Shiba Inu took the world by storm last year, outperforming just about every other asset on the planet at some moments. Following the success of Dogecoin in the first half of the year, Shiba Inu (Dogecoin's Mascot) has taken over the dog coin scene itself. For many, Shiba Inu is a historic first venture into the crypto space. If you're looking to buy Shiba Inu during the current 2022 cryptocurrency bear market, there are a few important things to know before jumping in snout-first.
Shiba Inu is an Ethereum based cryptocurrency, whereas Dogecoin operates on its own blockchain. SHIB has been listed on major exchanges like eToro, Webull, Uphold, Crypto.com, Coinbase and more for a while, giving millions of investors access to the token. Finally, SHIB was recently listed on Robinhood as one of 18 supported cryptos. Here's Benzinga's guide on how to buy Shiba Inu tokens on Robinhood and other exchanges.
How to Buy Shiba Inu Coin
- Open an Exchange Account
Before you can buy Shiba Inu on Robinhood you will need to make an account if you don't already have one. If you are wondering if there are any better options, there likely are. Robinhood isn't exactly the best trading platform for crypto trading as it lacks a ton of features and is quite bare bones. Robinhood is still mostly a stock and options trading app with a little crypto trading thrown in.
Two of the best exchanges that offer Shiba Inu are Uphold and eToro. For beginners, Uphold provides access to Shiba Inu (SHIB) and has a great user interface and wallet counterpart. For more intermediate traders, a platform like eToro which offers SHIB may be a better choice. eToro has a built-in Copy Trading feature that allows you to automatically trade a position.
If you're a US resident you'll need to provide identity verification in-line with the SEC's Know Your Customer (KYC) guidelines. This means you'll want to have your social security number, drivers license and potentially even proof of income handy. The SEC has been cracking down lately, and some exchanges are getting a step ahead by requiring additional steps.
- Buy a Crypto Wallet (Optional).
Before you get yourself some Shiba Inu tokens with Robinhood, you should consider where you’ll be storing your precious asset. Unless you’re actively trading your crypto, it’s not recommended to store your tokens on an exchange. Cryptocurrency exchanges are large targets for hackers, and several platforms have been hacked in the past.
Software wallets are free to download, and they give you much better protection than crypto exchanges. Also, you’ll need a software wallet to interact with Uniswap, a great option is the Exodus Wallet. If you want to store your cryptocurrency assets in the most secure way possible, then you should opt for a hardware wallet. Hardware wallets are physical devices that store your cryptocurrency offline, making it impossible for your funds to be hacked.
- Make your purchase.
If you want to buy SHIB with fiat on Robinhood, connect your bank account after verifying your identity. Once this is done, find the SHIB/USD order book and place your order.
There are a few types of orders you can place depending on how much patience you have. The fastest type of order is a market order – this will execute immediately at the current price. If you can afford to wait a little bit, you may opt to place a limit order. A limit order lets you set the price you're willing to pay per token, then it will execute if and when that price is reached. Spreading out market orders at multiple price levels typically prevents a trader from going all in at the beginning of a dip. Market orders allow you to execute trades with precision, if you know what you're doing.
Uniswap doesn’t use order books like other exchanges. Instead, Uniswap uses liquidity pools to calculate the price of crypto assets. Once your wallet is connected to Uniswap’s website, you can swap your Ethereum tokens for Shiba Inu tokens. If you’re in it for the long run, you may want to consider simply holding onto your Ether tokens.
Best Exchange for Shiba Inu Coin
- securely through eToro's websiteBest For:Demo Accounts
Don’t invest unless you’re prepare to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins and learn more. Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Best Crypto Wallets for Shiba Inu
Best Hardware Wallet: Ellipal Titan
Since Shiba Inu is an ERC-20 token on Ethereum, you can store your tokens on any Ethereum compatible hardware wallet. Ellipal is a great choice hardware wallet for any Ether tokens, and it also supports Bitcoin, XRP, Cardano, Litecoin and over 7,000 other cryptocurrencies.
The Ellipal Titan is a sleek hardware wallet with a touchscreen interface that lets you view your portfolio directly from the wallet. While the Ellipal is usually more expensive than its competitors (for good reason due to all its extra features) it's currently $30 off, making it competitively priced.
Best Software Wallet: ZenGo
The ZenGo Wallet is a mobile app that lets you take control of your cryptocurrency. The wallet is an all-in-one place to store your digital assets, including Shiba Inu, Bitcoin, Ethereum and many other altcoins. You can even trade crypto directly from the ZenGo Wallet, as it’s integrated with Changelly, which gives you access to a variety of altcoins. This way, you can swap your Shiba Inu tokens directly from your Wallet.
What is Shiba Inu?
Shiba Inu is a cryptocurrency that’s similarly themed to Dogecoin. However, the Shiba Inu token seeks to do much more than it’s doggy-themed counterpart. Since the token leverages Ethereum’s robust network, the token has created a DeFi ecosystem driven by their decentralized exchange, ShibaSwap.
Shiba Inu tokens are used on Shiba Inu’s “ShibaSwap” platform, where users can stake their tokens for interest via staking rewards. Also, ShibaSwap recently released its NFT platform, where users can collect Shiba Inu themed NFTs called Shibatoshis. All-in-all, there are 3 different tokens native to Shiba Inu's platform: Shiba Inu (SHIB), Leash (LEASH) and Bone (BONE).
SHIB is the largest of these tokens by market capitalization, while BONE and LEASH have higher per-token prices due to the limited supply of these coins. As of May 2022, Shiba Inu has a moderate market cap of over $5 billion, ranking it as the 17th most valuable cryptocurrency by market cap.
Brief History of Shiba Inu
The first coin, Shiba Inu token (SHIB) was listed on Uniswap and began trading at essentially no value. It saw a slow rise By May 8th 2021, Shiba rose over 300% in anticipation of Elon Musk’s Saturday Night Live skit airing later the same day.
Shiba Inu token, which is the 1st token launched in the Shiba ecosystem, can be bought on Uniswap. 50% of the total supply was put onto the decentralized exchange Uniswap by the Shiba founders, and the rest were sent to Vitalik Buterin – the co-founder of Ethereum. After donating $1 billion in Shiba tokens to India's Covid relief fund, Buterin burned the rest of his tokens.
Upon launch of the Shibaswap platform, Shiba Inu tokens can now be staked on Shibaswap to “dig” for another cryptocurrency on the platform: bones. Bones is the governance token for ShibaSwap, granting token holders voting rights on the platform.
Their last token is called “leash” and was the most unstable stablecoin in existence. Stablecoins are cryptocurrencies pegged to other values, most commonly the U.S. dollar. Instead of being pegged to the dollar, however, Leash was pegged to the price of DOGE, making it rather unstable. Since then, the Shiba Inu decided to "unleash" Leash tokens from the price of Doge, so it's currently no longer pegged to Dogecoin's price. Leash has an extremely small supply of just 107,647 tokens, and each is worth about $1,900 at the time of writing.
Trade, Sell or Convert your Shiba Inu Tokens
When you want to convert your Shiba Inu tokens you’ll need to use Uniswap to convert your tokens to Ethereum tokens. Once you swap your Shiba Inu for Ethereum, the tokens will be credited to your Ethereum wallet connected to Uniswap, and you can send these tokens to any exchange that supports Ethereum to swap back into USD.
Novice retail investors are naturally pulled towards investments with low prices. Dogecoin is already closer to $1 than it is $0, but Shiba Inu can be bought for less than a penny. Don’t be fooled though – what really matters is the market capitalization of each asset.
Current Crypto Prices
The entire cryptocurrency market has been in a bear run this year. Bitcoin is down over 35% from the start of year while Ethereum is down over 45%. These tokens are telling of the cryptocurrency markets as a whole; most cryptocurrency prices are highly correlated. To get an idea of where crypto prices are moving, be sure to keep an eye on the cryptocurrency markets.
Is Shiba Inu a Good Investment?
Shiba Inu’s surge in price in 2021 was likely due to the hype over SHIB being listed on Coinbase more than anything else. Although ShibaSwap offers some interesting products, the protocol doesn't have many clear advantages over other projects, like Uniswap or SushiSwap. Shiba tokens are necessary for mining Shibaswap’s Bone tokens, so if you’re interested in Bone, then you’ll need to buy Shiba Inu. If you’re into dubious speculation, Shiba Inu may be for you.
Frequently Asked Questions
Is Shiba Inu a Scam?
No, Shiba Inu likely isn’t a scam. However, many investors see SHIB as a memecoin which accrued value through the doggy-themed cryptocurrency bubble. While this may be the case, Shiba Inu has developed an ecosystem around its token, which gives the project more utility than ever before. ShibaSwap is the decentralized exchange built around SHIB, and it gained over $1 billion of total value locked (TVL) within 24 hours of realease.
Can Shiba Inu Reach $1?
No, Shiba won’t reach $1. There are hundreds of trillions of tokens currently in supply, making the per token price extremely cheap. However, due to this high supply, it would take more funding than the entire GDP of the United States to reach anywhere close to $1.
Can Shiba Inu Reach 1 Cent?
With hundreds of trillions of SHIB circulating, it will be extremely difficult for SHIB to reach 1 cent. In fact, if SHIB reached 1 cent, its market cap would be bigger than that of every other cryptocurrency combined!
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