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Our team of experts has identified Shiba Inu as a highly risky project which raises several red flags. Some of the concerns related to Shiba Inu may include the following:
- Pump and dump. Low-market-cap cryptos that normally have a low trading volume and then suddenly experience a sharp rise in price are often the targets of coordinated pump and dump groups.
- Social media driven. Be wary of huge spikes in social media posts that hype a particular coin with a strong focus on price and nothing else.
- Lack of fundamentals. Projects focused solely on price mechanics without any substantive use-case are often associated with scams.
- Anonymous creators. Be wary when there is difficulty finding the identities, credentials or experience of the founding team.
- Pre-mine. Many scam coins will mint all of the coins at once, with a substantial number of those held in a single wallet, which may later flood the market, impacting price negatively.
- Flash in the pan. There is potential for this project to be very short-lived with little evidence of long-term sustainability.
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
How to buy Shiba Inu (SHIB) in 3 Steps
Buy SHIB, the "Dogecoin killer", on the world's most popular cryptocurrency exchanges
Shiba Inu (SHIB) is a dog-based memecoin listed on many popular cryptocurrency exchanges.
How to buy SHIB
Due to Shiba Inu's massive popularity in 2021, it is simple to buy Shiba Inu on several of the world's most popular cryptocurrency exchanges. Exchanges listed on the table below offer the ability to buy SHIB. The process to buy SHIB on any one of these exchanges is more or less the same, and can be broken down into 3 steps.
Step 1: Choose where to buy SHIB
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Note: Most exchanges require you to complete a Know Your Customer (KYC) process in order to purchase any cryptocurrency. This is typically the case with regulated exchanges.
Step 2: Fund your account
Cryptocurrency exchanges will allow you to fund your account with fiat currencies such as EUR, AUD, USD and CAD. After your account has been funded, you will be able to purchase Shiba Inu (SHIB). Additionally, exchanges provide multiple ways to fund your account with fiat currency. Methods range from wire transfer to SWIFT and credit card purchases. Check out the deposit methods for the exchange that you decide to use to buy SHIB.
Note: Purchases using credit cards have higher fees than other deposit methods. Double-checking the fees associated with the deposit method can save you money when you decide to fund your account to purchase SHIB.Step 3: Buy SHIB
The process for buying SHIB is similar to buying any other cryptocurrency listed on exchanges. You will either be given an "instant buy" option or an exchange interface for trading currencies. The instant buy option is much easier for newcomers to understand, as it simply requires you to enter the amount of fiat currency you wish to spend and the currency you wish to buy. The exchange interface gives you much more control over orders and will typically charge you less fees than the instant buy option.
Note: Be sure to double-check the transaction details. Details worth checking are the amount of SHIB you will be buying and the fees associated with the transaction.The risks of buying SHIB:
- Shiba Inu (SHIB) is an ERC20 token created on the Ethereum network. In order to use Shiba Inu for its intended use case (transactions, currency, charity, DeFi), fees must be paid in ETH. While fees are still high for transacting on Ethereum, sending ERC20 tokens such as SHIB is relatively expensive (USD$15+ for a single transaction).
- Shiba Inu was created in August 2020, so it is a relatively young coin. Because of this, early investors have had the opportunity to become quite rich due to their ability to acquire large percentages of the total supply. This skewed coin distribution creates an ideal set-up for a "rug pull". Large bag holders may dump their tokens on the market, leaving later market participants to hold their coins at a loss.
- Shiba Inu falls into the category of being a memecoin. The price of SHIB is only as resilient as the hype and the attention it is getting on social media. When the hype and attention goes away, so does the price momentum.
Keeping SHIB safe in a wallet
After purchasing any cryptocurrency, you may want to move it into a wallet you control for long-term safekeeping. Since SHIB is an ERC20 token, it can be stored in any wallet capable of storing ETH, such as MetaMask (browser wallet) or Trezor (hardware wallet). Check out our page on Shiba Inu wallets for more information on how to keep your SHIB safe in a cryptocurrency wallet.
Frequently asked questions about buying SHIB
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
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