Forbes Advisor INDIA: A Guide to Purchasing Shiba Inu (SHIB)
Shiba Inu (SHIB) is a cryptocurrency that was created in August 2020 and has its origins in popular internet memes. SHIB is built on the Ethereum blockchain and has a total supply of one quadrillion, making it more prevalent than other cryptocurrencies like Bitcoin. It is one of several cryptocurrencies known as meme coins. SHIB has potential for growth, but it is also subject to extreme volatility and is considered risky, even more so than most of its crypto counterparts. Its price reached an all-time high in October 2021 when Tesla CEO Elon Musk tweeted about the coin, but it has since fallen more than 88% compared to that level. SHIB is a decentralized cryptocurrency project driven by its community, known as the self-proclaimed SHIB Army.
To buy SHIB, investors can open an account at a cryptocurrency exchange that allows fiat currency exchange for SHIB and then transfer the purchased SHIB to a storage solution such as a hardware wallet, offline storage, software wallets, or crypto exchanges. However, investors should invest cautiously, as SHIB derives its value from other investors’ enthusiasm for the coin rather than any fundamentals. Investors should only invest money they don’t need for their essential expenses or any amount that would cause them stress.
The terminology of “trading pairs,” such as Shiba Inu to Tether (USDT), is essential when buying cryptocurrencies. In the case of SHIB/USDT, SHIB can be converted into Tether, a stablecoin whose value is pegged to the US dollar. Some exchanges pair SHIB with Dogecoin (DOGE), and investors can convert their stash of SHIB into DOGE on those exchanges.
Investors looking for other options for Shiba Inu or individual coins should consider exchange-traded funds (ETFs) that specialize in Bitcoin or blockchain companies. Nevertheless, for those who are ready to invest in SHIB, they can choose a trusted cryptocurrency exchange, buy SHIB using the exchange’s trading platform, and store them in a hardware wallet, offline storage solution, software wallets, or crypto exchanges.