Shiba Inu Coin: Worthy Investment Or Risky Gamble?

Shiba Inu (SHIB) is a cryptocurrency that has exploded in popularity in recent years, with a current market cap of $8.12 billion USD. It is a meme coin that was created as an alternative to Dogecoin and is built on the Ethereum blockchain.

SHIB can be purchased on several major crypto exchanges, including Coinbase, Binance, and Kraken. The process of buying SHIB is similar to that of other cryptocurrencies and can be done in four steps: choosing a crypto exchange, funding your account, making your purchase, and storing your SHIB safely.

However, it is important to note that SHIB is a highly volatile and speculative asset. Its value is largely based on speculation and community hype, and it does not have much real-world utility. Before investing in SHIB, it is crucial to carefully consider these risks and do your own research.

How to buy Shiba Inu coin

Shiba Inu (SHIB) is an Ethereum-based token that was launched in August 2020. It is one of several cryptocurrencies that are called "meme coins" due to their origins in popular internet memes.

Decide where to buy SHIB

Shiba Inu is a popular cryptocurrency and is available for sale on most centralized exchanges, such as Coinbase, Kraken, and Gemini. If you don't already own cryptocurrency, you'll likely have to buy SHIB with cash through one of these exchanges.

Fund your account

If you're using a centralized exchange, you'll need to deposit fiat currency or another cryptocurrency into your account. You can use a bank account, debit card, or initiate a wire transfer to fund your account.

Make your purchase

Once you decide on your purchase, you'll be able to review how much SHIB you're getting and at what price. You'll also want to look over the transaction costs. If everything looks good, you'll be able to submit your transaction.

Store your SHIB safely

You have two main options for storing your SHIB: an exchange or a cryptocurrency wallet. Leaving your SHIB on an exchange can be convenient, but crypto exchanges can be targets for hackers. With a cryptocurrency wallet, you control the information that enables you to spend or trade crypto, which requires slightly more technical expertise.

Using Coinbase:

• Create a Coinbase account by downloading the app and signing up. You will need a valid ID, and you may be asked for proof of address.
• Add a payment method, such as a bank account, debit card, or wire transfer.
• On Coinbase.com, select "Buy & Sell." On the mobile app, tap the "+" Buy on the Home tab.
• Select SHIBA INU from the list of assets.
• Enter the amount you want to buy in your local currency, which will be automatically converted into SHIB.
• Finalize your purchase by tapping "Preview buy" and then confirming.

Using Binance:

• Create a free account on the Binance website or app and verify your identification.
• Choose how you want to buy the Shiba Inu asset. You can use a debit/credit card, Google Pay, Apple Pay, or a third-party payment.
• Navigate to the "Buy Shiba Inu with USD" page on Binance and select Shiba Inu and USD from the dropdown menu.
• Choose your payment method and confirm.
• Verify the details and confirm your order within the time limit.
• Follow your bank's instructions to verify the payment.
• Once verified, the coin will appear in your Spot Wallet.

Please note that investing in cryptocurrency is risky, and Shiba Inu is subject to extreme volatility.

Shiba Inu's price history

Shiba Inu (SHIB) was created in August 2020 as an alternative to Dogecoin (DOGE), another meme coin that uses the Shiba Inu dog breed as its mascot. SHIB is intentionally abundant, with a total supply of one quadrillion, making it far more prevalent than other cryptocurrencies like Bitcoin. It is a decentralised, community-led cryptocurrency that was developed to answer the question: what would happen if a cryptocurrency project was 100% run by its community?

SHIB's price history has been volatile. The price of SHIB reached an all-time high in October 2021 after Tesla CEO Elon Musk tweeted about the coin. However, the price has since fallen by more than 65% as of late April 2022. As of August 2024, SHIB is on the decline, with its price falling by 20.46% in the past week. It is currently valued at 84.62% below its all-time high of $0.000090.

SHIB's price history has been influenced by various factors, including its community-driven approach, with its creator, Ryoshi, emphasising the importance of a decentralised, community-led project. Additionally, a significant portion of the SHIB supply was burned, meaning destroyed, thereby increasing its rarity and impacting its price. The SHIB community has also actively contributed to project growth and helped drive broad awareness, which has likely impacted its price.

SHIB's price has also been influenced by its association with other cryptocurrencies, such as Dogecoin, and its compatibility with the Ethereum ecosystem. It has been speculated that Vitalik Buterin, the co-founder of Ethereum, was behind the initial liquidity that helped set up Shiba Inu's liquidity on Uniswap. SHIB's price has also been impacted by its adoption as a means of payment by retailers, with American electronics retailer Newegg adding SHIB as a payment option in December 2021.

How to store your Shiba Inu coin

There are two main options for storing your Shiba Inu coin:

• Storing on a crypto exchange: This can be convenient and is often easier for beginners. However, crypto exchanges can be targets for hackers due to the amount of value they hold. Examples of crypto exchanges that trade SHIB and allow you to store your crypto on them include Coinbase, Binance, and Kraken.
• Storing in a cryptocurrency wallet: This option gives you more control as you hold the private keys that give you access to your cryptocurrencies. There are several types of crypto wallets, each with its own pros and cons:
• Hardware wallets (or cold wallets): These are physical devices that store your private keys offline, making them less vulnerable to hacking. They offer greater security but tend to be more expensive and less convenient for active crypto traders. Examples include Ledger Nano X, KeepKey, and Trezor.
• Software wallets (or hot wallets): These are digital crypto wallets that are stored online and often come in the form of mobile apps, PC software, or browser extensions. They are typically free and easier to use but are more vulnerable to hacking and malware. Examples include MetaMask, Trust Wallet, and Coinbase Wallet.

When choosing a Shiba Inu wallet, it is important to consider factors such as security, user interface, compatibility, customer support, and additional features. Additionally, you may want to consider whether the wallet supports NFTs, staking, and DeFi applications.

Shiba Inu's price predictions

Shiba Inu (SHIB) is a cryptocurrency token that was created in August 2020. It is what is known as a 'meme coin', inspired by the popular 'Doge' meme of a Shiba Inu dog.

SHIB has experienced a meteoric rise, falling, and subsequent cooling-off since its creation. At its peak in October 2021, SHIB had a price of $0.00008845, with a market capitalization of around $43 billion. As of August 2024, it is trading at around $0.00001368, which is approximately 80% below its all-time high, and has a market cap of over $8 billion, making it the 13th largest cryptocurrency.

2024

CoinPedia predicts that the SHIB price could reach a maximum of $0.00002026 by the end of 2024. Changelly predicts a minimum price of $0.0000126, with a maximum of around $0.0000210 and an average trading price of $0.0000295. This would indicate a potential return on investment of around 50% based on current prices.

2025

Changelly has an optimistic outlook on Shiba Inu by the end of 2025, with a predicted minimum SHIB price of $0.000023 and a maximum of $0.000027. They expect it to trade at around $0.000023 on average, which would be nearly a 92.9% return on investment. CoinCodex also has a good 2025 prediction, with the coin expected to trade at a maximum price of $0.00006053.

2030

Changelly predicts a minimum SHIB price of $0.000138 in 2030, with a possible maximum of $0.000166. On average, you could expect the SHIB price to be around $0.000143, which would yield a return of 1085.7%. AMBCrypto sees a more bullish forecast, with an average price of $0.000071, while CoinGape predicts the token to reach a potential high of $0.000144.

2050

Changelly predicts a minimum SHIB price of $0.0115 in 2050, with a maximum of $0.0132. On average, they see a 2050 SHIB price of $0.0120. This prediction should be taken with a grain of salt, as it is so far in the future.

Overall

Shiba Inu's future is uncertain and will be influenced by various factors, including community support and the volatile market. It is inherently risky and extremely volatile. However, if you can time it correctly, the volatility could translate into profits.

Is Shiba Inu a good investment?

Shiba Inu (SHIB) is a cryptocurrency that has gained popularity since its launch in August 2020. It is a meme coin, inspired by the "Doge" meme and is considered a rival of Dogecoin. It is built on the Ethereum blockchain and was launched with a total supply of one quadrillion, making it far more prevalent than other cryptocurrencies like Bitcoin.

Shiba Inu's Performance

SHIB has experienced a meteoric rise in 2020 and 2021, with its price reaching an all-time high in October 2021 after a tweet from Tesla CEO Elon Musk. However, the price has been on a decline since then, falling by more than 65% as of late April 2022. The crypto market has been on a downward trend, and SHIB's shine has faded as investors flee risky investments.

Shiba Inu's Volatility

Cryptocurrency is notoriously volatile, and SHIB is no exception. Its price has climbed rapidly and fallen precipitously. Investing in SHIB is a bet on the expectation that more people will be interested in using products built on its technology, driving up demand. However, this is not a sure bet.

Where to Buy Shiba Inu

Shiba Inu is available on many major crypto exchanges, including Coinbase, Kraken, Gemini, Binance, Crypto.com, Atomic Wallet, and KuCoin. It can also be purchased on decentralized exchanges such as Uniswap.

Storing Shiba Inu

SHIB can be stored in a crypto wallet or on an exchange. Wallets offer more security but require more technical expertise. Examples of hardware wallets that support SHIB include Trezor and Ledger. Examples of software wallets include Exodus and ZenGo.

Shiba Inu's Future

The future of Shiba Inu is uncertain and depends on various factors. Its success relies on community support and is influenced by the volatile crypto market. While some analysts predict that SHIB will rise again and has the potential to become a top player in the crypto market, others caution that new meme coins could overtake SHIB if it fails to evolve.

Shiba Inu is a highly risky and volatile investment. While it has experienced rapid growth in the past, its value is purely speculative, and there is a possibility of significant losses. Before investing, it is important to understand your risk tolerance and financial goals and do thorough research.

Frequently asked questions