In 2013, a group of software developers created Dogecoin, a cryptocurrency named after a popular internet meme. The project was a joke meant to illustrate the fact that thousands of cryptocurrencies were created with no purpose or long-term market needs in mind.
Dogecoin started a new type of cryptocurrency. There are now hundreds of such meme currencies in the cryptocurrency market, such as Dogelon Mars, Kitty Inu, Loser Coin, Hoge Finance, MonaCoin, DogeBonk, Woof, Pepemon Pepeballs, Zelda Inu, DogeCola, FarmerDoge and Zombie.
In 2021, one of the new meme coins became particularly famous. Shiba Inu, a breed of dog in the Doge meme, became one of the hottest cryptocurrencies on the market when its value per token rose from €0.00000004 in May 2021 to €0.00006135 at the end of October. SHIB purchased in May 2021 worth one euro grew to more than 1,500 euros in less than six months.
SHIB groups went crazy on the internet. Investing in meme coins started to look like a smart strategy.
Here is a quick overview and some tips on where and how to buy a Shiba Inu.
WHAT MAKES THE SHIBA INU SPECIAL?
Shiba Inu was created in August 2020 by an anonymous person or group using the name Ryoshi, a Japanese word meaning “fisherman”. Instead of developing a detailed project plan, usually referred to as a ‘whitepaper’, SHIB was presented with a ‘woofpaper’. The project was full of irony from the start, but the Shiba Inu badge is not just a joke.
Shiba Inu tokens built on the basis of the Ethereum blockchain can execute smart contractsus, create non-fungible tokens (NFTs) and provide passive income to users who mine tokens for liquidity pools. The Shiba Inu ecosystem includes the cryptocurrency exchange ShibSwap and a community of developers known as the Shib Army.
In May 2021, Ryoshi sent half of SHIB’s supply — 500 trillion tokens — to Ethereum creator Vitalik Buterin’s public crypto wallet. Buterin immediately destroyed 90% of SHIB in a process called “burning”. He donated the remaining tokens worth around $1 billion to a Covid-19 relief fund in India.
The Shiba Inu, often referred to as the “Doge Killer”, has brought significant profits to investors who bought the cryptocurrency when its price hovered just above €0. SHIB is now included on major cryptocurrency platforms including Kriptomat. It has a market capitalization of more than 13 billion euros and more than 500 trillion tokens in circulation. SHIB is regularly listed in the top 10 or top 20 cryptocurrencies on many exchanges.
In August 2020, an anonymous trader bought 70 trillion SHIB tokens for around €7,000. A year later, the rising price of the Shiba Inu increased its value to more than 5 billion euros – a return of 7.1 million in interest.
All this made Shiba Inu attractive to far-sighted investors and motivated them to learn how to buy SHIB.
WHERE TO BUY A SHIBA INU
Cryptocurrencies can be purchased in a variety of places. Many old-fashioned platforms require buyers to install external wallets, protect hexadecimal cryptographic keys, and interact directly with blockchain technology. This means that most users cannot buy Shiba Inu in such places. If you don’t have a computer science degree, the best way to buy and sell SHIB is to create an account with an online cryptocurrency exchange like Kriptomat. These online services provide real-time SHIB trading price data and offer the option to make a purchase. If you are new to the world of cryptocurrencies and want to buy a Shiba Inu, one of the monitored platforms will be a great choice.
Creating an account is more than just choosing a username and creating a password. Trusted exchanges will require you to verify your identity by providing a copy of your government-issued ID and possibly other documents. Know Your Customer rules are legally binding for websites and applications that comply with the EU GDPR anti-money laundering regulations.
Identity verification can be a long and complicated process, and can take several days or even longer on some sites. With easy-to-use sites like Kriptomat, which operate across the EU and elsewhere in the world, you can complete this simple process in minutes.
First you need to provide your address and upload a good quality passport (or driver’s license in some countries) photo. Kriptomat will then help you create and upload a self-portrait – a photo that matches the photo on your national identity card. If all goes well, your identity will be verified in a few minutes.
HOW TO PURCHASE A SHIBA INU
The next step is to transfer the funds to your account so that you can buy Shiba Inu and other cryptocurrencies. The most common methods are credit and debit card payment, bank transfer and cash transfer such as Neteller or Skrill. The safest and easiest method is to use a credit and debit card, but trusted cryptocurrency exchanges usually offer several options.
As soon as the deposit appears in your account, you will be able to make the purchase. Depending on the exchange, you can view the SHIB page and press “Buy” or select “Buy” from the menu and select SHIB from the list of cryptocurrencies.
That’s it – now you know how to buy SHIB. The main decision is choosing where to buy a Shiba Inu. When looking for the right platform, consider licenses, security procedures, investment tools, and customer support.
You will not receive a physical coin when you purchase a Shiba Inu. The tokens you purchase will be transferred to your electronic address on the blockchain network, which will serve as the technical foundation of SHIB. You can also install cryptocurrency wallet software that allows you to access the blockchain, but most users prefer to use a supervised platform like Kriptomat , which secures the cryptocurrency and handles complex blockchain transactions on their behalf.
