Shiba Inu coin, a relatively new cryptocurrency in the market, has seen rapid growth in the last two weeks and gained several investors' attention. The cryptocurrency, however, experienced a massive drop on Tuesday, falling nearly 60%. This significant drop is associated with the falling of major cryptos, including Bitcoin, Ethereum, etc., which severely impacted the whole crypto market.
So, should you invest in Shiba Inu, and will its value rise again? This guide intends to introduce you to Shiba Inu cryptocurrency and Shiba's price history, as well as discuss its price predictions and guide on how to buy Shiba Inu coin in the UK.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY SHIBA INU COIN IN THE UK
- What is Shiba Inu Coin?
- Should You Buy Shiba Inu Coin?
- How to Trade Shiba Inu Coin in the UK - A Step by Step Guide
- Shiba Inu Pros and Cons
- Is Shiba Inu Coin a Good Long-term Investment?
- What Will Shiba Inu Coin Worth in 2025?
- What’s the Purpose of Shiba Inu Coin?
- Buying or Trading Shiba Inu Coin - Things to take into consideration
QUICK GUIDE: HOW TO BUY SHIBA INU COIN IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section.
- Go to the platform and select SHIB.
- Enter how many SHIB coins you want to buy.
- Check the details and confirm your purchase.
What is Shiba Inu Coin?
The Shiba Inu coin was created in August 2020 by an anonymous person known under the pseudonym "Ryoshi." This token is also dubbed as "Doge Killer," which already hints that these two cryptos, Dogecoin and Shiba Inu, "don't get on very well with each other."
Despite their similarities, these two are considered rivals in the market. If you are already familiar with Dogecoin, you must know that it was created in 2013 as a joke and won significant prominence recently, mainly due to the tweets of Tesla CEO Elon Musk. Both cryptos, however - Shiba token, and Dogecoin depict the same dog breed on their logos, Japan hunting dog Shiba Inu.
But the similarities are not only on the physical level: they both have the same function in the market while the Shiba owners consider that the crypto is the new version of Doge and is significantly improved over the original. Shiba Inu founders describe on their Woof Paper (whitepaper with dog theme) that their second token LEASH can be a potential Dogecoin killer and will eventually outperform it.
The cryptocurrency's blockchain is based on Ethereum Network, which they consider "secure and well-established which truly allows them to stay decentralized." The founders also devoted 50% of the total supply to Ethereum co-founder Vitalik Buterin's wallet. However, Vitalik "did not want to have the power of controlling the market" and announced that he had burnt 90% of his tokens and the other 10% sent to charity organizations.
Should You Buy Shiba Inu Coin?
The meme coins are rocking in the crypto market at the moment mainly due to the promotion they get from celebrities or entrepreneurs, including Elon Musk, Gene Simmons, and lots of others. But, with all of this happening, we should also note that meme coins are just a social phenomenon and not something like technological upgrades that can change or revolutionize the market.
The Dogecoin and Shiba Inu coins are created just for fun, though Shiba Inu founders describe their project differently. They refer to it as "an experiment in decentralized spontaneous community building." However, Dogecoin's price history is an example showing how crypto created just for fun can become one of the hottest and most talked-about cryptos in the market. So, from this perspective, meme coins can be a good short-term investment but not a good long-term one due to the lack of serious objectives and further developments.
Shiba Inu coin also had a promising price history, considering that it is relatively new crypto. Its prices had a significant growth until the drop of the whole crypto market in the last days, which also affected the SHIB value. Let's take a look at its price charts.
As we see, Shiba prices are fairly stable and have not seen any rise till April 2021. Starting from April 2021, the Shiba Inu coin began to grow significantly in a few weeks and saw its all-time high on May 11th, when it was traded at $0.000034. This price growth is mainly associated with the Shiba Inu citations on Twitter and because it got listed on such large crypto platforms as Binance, FTX, etc.
Further, Shiba Inu prices got slightly affected after Vitalik Buterin, whom the founders donated 50% of the tokens, burnt his Shiba coins. Burning the tokens essentially means sending them to an unusable account, after which they get removed from circulation. This led to Shiba Inu's price drop to $0.000016.
In the last few days, Shiba prices also got affected when the crypto market was down. Elon Musk is mainly blamed for this as his company, Tesla, suspended accepting Bitcoin because BTC mining does massive damage to our environment. This was followed by China widening its crypto crackdown. So, all the cryptos got affected and dropped but then started to gradually recover. At the time of writing, Shiba Inu is traded at $0.00001.
It would be fair that experts consider Shiba Inu a speculative asset, so it's unpredictable its prices will rise or crash. That's why you must be careful before investing in this crypto coin and must be ready to lose money if you invest. However, because of the low cost of each Shiba coin, there's a huge upside potential here.
How to Buy Shiba Inu Coin Online in the UK - A Step by Step Guide
If you already got introduced to the Shiba Inu coin and decided to invest in it but don't know how to start, here is a step-by-step guide explaining how to buy Shiba Inu coins in the UK.
1. Find a UK Crypto Exchange that Supports Shiba Inu Coin
The first thing you need to do is find a crypto exchange platform that accepts Shiba Inu and operates in the UK. In general, Shiba Inu is listed on some well-known and large crypto exchange platforms. Here are two of them that accept UK residents.
Binance: This crypto platform is one of the best ways to purchase Shiba Inu in the UK. Binance stands out with its lower fees and a large selection of cryptos. It listed Shiba Inu on its coin list on May 10th.
eToro: Another crypto exchange platform that confirmed the Shiba Inu coin is eToro. It's a global exchange accessible around the world, including the UK. Along with these two platforms, it is also possible to swap Shiba Inu with ETH on Uniswap.
2. Register for an Online Account and Deposit Funds
After selecting the exchange platform on which you want to buy Shiba Inu, you need to create an account. Here you must provide some personal information, including your name, surname, etc. But be sure you provide the correct information as later you need to verify your account with a copy of your passport. After creating and verifying your account, you must provide your credit card or debit card details or use another payment method if the platform allows, and then deposit some money on your account.
3. Buy Shiba Inu Coin
As long as you have a verified account and credit/debit card linked to it, you can start your purchase. You can purchase the crypto instantly using your credit or debit card, but you can also add some funds to your account to use it for future purchases. Remember that you cannot buy it directly with fiat currency in some cases, so first, you need to purchase other crypto and then swap it with Shiba Inu.
4. Transfer Your Funds to a Cold Storage Wallet
After making your purchase, you had better transfer your funds to a crypto wallet to keep them more secure. Some crypto exchange platforms offer personal wallets - so, you can use Binance Trust Wallet or choose a cold storage wallet that Gate.io provides.
How to Trade Shiba Inu Coin in the UK - A Step by Step Guide
Having bought your Shiba Inu coins, you can store them in your wallet, or you can trade them and profit from price fluctuations. Here is a step-by-step guide on how to trade Shiba Inu coin in the UK.
1. Find an Online Trading Platform that Supports Shiba Inu Coin
To start trading Shiba Inu coin, you need to find an online trading platform that accepts UK residents and confirms Shiba Inu on its coin list. There are some things to consider while selecting the most suitable platform, including fees that it charges and how quickly the platform works.
Many investors consider eToro as one of the best trading platforms as it offers lots of trading privileges to its users, including lower fees, an easy-operable platform, a built-in wallet, staking, and a collection of more than 150 coins to trade.
2. Fund Your Account
After selecting the right platform, you should move forward and open an account on it. Then you should verify your account and add some funds to it.
3. Develop a Trading Strategy
Developing a trading strategy is an important step you should take before trading your Shiba Inu coins. While it's not necessarily part of the process, it can sometimes be life-saving. There are two types of trading strategies - active and passive. When you choose an active trading strategy, consider that you must keep an eye on the crypto market and constantly monitor changes and news.
Active trading strategies include day trading, scalping, trend trading, etc. You can choose one of them or take a hybrid approach and include multiple methods. Passive trading strategies do not require too much attention on the market. One of the passive trading strategies is the "Buy and Hold" strategy when you make a purchase and keep it for a long time, known in the crypto jargon HODL.
4. Start Trading Shiba Inu Coin
When you have an account, deposited funds on it, and developed a trading strategy, you are ready to trade Shiba Inu coins. Find the "Trade" button on the exchange platform and start the process.
Shiba Inu Pros and Cons
If you are still undecided whether you want to trade or invest in Shiba Inu, here are some combined factors why you should and should not invest in Shiba Inu.
Pros of Shiba
- Meme coins are becoming popular in the crypto market, gaining more and more investors’ attention.
- Shiba Inu is a relatively new coin but became very popular in a short time.
- Shiba Inu coin can be a good short-term investment.
- The coin is trading at a fairly cheap price and has huge upside potential
Cons of Shiba
- The Shiba Inu crypto project lacks serious objectives, so it’s likely a temporary social phenomenon.
- Its rival, Dogecoin, has already become popular in the market and is supported by such famous people as Tesla CEO Elon Musk.
- It is unknown who invented the crypto as the founder acts under the pseudonym “Ryoshi.”
- Shiba Inu coin is considered a speculative asset, so it’s not predictable whether its prices will rise or drop.
Is Shiba Inu Coin a Good Long-term Investment?
One problem with considering Shiba Inu as a good long-term investment is that the crypto project is created just for fun, like in the case of Dogecoin. At the moment, the Shiba Inu project does not have any firm objectives or unique ideas that can bring changes to the market. So, it is currently mainly crypto that is used by traders to buy and sell and make speculations.
What Will Shiba Inu Coin Worth in 2025?
Shiba Inu price is mainly predicted to rise in the coming years, according to the crypto analysts. According to Digital Coin Price predictions, Shiba Inu can reach up to $0.000013 by the end of this year, while in 2022, it will be worth $0.000017. Their algorithms predict that in 2025 Shiba prices will reach $0.000027, and only in 2028 can Shiba be worth up to $0.00004.
Coin to Buy analysts give Shiba a 5.6 out of 10 safety rank with a 222.3% expected return. According to their algorithms, the price of Shiba can rise up to $0.000033. They consider Shiba Inu a wavy asset, which can hit another all-time high in the near future.
What’s the Purpose of Shiba Inu Coin?
Shiba Inu coin is a meme coin whose main objective is to create an ERC-20 token and have an ecosystem with such low prices that everyone can own millions of Shiba coins. This is one of the reasons why they launched their tokens priced below a penny, which is a strategy to make the platform highly profitable when the prices reach $0.01.
Shiba Inu project also has created two tokens - SHIB and LEASH used for various purposes, and the third one - BONE token is planned to be launched in the future. Two other essential projects of Shiba Inu crypto are ShibSwap and SHIB Artist Incubator. The first one is a decentralized exchange platform, and the second one aims to encourage the creation of unique NFTs.
Buying or Trading Shiba Inu Coin - Things to take into consideration
To conclude, Shiba Inu is a meme coin, considered a somewhat speculative asset in the market. It is created as an alternative to Dogecoin and does not have any revolutionary or unique ideas for the market. On the other hand, Shiba Inu founders have collected some fantastic ideas to make the project catchy, plus it is significantly PR-ed on such social networks as Twitter, etc.
But the Shiba Inu project is relatively new, and we cannot know for sure how they will plan their future development. So, still, there is not too much evidence that it can be a good long-term investment. However, if you have some money to trade volatile assets, you can make a short-term investment and try to profit from Shiba price fluctuation.
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