.
• Educational Tools: AvaTrade provides a range of educational resources, such as webinars, tutorials, and market analysis, to help traders build their understanding of the market.

Payment Methods: AvaTrade allows deposits through bank transfers, credit/debit cards, and e-wallets. Although it doesn’t directly support Paytm, you can use other traditional payment methods to get started with SHIB.

WazirX

Overview: WazirX is one of India’s largest cryptocurrency exchanges and offers a wide selection of tokens, including Shiba Inu. With local support for native payment options, WazirX provides a convenient experience for Indian investors.

Key Features:

• Paytm and UPI Integration: WazirX supports popular Indian payment methods like Paytm, UPI, and IMPS, making deposits and withdrawals simple for Indian users.
• User-Friendly Experience: WazirX’s interface is designed to be accessible for users of all levels, making it a popular choice for beginners.
• WazirX Token (WRX): Users can take advantage of lower trading fees by holding the native WRX token, offering a way to minimize costs.

CoinDCX

Overview: CoinDCX is another prominent Indian exchange that allows users to buy, sell, and trade Shiba Inu. It is particularly focused on providing a secure and efficient trading experience for Indian investors.

Key Features:

• Instant Buy Feature: CoinDCX allows instant purchases of Shiba Inu using INR, making the process of acquiring SHIB straightforward and fast.
• Secure Platform: CoinDCX prioritizes security, employing measures like two-factor authentication (2FA) and insurance to protect user assets.
• Local Payment Methods: Supports a wide range of local deposit options, including UPI, IMPS, and bank transfers, making it easy for Indian investors to fund their accounts.

Binance

Overview: Binance is a globally recognized exchange that supports a vast array of cryptocurrencies, including Shiba Inu. Although Binance isn’t based in India, it offers various payment options that are accessible to Indian traders.

Key Features:

• Wide Asset Range: Binance has one of the largest selections of cryptocurrencies, allowing users to diversify beyond just Shiba Inu.
• Binance P2P: Through the peer-to-peer (P2P) platform, Binance users in India can purchase Shiba Inu using INR via Paytm, UPI, or other local payment methods.
• Advanced Trading Features: For experienced traders, Binance offers advanced charting tools, derivatives, and staking options, allowing users to do more than just buy and hold.

ZebPay

Overview: ZebPay is another India-centric cryptocurrency exchange that has been operating since 2014. It offers an easy way to purchase Shiba Inu using INR and provides a mobile-friendly experience.

Key Features:

• Mobile-First Approach: ZebPay is particularly appealing for those who prefer trading on the go, with a streamlined mobile app that makes buying Shiba Inu easy.
• Secure Trading Environment: ZebPay offers cold wallet storage and advanced security protocols to protect user funds.
• Simplified Fees: ZebPay charges a simple, flat fee structure for transactions, making it easier to understand and predict costs.

Additional Routes to Procuring Shiba Inu and Understanding Cryptocurrency Exchanges

Alternative Methods to Acquire Shiba Inu

Whilst cryptocurrency exchanges remain the foremost platform for obtaining Shiba Inu, other avenues can also be considered:

• Direct Purchases: Engaging directly with Shiba Inu holders, be it in-person or online, presents another avenue. Upon mutual agreement on the quantity and price, the seller transfers the Shiba Inu to your designated wallet in exchange for conventional currency.
• Crypto Swaps: If you hold other cryptocurrencies, they can be traded for Shiba Inu. Identify a suitable trading pair and execute the swap. This method is swift and instantaneous.

Pre-requisites for Opening a Cryptocurrency Exchange Account

To start with cryptocurrency trading, certain criteria must be met. Let’s explore these essential requirements.

Personal Details: Mainstream exchanges necessitate the submission of personal details, integral for the KYC process. Typically, the details encompass:

• Full name (as on official documents)
• Date of birth
• Residential address
• Email ID
• Telephone number

It’s crucial to ensure accuracy as any discrepancies might delay or even prevent account activation. Once successfully verified, trading can commence immediately.

Minimum Fund Deposit: The minimum deposit is influenced by both the exchange platform and the chosen payment method. Whilst credit or debit card transactions might require between £10 and £50, peer-to-peer exchanges or direct fiat deposits could go as low as £2. Generally, there’s no stipulation to maintain a specific balance, but the tradable amount usually oscillates between £1 to £20.

Classifying Cryptocurrency Exchanges

1. Centralised Exchanges:

Operated by particular corporations or entities, these platforms function as intermediaries, levying fees to facilitate cryptocurrency trades. Their strengths lie in:

• Enhanced liquidity, reducing order wait times.
• Opportunities to preserve and accumulate crypto.

2. Decentralised Exchanges:

Trading on decentralised exchanges involves direct interactions between buyers and sellers, linking their cryptocurrency wallets. Their merits are:

• Superior security since they bypass centralised storage.
• Absence of central authority ensures users are insulated from scenarios like the FTX collapse.

3. Hybrid Exchanges:

By merging features of both centralised and decentralised platforms, hybrid exchanges offer:

• Superior liquidity compared to typical decentralised platforms.
• Employment of smart contracts to guarantee secure transactions and safeguard both parties’ funds.

Gaining a grasp of these exchange types is vital for a knowledgeable cryptocurrency trading experience in the Indian milieu.

Factors to Bear in Mind When Registering on a Cryptocurrency Exchange:

1. Security: Safeguarding your assets is paramount. Opt for exchanges that implement two-factor authentication (2FA), an effective deterrent to hackers. Prioritise those with a stellar record in cybersecurity.
2. Fees: High transaction fees can mount over time, especially for regular traders. Seek exchanges with reasonable deposit, withdrawal, and trading charges.
3. Diversity and Quality of Supported Cryptocurrencies: It’s not just about the volume but also the quality. Ensure that the supported cryptocurrencies are thoroughly vetted and not listed superficially.
4. Wallet Standards and Protection: The wallet’s security provisions are critical for a hassle-free and secure trading experience. Opt for exchanges that provide multi-tiered security wallets with a dependable security history.
5. Storage and Custody: Decide between a custodial or non-custodial wallet. The former offers convenience but is more hack-prone. The latter provides enhanced security at the cost of full responsibility on the user’s end. For optimised safety, consider a decentralised exchange, granting exclusive crypto access and thwarting misappropriations, as witnessed in the 2022 FTX debacle.

Is Investing in Shiba Inu Coin Prudent?

After the dramatic rise and fall of Shiba Inu in 2021, potential investors are pondering its viability. Below, find five compelling reasons to consider investing in Shiba Inu:

1. Robust Community Support: Shiba Inu’s community, exemplified by the near half a million-strong ‘SHIBArmy’ on Reddit, is a testament to its popularity. It continues to be a buzzing topic on Twitter and various crypto forums, a feat many altcoins haven’t achieved.
2. Smart Contract Potential: Those acquainted with Ethereum appreciate its smart contract capacities. As Shiba Inu operates on the Ethereum blockchain, it can harness these functionalities, enhancing its long-term relevance.
3. Diversified Use Cases: Beyond its role as a digital currency, Shiba Inu has ventured into additional avenues. A notable example is ShibaSwap, a decentralised exchange emphasising dog-themed meme coins, enabling users to liquidise assets and mint the BONE token, integral to its DAO governance.
4. Immense Growth Prospects: Shiba Inu, with its current market cap hovering around $6 billion and a unit price of just $0.0000109, presents substantial growth potential. This was vividly demonstrated in October 2021. Additionally, the 2023 ‘Shiberse’ launch positions Shiba Inu as a metaverse token, broadening its applications which could further its demand and consequent valuation.
5. Foray into the Metaverse: Emulating several contemporary NFT ventures, Shiba Inu has ventured into the metaverse. Dubbed ‘ShibVerse’, details remain sparse, but whispers suggest potential features like virtual estates and in-world assets fashioned as NFTs.

Shiba Inu Coin Price Overview

In this subsequent section, we’ll shed light on Shiba Inu coin’s price trajectory and anticipate its potential in the forthcoming weeks and months. Referring to the chart, SHIB ascended to an impressive peak of $0.000088 in October 2021, marking a staggering rise of over 1190% in just shy of a month.

This zenith, however, was ephemeral. The subsequent months witnessed a precipitous drop, exacerbated by the crypto market downturn termed as the “crypto winter”. By 2022’s closure, SHIB’s value plummeted to $0.000008, albeit it was still exponentially higher than its debut price.

Currently, in 2023, Shiba Inu’s trading rate stands at $0.00001019, fluctuating between $0.00001015 and $0.00001037 in a 24-hour span. Post the 2022 slump, the coin has shown signs of recovery, showcasing a 25% YTD return.

Astoundingly, within its inaugural year, SHIB skyrocketed by 2,50,00,000%. Thus, early birds who invested mere pennies or a few dollars during its ICO phase found themselves millionaires in the ensuing year!

Forecasting the Shiba Inu Coin’s Price

So, the question arises: Have you missed the Shiba Inu train? Considering its recent downturn, what lies ahead for this coin? Numerous market experts argue that Shiba Inu, bolstered by its fervent community and diverse applications, remains one of the crypto market’s dark horses. Its impending ventures into the metaverse and NFT realm could potentially trigger a bullish phase.

We’ve consulted various AI-driven forecast platforms for Shiba Inu’s price projections. A rather pessimistic stance is held by Wallet Investor, predicting an 89% depreciation in SHIB’s value, plunging to $0.000001 within a year.

Conversely, Price Prediction exudes optimism, suggesting a gradual price uptrend. It pegs SHIB’s average at $0.000014 for 2023, with potential peaks at $0.0000158. According to this analysis, by 2030, SHIB may only surge 2.4x, averaging around $0.00019.

Digital Coin Price offers similar sentiments, projecting an average rate of $0.0000211 for 2023, peaking possibly at $0.0000228. By their accounts, come 2030, SHIB might hover around $0.0001.

Decoding Shiba Inu’s Token Burn Shiba Inu’s token burn approach is intrinsically tied to network activity, acting as both a value enhancer and a potential price stabiliser. Given this active burn methodology, Shiba Inu’s trajectory is poised to mirror its user base’s activity levels.

If Shibarium consistently burns 5 trillion tokens monthly, it results in an annual reduction of 60 trillion tokens. To achieve a value of $0.01, with a sustained market cap of $4.7 billion, SHIB would necessitate having only 470 billion tokens actively circulating. This implies the need to remove a whopping 569.5 trillion tokens from the total count.

Therefore, with Shibarium’s scope and ambition, about to launch in August 2023, the potential of SHIB to reach $0.01 and thus 1,000x in value is rendered realistic!

Shiba Inu Price Predictions for 2030

Here’s a summarised forecast for Shiba Inu’s price throughout 2030 based on the given analysis:

Decoding Shiba Inu’s Token Burn Shiba Inu’s token burn approach is intrinsically tied to network activity, acting as both a value enhancer and a potential price stabiliser. Given this active burn methodology, Shiba Inu’s trajectory is poised to mirror its user base’s activity levels.

The most pessimistic predictions leading to 2030, prior to the announcement of Shibarium, still entailed a 10x surge in the worst case scenario.

Note: This summary is based on the provided hypothetical analysis and should not be considered as financial advice. Always consult with a financial professional before making any investment decisions.

Exploring Shibarium: What Is Shibarium and What Does It Mean for SHIB? 

Shibarium isn’t just a name; it’s a layer-2 blockchain solution constructed on the Ethereum backbone specifically for Shiba Inu. Conceptualised by Ryoshi, Shiba Inu’s anonymous founder, its vision is to morph the once-meme coin into a robust ecosystem. The coin is on the road to achieving this through decentralization, integrating a decentralised exchange (DEX), metamorphic virtual worlds (the metaverse), and blockchain-centric games like Shiba Eternity.

Shibarium’s Significance for Shiba Inu

Shibarium brings several advantages to the table:

• Speed: Transactions become faster.
• Fees: Reduced transaction costs.
• Utility: Enhanced token functionality.
• Ecosystem Development: A holistic ecosystem that includes the SHIB metaverse, ShibaSwap DEX, and blockchain games.
• Token Management: With its vast supply, SHIB’s value has been a concern. Introducing BONE as Shibarium’s native currency helps counterbalance SHIB’s overwhelming circulation.

Shibarium’s Mechanism

The modus operandi of Shibarium focuses on boosting throughput without sacrificing security. Most transactions are channeled through Shibarium, lightening the load on Ethereum, leading to quicker yet fortified transactions. Furthermore, a coin-burning feature will control the inflation of SHIB.

Coins in the Shibarium Ecosystem

The Shibarium ecosystem incorporates several themed tokens:

• SHIB: The original token.
• BONE: A dual-purpose governance and utility token.
• LEASH: Primarily for staking to earn rewards.
• TREAT: A reward token.
• SHI: A stablecoin to mitigate market volatility.

SHIB Metaverse and ShibaSwap’s Role: The SHIB metaverse is designed to be an expansive, immersive, 3D space, while ShibaSwap offers myriad functions, from staking tokens to farming them. One key feature of Shibarium is the large-scale burning of SHIB tokens, potentially driving up its value over time.

In summary, Shiba Inu, through Shibarium, is demonstrating that it’s much more than just a meme coin. With its expanding ecosystem, growing use cases, and community backing, the future looks bright for this once-underestimated cryptocurrency. As with all crypto investments, potential investors should exercise due diligence and consult with financial experts before making any decisions.

What Is A Token Burn? Token burning refers to the deliberate process of eliminating a certain number of coins or tokens from the circulating supply. It’s akin to sending these tokens to an inaccessible address, rendering them unrecoverable and thus “burnt”.

Why Burn Tokens?

Tokens are burned to:

• Create scarcity: Fewer tokens mean increased rarity.
• Manage inflation: A technique to counter inflation prevalent in many cryptocurrencies.
• Possibly boost token value: Less supply could increase demand, potentially raising token price.

Shiba Inu’s Tokenomics

Shiba Inu, initiated with a whopping one quadrillion tokens, set itself apart by sending half to Vitalik Buterin and locking the rest on Uniswap, a move by “Ryoshi” to promote decentralisation.

The Shiba Inu Three-Token System

• SHIB: The fundamental token, dubbed the “Dogecoin Killer”, known for its vast supply and affordability.
• LEASH: Initially linked to Dogecoin’s price but later detached. It boasts a limited 107,646 token supply.
• BONE: Linked to ShibaSwap, their decentralised exchange, BONE facilitates transactions within the platform.

These tokens collectively bolster the Shiba Inu platform’s value and functionality.

Shiba Inu’s Burning Philosophy

Given Shiba Inu’s colossal initial supply, token burning becomes pivotal for price stabilization and potential value appreciation.

How Shiba Inu Burns Tokens

Shiba Inu implements both manual burns (deliberate token send-offs to burn addresses) and automated burns (integrating token burning into transaction fees on the Shibarium network). This dual approach ensures a consistent decrease in SHIB’s total supply.

Shiba Inu Burn Tracker

The Shiba Burn Tracker is a specialised site that monitors and reports on Shiba Inu token burns, offering insights into token scarcity and potential value ramifications.

Does Burning Benefit SHIB’s Value? By continuously diminishing SHIB’s supply, its value could theoretically rise, provided the demand remains unchanged or grows. Coupling token burning with transactional activity on the Shibarium network further promotes SHIB’s circulation and utility.

Benefits of Shiba Inu’s Burning Strategy

• Enhanced scarcity: Reduced tokens amplify scarcity.
• Possible price hike: Scarcity and maintained/increased demand could elevate the token price.
• Long-term viability: Burning can aid in ensuring the prolonged relevance and stability of the Shiba Inu ecosystem.

Optimal Shiba Inu Wallets

A pivotal consideration while understanding Shiba Inu coin acquisition is the post-purchase storage. Given SHIB’s touted potential as a long-term crypto asset, establishing a secure digital wallet is of paramount importance.

These dedicated wallets, tailored for cryptocurrencies, vary in nature. ‘Hot wallets’ offer ease of access but are susceptible to online threats, given their internet connectivity. Conversely, ‘cold wallets’, physical storage devices, might be less prevalent but are deemed far more secure, ensuring your crypto remains offline.

Conclusion – Is SHIB a Good Investment? 

Shiba Inu, based on the Ethereum blockchain, offers its users a myriad of opportunities. From trading to investing, Shiba Inu has garnered attention, especially since it’s accessible through various platforms, such as Libertex and Avatrade. Despite facing significant price drops in the past, the coin has shown potential for growth, as recent bullish momentum suggests a possible reversal in the near future. Its multifaceted utility extends beyond simple trading – it can be used for real-life purchases, Shiboshi NFT acquisitions, and even offers avenues for staking and earning rewards. The Shiba ecosystem introduces the concept of ‘burning,’ a practice aimed at reducing the coin’s circulation and potentially bolstering its price.

• Shiba Inu is an Ethereum-based crypto coin.
• Accessible via Libertex, Avatrade for their favourable trading fees and special 100% match deposit and no deposit bonuses.
• Despite price fluctuations, there’s potential for price reversal.
• Offers utility in real-world shopping, acquiring NFTs, and staking.
• Shiba’s burning practice can lead to rewards in the ecosystem and has implications on its overall value.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.