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- 1 Shiba Inu remains one of the most dominant tokens in the meme coin space till date.
- 2 However, it has been going through a downtrend for some time now. Traders are now evaluating the prospects of investing in SHIB.
Those who invest in cryptos are well aware of the prospects of meme coins. This particular asset class has gained huge popularity among investors. However, many new investors may feel a little overwhelmed about buying them. That’s because they may still be figuring out why and how they should invest in them.
The best way to go about it is to start with popular options. More than that, they need to know where to buy the coins. To begin with, they should pick a reliable platform that offers a wide range of services. So many traders use Coinbase to buy several platforms. Thus, let’s find out how investors will go about buying a major meme token like Shiba Inu.
Guide to Buying Shiba Inu on Coinbase
Following these steps, investors should be able to purchase the tokens easily.
Step 1: First of all, investors need to have an account on Coinbase. They can download the app or they can do it on the browser extension. Users may have to go through a verification process which typically takes a few minutes.
Step 2: Once the account is set up, they can choose a payment method. They can link their bank account, or debit/credit card, or they could initiate a wire transfer.
Step 3: The next step involves initiating the buy or sell on the app or extension. They can click on the search bar and type “Shiba Inu”. When it appears, they need to click on it and get to the purchase screen.
Step 4: Next, they have to input the number of tokens they have in custody. The platform will automatically convert this into the Shiba Inu token.
Step 5: The next step involves clicking/tapping “Preview Buy.” Upon doing that, they can review all the details and then click on “Buy Now.”
Step 6: After that, they are taken to the confirmation window from where they can complete the purchase.
So that’s how investors end up buying Shiba Inu using Coinbase. However, before proceeding to that stage, they need to know if doing so is profitable for them or not. Hence, let’s delve into the prospects of investing in Shiba Inu.
Exploring Shiba Inu and its Prospects
On the face of it, Shiba Inu is one of the most popular meme coins. It looks like a perfect investment opportunity in the meme coin space. Nevertheless, it is important to have an overarching view of the token. SHIB was created and launched in 2020 by someone going by the moniker “Ryoshi”.
By 2021, its price touched astronomical levels and it became hugely popular. But today, its price went down by 91% to an all-time low. Does this mean that investors should stop buying it? Well, investors need to do a full analysis of it before taking or dropping it.
To begin with, SHIB’s utility is quite limited and it’s hyper-driven by the community. Thus, it could be hard to predict if its price will go down or up tomorrow. According to some analysts, the token can’t go any higher. Others think that it still has a scope for rallying. The important thing is, the community still supports it and hopes that its price will recover soon.
For new investors, it is important to know the whole journey of Shiba. It was launched as an alternative to the already-popular Dogecoin. Although it was launched with some ambition, SHIB was also a jest like other meme tokens. The way it progressed made everyone quite confident about its future.
By April 2021, SHIB’s value soared by 1609%. It became the first token to produce a quadruple-digit return in seven days. With such a feat, it became the hottest topic for the market to talk about. The same year, Vitalik Buterin donated SHIB tokens worth $1 billion to India’s COVID-19 relief fund.
The token continued to soar high till June 2022. After continuing the successful ride for so long, Shiba Inu finally became a victim of volatility. Its value dropped by 91% between June and October. Right now, it’s hard to say if Shiba Inu will again rally or not. Many market experts are now suggesting that traders invest in meme coins at their earliest phases.
Once they gain value, they should sell them to make a profit. This means that meme coins are only good for short-term trading. So should the existing holders of SHIB get rid of their tokens too?
Well, no one can tell for sure if SHIB’s value will be down forever. It may even begin rallying again tomorrow without any prior indication. Therefore, investors should watch the markets closely before doing anything with the Shiba Inu token.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
