Want to jump straight to the answer? You can buy SHPING on Coinbase.
Shping, an app for comparing, reviewing and tracking consumer products, seeks to be the ultimate shopping companion that allows shoppers to interact with their favorite products for rewards in the form of SHPING tokens. As part of the Shping ecosystem, users can earn SHPING tokens in numerous ways, from comparing prices by scanning barcodes to writing product reviews. Different actions pay out varying amounts of SHPING tokens to users. These tokens can be held like any other asset and can be held or bought or sold via exchanges.
The uptick in interest around SHPING recently is not without reason, especially with its recent listing on Coinbase Global Inc. (NASDAQ: COIN), one of the most popular exchanges for trading crypto. Since its debut on Coinbase, the token surged over 800% in 2 days.
Sounds like a neat idea, right? Numerous crypto projects, however, have thrown around similar words and promises of building an all-encompassing ecosystem with a native coin to fuel its growth. How does Shping’s efforts differ from the rest, and what can potential investors expect from the company?
Read on to find out more about Shping and where it may be headed.
Brief History of SHPING
Since its launch in 2017, Shping has set out to create an innovative shopper-marketing ecosystem to allow brands to reward their shoppers while gaining insights on consumer behavior. Brands that partner with Shping can gain a deeper look into analytics and trends for their products that can be used to inform key strategic decisions.
On the flip side, consumers of these products are incentivized to engage with brands with the promise of being rewarded in SHPING coin that can be treated like any other digital asset.
On the shopper side, Shping’s database of product-related information allows for smarter purchasing decisions. This knowledge comes from a combination of information such as customer reviews and health and sustainability metrics.
Additionally, the company aims to save time and money for customers through its price compare feature. The company claims people save thousands of dollars a year and significant time using this feature. Finally, the company emphasizes rewards for its customers through the SHPING token that can be transferred to users’ bank accounts in just hours.
These three functions of the company show how it appeals to customers, but where does the real value come from?
One underlying theme you may be seeing is the importance of Shping’s database to its operations, which the company uses to market its company to both shoppers and brands. As of 2018, the company’s continually updated database had over 30 million products and continues to grow with a goal of being the largest product information database in the world.
What is SHPING?
Since SHPING’s use case is so closely tied to the Shping ecosystem the company aims to create, calling it a utility token would be best descriptive of what the coin aims to do. Users are rewarded in SHPING for completing product information related tasks, and they can treat their tokens like other digital assets. The company also highlights blockchain integration as a key feature with the Shping platform being powered by Ethereum smart contracts.
Recently, SHPING was listed on Coinbase and has since seen a massive spike in price. This change isn’t unusual, however, as many tokens undergo drastic price volatility when first listed on a large exchange like Coinbase. Though this kind of price action is definitely appealing for investors looking to make quick profits, potential buyers should also be wary given the coin’s small market cap. This factor makes SHPING more prone to manipulation and liquidity risk that pose significant risks to an individual’s investment.
How to Buy SHPING
Buying SHPING is a little more nuanced than other tokens as it is a relatively new and obscure asset. As such, you will likely need to use a select decentralized exchange (DEX) to begin purchasing SHPING. Luckily, exchanges like Coinbase make this process easy for individuals looking to buy and sell SHPING.
Here are the basic steps you’ll go through when you open your first account.
- Open a crypto exchange account.
The first step to investing in SHPING is to open an account with an exchange that offers access to cryptocurrency trading. Since SHPING is less prominent than other cryptocurrencies, only select exchanges offer the token for users to buy and sell. Here are some factors you may want to consider when deciding on the exchange you will use:
- Fee schedules, account maintenance fees and commissions
- Ease of use (beginners may want a more intuitive interface like Coinbase)
- Security features, encryption and two-factor authentication availability
After you select an exchange, open an account using the exchange’s process. Your exchange will need to collect a bit of personal information before fully opening your account to abide by the U.S. Securities and Exchange Commission's (SEC) guidelines.
Some of the information you might need to provide may include:
- Your full legal name
- Your address
- Your phone number and email address
- A copy of a government-issued photo ID (like a military ID, driver’s license or passport)
Most exchanges allow you to open an account in a few minutes, but some may take longer to verify your identity. - Fund your account.
After your account is open, you’ll need to link a funding method to transfer money between a payment source and your account. Most exchanges allow you to fund your account using a direct bank transfer, but some exchanges also allow you to buy cryptocurrencies using a credit card. Exchanges like Coinbase allow for direct bank transfers to and from your bank account to make moving money into your investing account easy and efficient.
- Make your purchase.
Once your account is open and funded, you can place an order through your exchange to buy SHPING. First, check the current market price of one SHPING coin. You can use the current market value to determine how much SHPING you want to buy.
When you place an order, be mindful of the type of order you’re using. With multiple types of buy orders, the order you choose can affect how much you pay per coin and how quickly your order is filled. Make sure to familiarize yourself with the types of orders your exchange offers.
Trade, Sell or Convert Your SHPING
Now that you own SHPING, you have a couple options. First, if you don’t plan on trading again within the day, you should store your SHPING in a secure wallet with private keys. A wallet is a storage device or application that protects your coins in the event of a hack. Your wallet app can often act as a crypto portfolio tracker, allowing you to manage how your holdings are changing over time. Depending on your unique needs, a hardware or software wallet may be better suited for you. Check out the following section for recommendations on the best hardware and software wallets to safely store your crypto.
Buying more SHPING or selling your holdings depends on numerous factors. Check out the “Is SHPING a Good Investment” section for more information on specific aspects related to the future growth potential of SHPING.
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
Best Hardware Wallet: Ledger Nano X
The Ledger Nano X is a next-level hardware wallet that lets you buy and securely manage all your cryptos in a single application. The ease of use is a major talking point for the Nano X. Designed around an intuitive user experience, the Ledger Nano X lets you check and confirm transactions on its built-in display and confirm the same using two physical buttons (an anti-malware second-factor verification measure).
All your accounts are securely backed up on a recovery sheet and can easily be restored using a secure 24-word recovery phrase. Users also have the option to install up to 100 applications on their Ledger Nano X from the company’s list of over 1,500 compatible assets. The Ledger Nano X comes with a 100 mAh battery that can last several hours when in use and a few months when idle on a full charge. Although you can’t replace the battery, it’s designed to last 5 years.
Best Software Wallet: ZenGo
ZenGo Wallet is a non-custodial mobile cryptocurrency wallet that replaces the use of private keys in favor of facial recognition technology. This feature means there is no single point of failure and no risk of losing your coins in the event of a hacking or wallet loss.
ZenGo’s competitive trading fees, easy-to-use platform and over 70 cryptocurrencies make it ideal for novices. You can buy, trade, send and receive crypto directly from the ZenGo wallet. If you are looking for a mobile crypto wallet to trade, send and buy over 70 coins, ZenGo has got you covered.
Current Crypto Prices
Cryptocurrency prices have been on a steady decline since late 2021 with Bitcoin down significantly from its $67,000 high in November of last year. Many other “blue chip” cryptos have followed suit and have also been trending down since late 2021. Though underlying sentiment around blockchain remains positive, news regarding the Federal Reserve’s tightening monetary policy and criticisms of crypto from foreign governments partly explain this bear market. For the most up-to-date crypto prices, check out Benzinga’s table below.
Is SHPING a Good Investment?
Some of the factors influencing the future of SHPING include:
Pros:
- Company has a clear vision on how it offers value to both shoppers and the brands they work with
- Enormous database of product information
Cons:
- Lack of awareness, especially around the SHPING token
- More can be done to market this critical component of the Shping ecosystem
- Price volatility can expose investors to significant downside given the novelty of the token on major exchanges
Investors looking to buy SHPING should be encouraged by looking at the company’s robust product information database that it plans to grow on. However, it’s important to note that a digital asset is generally more risky than a traditional investment. Along with SHPING’s novelty on major exchanges and liquidity risk, investors looking to pick up the coin should do so knowing the potential downside of this token. Finally, only invest money that you are willing to lose as the price changes of a coin newly hosted on a large exchange are largely determined by speculation.
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