Shiba Inu is a meme coin gaining popularity in decentralised finance (DeFi). Many Australians hesitate to purchase, trade, or invest in Shiba Inu because they still need to determine how the coin operates and where to buy it online. You’ve come to the correct place if you’re interested in purchasing Shiba Inu coins in Australia or elsewhere. This guide covers everything you need to know to buy a Shiba Inu within minutes.
What is Shiba Inu (SHIB)?
Shiba Inu meme tokens are among the most popular in 2023. Though it began trading in 2020, the ERC-20 token has experienced tremendous development and evolution.
SHIB was created as an alternative to Dogecoin and is dubbed “the Dogecoin killer” due to its construction on the Ethereum blockchain. Regarding market capitalisation, however, the coin is still second to Dogecoin and has yet to dethrone DOGE as the greatest meme coin.
The Shiba Inu meme token has proven to be a worthwhile investment for its early investors. SHIB owners can use it to provide market liquidity, stake and receive rewards, and access NFT projects and decentralised applications (DApps) via Shibaswap. In 2021, SHIB experienced an increase of 21,000%. The coin has also recently entered the Metaverse and will soon have its virtual property, Shiba Lands.
Besides its expansion and increased popularity, Shiba Inu is anticipated to be valuable to its owners due to its popularity on social media. SHIB has acquired immense popularity due to the statements and conversations of prominent pro-cryptocurrency figures such as Elon Musk and Vitalik Buterin, co-founder of Ethereum.
Shiba Inu has multiple use cases and is a component of a massive DeFi project. It is fair to assume that SHIB will experience broader adoption, attract more investors, and ultimately experience more growth due to current and proposed developments.
Is Shiba Inu A Good Investment in 2023?
Shiba Inu began trading at a small price of $0.00000000051, but it gained traction and reached its all-time high (ATH) of $0.00007959 in 2021.
Shiba Inu has proven to be a profitable investment for its investors, particularly in its infancy. However, its value plummeted in 2022 due to the crypto winter, which impacted most cryptocurrencies and equities.
However, many believe that SHIB will recover once the cryptocurrency market regains momentum. Coin Price predicts that SHIB’s price will increase by 88% from May to December 2022. And by 2025, the price of a Shiba Inu will be $0.00004313; by 2030, it will be $0.00007046, an increase of a staggering 508% in just five years.
In addition, Trading Beasts predicts that the price of a Shiba Inu will rise and reach a peak of $0.0000373 in 2025. Therefore, the coin may be an excellent asset to your portfolio, mainly if you are a long-term investor.
However, it should be noted that these are mere speculations and not expert advice. Conduct research and consult crypto trading specialists or other financial experts to determine your optimal investment decision. Never invest more than you can afford to lose.
Where to Buy Shiba Inu Coin (SHIB)?
Since SHIB is such a prominent cryptocurrency that is available on a variety of exchanges. However, if you are new to cryptocurrency, ensure you purchase from a legitimate platform to avoid being duped. For Australians, read this article on the best cryptocurrency exchanges, which are all registered with AUSTRAC to combat money laundering and terrorism.
CoinSpot is our top recommendation for purchasing Shiba Inu because it is user-friendly, offers free deposits and withdrawals, supports more than 380 cryptocurrencies, and allows staking on over 20 coins. It is also the safest and most reputable cryptocurrency exchange in Australia. Here is an in-depth CoinSpot review for you to learn more about it.
How To Buy Shiba Inu in Australia?
If you’re ready to accept the hazards associated with the Shiba Inu coin, you follow these four simple steps to buy Shiba Inu in Australia:
1. Select a crypto exchange
To purchase Shiba Inu, you must first select a cryptocurrency exchange. Shiba Inu is one of the most prominent cryptocurrencies, and it is available for purchase on most centralised exchanges, including CoinSpot, Binance, Coinbase, Kraken, and eToro. If you do not possess cryptocurrency, you will likely need to purchase SHIB with fiat currency on one of these exchanges.
You will have more options for purchasing Shiba Inu if you possess cryptocurrency. While some centralised exchanges permit trading in SHIB and other cryptocurrencies, it is available on many decentralised exchanges, such as Uniswap. Even Shiba Inus have its very own decentralised exchange, known as ShibaSwap.
If they want to acquire SHIB, Ethereum holders have several options. For example, the ubiquitous MetaMask wallet enables direct ETH to SHIB conversion.
Consider the costs associated with your chosen method of Shiba Inu acquisition. While some crypto exchanges may impose trading fees, decentralised exchanges require you to pay network fees on the Ethereum blockchain, which can sometimes be expensive.
If you are still researching which exchange to buy SHIB, this guide to the best cryptocurrency exchanges in Australia may be helpful.
2. Fund your account
You must fund your account with fiat currency or cryptocurrency when using a centralised exchange.
With fiat currencies like the U.S. dollar, exchanges typically support bank transfers, debit cards, and credit card transactions. However, use caution when using a credit card, as high-interest rates can exacerbate your losses during a market decline. Also, pay attention to the fees your exchange imposes for transferring funds into your account.
If you wish to use a different cryptocurrency, check if your exchange supports the conversion of other digital assets into SHIB. Both centralised and decentralised exchanges share this characteristic. Only some exchanges will offer the desired crypto-to-cryptocurrency trading pair.
3. Start buying SHIB
After committing to a purchase, assess the quantity and cost of SHIB. On both centralised and decentralised platforms, also consider the transaction costs.
To place an order, access the trading platform of the cryptocurrency exchange and input the Shiba Inu ticker symbol (SHIB) and the amount to invest. The majority of cryptocurrency exchanges also permit you to select the order type.
If everything is fine, you can submit your transaction. Within minutes, the SHIB will be deposited into your account or cryptocurrency wallet, and your balance will be deducted.
4. Store your SHIB
SHIB can be stored in several different methods.
Hardware wallets. This type of wallet holds the private keys to your assets and enables you to interact with your wallet without divulging sensitive information. The hardware wallets Trezor and Ledger support SHIB.
Offline storage. Because this form of storage is inaccessible via the internet, it is considered a safe method to store SHIB. Using a paper wallet, you can keep your cryptocurrency on paper; this will generate a public key and private key for your cryptocurrency.
Software wallets. Desktop wallets, or “hot” wallets, are downloaded programs containing your crypto asset. There are also mobile wallets for managing cryptocurrency assets. Exodus is an example of a mobile/desktop wallet that can store SHIB.
Crypto exchanges: Many SHIB-trading exchanges allow you to store your cryptocurrency. A couple of these crypto exchanges are Coinberry and Bitbuy.
Will Meme Coins Blow Up in 2023?
Numerous noteworthy DeFi projects have been launched in recent years, including blockchain games, NFT-related projects, and the Metaverse. They have a community of investors and developers seeking to enhance their initiatives.
Popular meme coins such as Dogecoin (DOGE) and Tamadoge (TAMA) have multiple use cases and growth potential. And as the DeFi space continues to attract more investors with its intriguing initiatives, the value of meme coins is set to explode.
Contrary to the belief that meme coins are merely toys in the hands of billionaires who thrive on social media hype, meme coins possess intrinsic value and utility.
Similar to other cryptocurrencies, investing in meme coins can be profitable. However, it is essential to note that these assets are highly volatile and pose a substantial risk to every investment. While it is possible to earn high returns, it is also possible to lose some or all of your investment to even the finest meme coins in 2023.
Frequently Asked Questions
What are Shiba Inu vs Dogecoin Differences?
Dogecoin and other meme coins, like Shiba Inu, have gained popularity after Elon Musk’s tweets. Dogecoin uses proof-of-work blockchain technology like Bitcoin, while Shiba Inu is an ERC 20 token on the Ethereum network. Both have high token supplies, with over 100 billion DOGE and 300,000 billion SHIB in circulation, leading to low prices, but they still have market caps of over $1 billion.
Is it legal to buy SHIB in Australia?
Indeed, buying, selling, and trading Shiba Inu coins is lawful in Australia.
How to buy SHIB with a credit card?
CoinSpot is one of the few Australian crypto exchanges to accept credit card deposits, allowing you to purchase SHIB with a credit card. You must create a CoinSpot account and select the credit card option to purchase SHIB.
Is buying SHIB in Australia safe?
Yes. Buying, selling, and trading SHIB with Australian crypto exchanges are secure. The best crypto platforms, such as CoinSpot, have multiple layers of security and are registered with AUSTRAC so that you can trust their legitimacy and safety.
Final Thought
Though comparatively new, meme coins are here to stay. Shiba Inu is a renowned meme coin with the second-highest market capitalisation after Dogecoin. The coin had unquestionably rewarded its investors in the past, particularly in 2021, when its growth was unprecedented. Thus, it seems a perfect time for investors to purchase Shiba Inu in Australia and add it to their portfolios. However, before investing in Shiba Inu, research and consult investment advice to avoid losing some or all of your investment.
