How to Buy Shiba Inu (SHIB) in 2024: A Complete Step-by-Step Guide

Shiba Inu (SHIB) is one of the most popular meme coins today. It first gained attention as a joke, following Dogecoin. But over time, it built a huge community. In 2024, SHIB remains popular in the crypto world. Many people buy it, hoping for its value to grow. Buying Shiba Inu is simple, even for beginners. You just need a few steps to get started. In this guide, we’ll explain what Shiba Inu is, why people buy it, and how you can purchase it yourself.

What is Shiba Inu (SHIB)?Shiba Inu (SHIB) is a cryptocurrency that started as a fun “meme coin” in 2020. It was created by a person who calls themselves “Ryoshi,” but no one knows who they are. Shiba Inu was inspired by another popular coin, Dogecoin, and became famous because of its playful style. Just like Dogecoin, it uses the Shiba Inu dog as its mascot.

Shiba Inu’s Blockchain and Ecosystem

Shiba Inu is built on Ethereum’s blockchain, which means it’s decentralized. No single person or company controls SHIB. The creators wanted it to be fun, but also useful. Shiba Inu is part of a bigger ecosystem that includes ShibaSwap, a platform where people can trade, stake their tokens, and earn rewards. This makes SHIB more than just a meme — it’s also practical in the crypto world.

Shiba Inu Tokens

There are three main tokens in the Shiba Inu world:

• SHIB: This is the main token used for most things.
• LEASH: This token is rare, so it has more value because of its limited supply.
• BONE: This token is used for voting on important decisions in the Shiba Inu community.

Token Supply and Compatibility

Shiba Inu runs on Ethereum’s ERC-20 standard. This means SHIB works well with many other decentralized finance (DeFi) platforms. Shiba Inu has a huge supply, with one quadrillion tokens available. This big number keeps SHIB’s price low, making it affordable to many buyers.

Reasons to Buy SHIB

Many people are drawn to SHIB for its low price. In 2024, SHIB remains very affordable, allowing buyers to get millions of tokens cheaply. This low-cost entry makes it appealing to new investors.

Experts highlight SHIB’s strong and active community. In 2024, the Shiba Inu community includes over 1.5 million wallets. Community support helps drive SHIB’s growth and visibility.

Some experts see promise in SHIB’s DeFi role. ShibaSwap and other platforms could boost SHIB’s utility. Analyst Sarah Lee expects DeFi usage to grow by 15% in 2024. This could bring more value to SHIB holders.

Other experts predict slow but steady price increases. Crypto analyst David Miller sees a potential 30% rise by year-end. He believes DeFi adoption will support this growth. Economist Mark Evans predicts a 10-15% gain in 2024.

However, SHIB’s large supply remains a challenge. With one quadrillion tokens, price growth might be slower. Still, many believe SHIB’s ecosystem will expand in 2024.

SHIB in Decentralized Finance (DeFi)

SHIB is part of the growing world of Decentralized Finance (DeFi). This means you can use SHIB on special platforms for different things. One way is staking your SHIB tokens. Staking means locking up your tokens to help secure the network, and in return, you earn rewards. In 2024, if you stake SHIB on ShibaSwap, you could earn up to 5% in annual rewards.

Another way to use SHIB is by providing liquidity. This means helping platforms make SHIB easy to trade for others. By doing this, you can earn part of the fees from trades. In 2024, many SHIB holders are using ShibaSwap to provide liquidity and earn passive income.

Some investors think SHIB is a good long-term opportunity. They believe it could grow like Dogecoin, which saw huge price jumps in recent years. Since SHIB is part of the DeFi space, it offers more than just being a meme coin. People can earn by staking or providing liquidity, which makes it attractive to those who want to hold it for a long time.

Risks to Consider

Shiba Inu is very volatile, like most cryptocurrencies. For example, in early 2024, SHIB’s price jumped from $0.000007 to $0.000011 in just one week, then quickly fell back. Such swings can offer opportunities for profit but also big risks for losses.

Another risk is regulation. Governments worldwide are discussing stricter rules for cryptocurrencies in 2024. For instance, Europe and the U.S. have proposed tighter crypto laws, which might limit how SHIB and other coins can be traded. If these laws pass, SHIB’s price could be affected.

There’s no guarantee of profit with SHIB. Some investors saw their SHIB holdings double in value during the 2024 price surge. However, others experienced huge drops when prices fell. SHIB’s unpredictable nature means gains and losses can happen fast. Even with a strong community, the coin remains a risky option.

Additionally, SHIB has a massive supply — 1 quadrillion tokens — which can make significant price growth harder. In 2024, its low price still attracts new buyers, but the market could become saturated, limiting potential profits.

How to Buy Shiba Inu (SHIB): Step-by-Step Guide

1. Choose a Cryptocurrency Exchange
   First, you need to pick a platform where SHIB is available. In 2024, many exchanges list Shiba Inu. Some popular ones include:

• Binance: It has low fees and is very secure.
• Coinbase: This platform is easy for beginners.
• Kraken: Known for its reliability and strong security.

Each platform has different features. Binance is great for low-cost trading, while Coinbase is simple to use. Kraken is secure, but sometimes has higher fees. When choosing, look at things like fees, how easy it is to use, and how secure the platform is.

2. Create an Account on the Exchange
   Once you’ve picked an exchange, it’s time to sign up. In 2024, most exchanges require some simple steps:

• You need to give your email address.
• Create a strong password to keep your account safe.
• Verify your identity with a document, as part of Know Your Customer (KYC) rules.

After completing these steps, you’re ready to start using your account.

3. Deposit Funds into Your Account
   Now that you have an account, it’s time to add money. Most platforms in 2024 allow several payment methods:

• Credit card: Quick and easy, but fees can be around 3-5%.
• Bank transfer: Lower fees, but it may take a few days.
• PayPal: Available on some exchanges, like Coinbase, but check for limits.

Pick the payment method that works best for you. Be aware that each method might have different fees and limits.

4. Find SHIB on the Exchange
   After funding your account, search for SHIB on the exchange. Type “SHIB” in the search bar to find it. You’ll see trading pairs like:

• SHIB/USDT: Trade SHIB for the stablecoin USDT.
• SHIB/BTC: Trade SHIB for Bitcoin.
• SHIB/ETH: Trade SHIB for Ethereum.

These pairs let you exchange SHIB for other cryptos or stablecoins, depending on what you want to trade with.

5. Execute the Purchase
   Now it’s time to buy your SHIB. You have two options:

• Market order: This buys SHIB instantly at the current price.
• Limit order: You set a price you want to pay, and your order goes through once SHIB reaches that price.

Market orders are faster, but with limit orders, you might get a better deal. After choosing, follow the platform’s steps to complete your purchase. Once done, the SHIB will be added to your account, ready for use or storage.

How to Store Shiba Inu Safely

After buying SHIB, keeping it safe is very important. There are two main types of wallets to choose from: hot wallets and cold wallets.

Hot Wallets
Hot wallets are online and connected to the internet. They are great for quick access and easy to use. But because they are always online, they’re less secure. Some popular hot wallets in 2024 are:

• MetaMask: A user-friendly wallet that supports SHIB and other tokens.
• Trust Wallet: Another simple wallet, perfect for beginners.

Hot wallets are convenient if you make frequent transactions. However, they are more vulnerable to hackers because they are online all the time.

Cold Wallets
Cold wallets are offline, making them more secure but harder to manage. These wallets don’t connect to the internet, which keeps them safer from online attacks. They are perfect for storing large amounts of SHIB over the long term. Popular cold wallets in 2024 include:

• Ledger: A secure device used for storing SHIB and other coins.
• Trezor: Another secure cold wallet with advanced safety features.

Cold wallets are ideal if you plan to hold onto SHIB for a long time, especially in large amounts.

Choosing the Right Wallet
Hot wallets are easier to use and perfect for everyday use or small amounts of SHIB. But since they are always online, they come with higher security risks. Cold wallets, on the other hand, are much safer because they stay offline. If you hold a large amount of SHIB, cold wallets are the better choice.

No matter what wallet you choose, always back it up. In 2024, many users lost access to their SHIB because they forgot their recovery phrase. Make sure to keep your recovery phrase somewhere safe, and never share it with anyone!

Selling or Exchanging Shiba Inu

When you’re ready to sell or exchange your SHIB, just follow these easy steps:

1. Log into Your Exchange Account
   First, go to the platform where you bought or stored your SHIB. Log in to your account.
2. Search for SHIB Trading Pairs
   Use the search bar on the exchange to find SHIB trading pairs. Some examples include:

• SHIB/USDT
• SHIB/BTC
• SHIB/ETH

These pairs let you trade SHIB for stablecoins like USDT or cryptocurrencies like Bitcoin or Ethereum.

3. Choose How to Sell
   Now, decide whether you want to sell SHIB for fiat money, such as USD or EUR, or exchange it for another cryptocurrency. In 2024, many platforms offer both options.
4. Execute Your Order
   Once you’ve chosen how to sell, place your order. You can use a:

• Market order: Sell SHIB at the current price instantly.
• Limit order: Set a price you want, and sell when SHIB reaches that price.

Market orders are quicker, but limit orders may get you a better price.

5. Withdraw Your Funds
   After your SHIB is sold, withdraw your money. If you sold for fiat, transfer it to your bank account. If you exchanged SHIB for crypto, move it to your crypto wallet.

That’s it! You’ve successfully sold or exchanged your SHIB.