What is Shiba Inu and how to buy the crypto everyone is talking about

You’ve heard of Shiba Inu, the cryptocurrency that has a Shiba dog as a mascot, and you want to know more? The curiosity about this crypto is legitimate: since it was created in 2020, its popularity has grown dramatically, hitting the record in 2021, and today it is the 15th meme coin worldwide by market capitalization.

In this guide you will find all the useful information about Shiba Inu and its history: what it is, how it works, what its characteristics are, how it was born and what it is used for. We will also outline the pros and cons of investing in Shiba Inu and explain to you how to buy crypto, in case you decide to buy it. Here is everything you need to know.

Shiba Inu crypto: what it is and how it works

As anticipated, Shiba Inu (CRYPTO: SHIB) is one meme cointhat is a cryptocurrency that originates from an internet meme and that has humorous characteristics.

As with Bitcoin, whose creator is known under the pseudonym of Satoshi Nakamoto, no one knows who the real founders of Shiba Inu are. Created in August 2020 by a person or group of people under the pseudonym of Ryoshi, Shiba Inu takes its name from the Japanese dog breed of the same name, the same one depicted in the Dogecoin symbol, and was born for fun to challenge the Dogecoin itself. In fact, on the official website it is presented as “Dogecoin Killer”with the aim of dethroning him from his position as meme coin most popular.

Specifically, Shiba Inu is a meme token, and as such it doesn’t have its own blockchainbut is based on that of Ethereum. This feature makes it more versatile and useful than Dogecoin, as the Shiba Inu ecosystem can support smart contracts, NFTs and interface with decentralized apps.

In July 2021, the Shiba Inu team launched the DeFi platform ShibaSwapwhere investors can securely trade cryptocurrencies and trade tokens ERC-20, i.e. those based on the Ethereum blockchain. Users can also deposit crypto into the exchange’s liquidity pools, which can be used by giving cryptocurrency rewards to custodian users in exchange.

ShibaSwap also offers its own non-fungible token market: its NFTs are called Shiboshis and they are very grainy images of Shiba dogs, each one characterized by its own peculiarity.

The Shiba Inu crypto can be used for i peer-to-peer payments and as a payment method at the businesses that accept it, but to date it is not very widespread for this use, compared to which it does not offer competitive advantages compared to other cryptocurrencies.

A bit of history

Like other canine-themed cryptocurrencies before her, the Shiba Inu crypto originates from the popular meme of doge dating back to 2013, which depicts a Shiba dog named Kabosu, who became a social star thanks to a photo shoot made by his mistress, a Japanese blogger. Going viral, the meme went down in history as one of the most memorable internet phenomena of all time.

Shiba Inu was created to make fun of Dogecoin, first meme coin launched in 2013, which has gained immense popularity. After creating it, Ryoshi donated half of Shiba Inu’s total supply (505 billion SHIB tokens) to Ethereum founder Vitalik Buterin in order to remove them from circulation and create scarcity. But Buterin gave away 90%, worth about $ 7 billion.

In the course of 2021 the SHIB price it has skyrocketed with a gain of 46,000,000%, and through ups and downs its growth has not stopped. In April 2022, Shiba Inu achieved a total market value of $ 13.69 billion, ranking 15th in terms of market capitalization among the meme coin, as anticipated. SHIB can be traded on all major cryptocurrency exchanges.

The strength of this crypto lies in decentralization, but several other factors have contributed to its growth and popularity. 2021 was a lucky year for the cryptocurrency market, and Shiba Inu also benefited from the favorable trend. The tweets of Elon Musk, a well-known supporter of Dogecoin, played a key role in raising SHIB’s rating. Furthermore, cryptocurrency can count on an army of users who are constantly committed to promoting it on social networks.

Investing in Shiba Inu: pros and cons

If you are considering thepurchase of Shiba Inuplease note that it is a risky investment which has advantages and disadvantages.

The crypto has shown that it knows how to positively surprise investors, with an unprecedented rally, but it must be borne in mind that this cryptocurrency, like the others, is subject to strong fluctuations and market volatility, and that past performance is not indicative of future ones.

There are many investors who believe in its potential, and currently SHIB continues to attract enormous interest, with more and more people investing in it. Some crypto analysts and experts think Shiba Inu could really replace Dogecoin as meme coin number one in the world by capitalization.

Between pro of the investment in Shiba Inu Coin we find a huge trading volumewhich could lead you to reach i new price highs predicted by several analysts. According to some crypto supporters, investing in Shiba Inu Coin could earn at least 260% by the end of 2022.

In any case there are gods against: Shiba Inu is not the first and only meme-inspired crypto and according to the less optimistic it will take some time before it can surpass Dogecoin in terms of popularity, diffusion, integration, price, trading volumes and market capitalization. There are those who argue that the success of SHIB so far has been illusory and based mainly on hype and not on a technical advantage. Several experts also point out that the Shiba Inu has probably already reached its peak, which is why the investment would not translate into significant gains.

How to buy Shiba Inu

Shiba Inu (SHIB) is currently traded on several exchanges, many of which also give the possibility to store it on digital wallets.

Here we illustrate you how to buy Shiba Inu on Bitpanda, one of the most popular cryptocurrency trading platforms in Europe. A company of Austrian origin, Bitpanda was founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer with the aim of simplifying and democratizing the world of investments. Today the platform, already chosen by 3 million users, allows you to invest in over 1,000 types of assetsincluding cryptocurrencies, cryptocurrency indices and precious metals, as well as fractional shares and ETFs through the Bitpanda Stocks, derivative contracts whose underlying is physically held by Bitpanda to guarantee the investment.

Starting to invest in Bitpanda is very easy: registration, which can be done both via website and mobile app, takes only a few seconds, and the platform interface is simple and intuitive.

Here are the steps to follow if we want to buy Shiba Inu on Bitpanda.

The first thing to do is create an account:

  • Go to the Bitpanda website or install the app for Android and iOS
  • Click on the Subscribe button
  • Enter your name and email address and choose a secure password
  • Select your country of residence and accept the terms, conditions of the service and the privacy policy
  • Click Create Account (or Sign Up, if you’re on the app)
  • Verify your email address by clicking on the link in the email you will receive
  • Log in to your account

Once the account is created, for start investing in Bitpanda the recognition procedure must be completed e account verification required by EU legislation.

Verification of the account on Bitpanda takes place via video and requires:

  • a stable internet connection
  • an active webcam or smartphone camera
  • a photo ID at hand

At this point, in order to buy Shiba Inu or other cryptocurrencies you must first deposit money, through the function Deposit. You can do this via reclaim land or credit card, both from the site and from the app. Then go to the section Pricestype Shiba Inu or SHIB in the search bar and click on Buy.

If you want, you can also buy cryptocurrencies on a recurring and continuous basis without having to go through the manual purchase process, thanks to the function Bitpanda Savings that allows users to set up an automatic savings plan: just choose the asset, the frequency (weekly, biweekly, monthly) and the amount to invest, specify the currency with which you intend to pay and a payment method between direct debit and credit card.

In addition to buying and selling cryptocurrencies, on Bitpanda users can also keep their digital assets in complete tranquility thanks to Bitpanda Custody, the custody of cryptocurrencies safe and reliable made available by the platform for retail and professional customers.

In collaboration with Bitpanda

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