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 point that thousands of cryptocurrencies were being created with no regard for purpose or long-term market needs.
Dogecoin introduced a new type of cryptocurrency. The crypto market now includes hundreds of memecoins, currencies like Dogelon Mars, Kitty Inu, Loser Coin, Hoge Finance, MonaCoin, DogeBonk, Woof, Pepemon Pepeballs, Zelda Inu, DogeCola, FarmerDoge and Zombie.
One of the new memecoins became infamous throughout 2021. Shiba Inu — named after the dog breed featured in the Doge meme — became one of the hottest cryptocurrencies on the market when its value rose from $0.00000004 per token in May 2021 to $0.00006135 in late October. A single euro SHIB purchased in May 2021 rose to over 1,500 euros in less than six months.
SHIB groups on the internet went berserk. Memecoin investing started to look like a smart strategy.
Here is a quick overview and a few tips on where and how to buy Shiba Inu.
WHAT MAKES SHIBA INU SPECIAL?
Shiba Inu was created in August 2020 by an anonymous person or group under the name Ryoshi – a Japanese word for “fisherman”. Instead of the detailed project plan commonly known as a whitepaper, SHIB came with a woofpaper. The project was largely tongue-in-cheek from the start. But the Shiba Inu token isn’t just a joke.
Built on the Ethereum blockchain, Shiba Inu tokens can run smart contracts, create non-fungible tokens (NFTs), and provide passive income to users who stake tokens in liquidity pools. The Shiba Inu ecosystem includes a cryptocurrency exchange called ShibSwap and a developer community known as the Shib Army.
In May 2021, Ryoshi sent half of the SHIB supply — 500 trillion tokens — to the public crypto wallet of Vitalik Buterin, creator of Ethereum. Buterin immediately destroyed 90% of the SHIB in a process called “burning”. He donated the remaining tokens, worth around $1 billion, to a Covid-19 relief fund in India.
Often dubbed the “Doge Killer,” Shiba Inu has delivered significant returns to investors who bought the cryptocurrency when its price was just above €0. SHIB is now listed on major crypto platforms including Kriptomat. With a market cap of more than €13 billion and a supply of more than 500 trillion tokens in circulation, SHIB is now routinely listed in the top 10 or 20 cryptocurrencies on many exchanges.
In August 2020, a single anonymous trader bought 70 trillion SHIB tokens for around €7,000. A year later, Shiba Inu’s rising stock valued the stake at more than €5 billion – a return of 7.1 million percent.
All of this has made Shiba Inu attractive to forward-thinking investors and motivated them to feel comfortable buying SHIB.
WHERE TO BUY SHIBA INU
There are many places to buy cryptocurrency. Many legacy platforms require buyers to install external wallets, secure hexadecimal cryptographic keys, and interact directly with blockchain technology. This is not the place to buy Shiba Inu for most users. If you don’t have a computer science degree, the best way to buy and sell SHIB is to create an account with a crypto platform like Kriptomat. These online services provide the current trading price for SHIB and offer you the opportunity to make a purchase. If you are new to the crypto world and looking for ways to buy Shiba Inu, custodial platforms are a great choice.
Creating an account is more than choosing a username and creating a password. Reputable exchanges will require you to verify your identity by providing a copy of your government issued ID and possibly other documents. These know-your-customer provisions are required by law for websites and applications that comply with the EU GDPR anti-money laundering regulations.
Identity verification can be a long, complicated process that takes days or more in some locations. On streamlined sites like Kriptomat, which operates across the EU and around the world, you can complete the simple process in minutes.
You first provide your address and upload a high-resolution photo of your passport (or your driver’s license in some countries). Finally, Kriptomat guides you through creating and uploading a selfie – a photo that matches the photo on your government ID. If all goes well, your identity will be verified within minutes.
HOW TO BUY SHIBA INU
The next step is to fund your account so you can buy Shiba Inu and other cryptos. Common options include credit and debit cards, bank transfers, and money transfer services like Neteller and Skrill. Credit and debit cards are generally the safest and easiest, but reputable crypto exchanges offer several options.
Once your deposit shows in your account, you can make a purchase. Depending on the exchange, you can view the SHIB page and click Buy, or select Buy from a menu and select SHIB from a list of cryptocurrencies.
That’s all – you are now an expert in buying SHIB. The most important decision is where to buy Shiba Inu. Evaluate licenses, security practices, investment tools, and customer support to find the platform that’s best for you.
You don’t get physical coins when you buy Shiba Inu. The tokens you buy are transferred to your electronic address on the Ethereum blockchain, which serves as the technical basis of SHIB. You might one day decide to install a cryptocurrency wallet software that allows you to access the blockchain, but most users prefer to use a custody platform like Kriptomat, which secures their cryptocurrency and has complex blockchain transactions in it her name.
Disclaimer. This is a paid press release. Readers should conduct their own due diligence before taking any action related to the advertised business or its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.