‘Dogecoin Killer’ Shiba Inu Burn Rate Skyrockets 28,000% As 6M SHIB Sent To Dead Wallet

And on top of that, Shiba Inu can no longer lay claim to being the most popular meme coin in the crypto market after getting “bonked” this year. The good news is that Shiba Inu is doing everything it can to reduce the outrageously large coin supply. The primary strategy is known as coin burning, which is the process of sending coins to a dead crypto wallet to permanently remove them from circulation. If you can burn enough coins for a long enough period of time, the thinking goes, you might be able to make a sizable dent in the circulating coin supply. But there are plenty of other cryptocurrencies making waves in the investing world, too, including newer tokens such as Shiba Inu (SHIB 0.49%).

  • The main idea of making Shiba was to join the train of meme-inspired currencies such as Dogecoin and serve as a transactional digital currency for the payment of goods and services.
  • This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
  • If you’d invested $100 in Shiba Inu exactly a year ago, you’d have more than $53 million.
  • The impressive thing here is that you can deposit any supported token even if it’s a less liquid coin.

In a cryptocurrency market with high-priced tokens like Bitcoin and Ethereum, new investors look towards projects that are still in their early days. The goal is to buy such https://coinbreakingnews.info/software-development/front-end-developer-job-description/ tokens when prices are remarkably low and sell them when the value increases. However, when investing in Shiba Inu, your priority should be the safety of your tokens.

Also, the ultra-low price of these tokens has helped them to see growing interests. As the project is still new, it’s crucial that you only invest what you are willing to lose. If you are willing to risk the loss, Shiba Inu could provide you with https://cryptominer.services/tron-price-chart-market-cap-index-and-news-2/ the excitement you desire. Shiba Inu is a cryptocurrency which, at its creation in 2021, had no use or value. By the end of 2023, it was being traded in large volumes to take advantage of microscopic price movements and used as a payment method.

A Non-Custodial Platform

Then make a minimum deposit of $50, after which you can create a buy order to invest in Shiba Inu. Please note that we are not authorised to provide any investment advice. Ryoshi is the alias used to identify the creator of this dog-themed cryptocurrency, invented in 2020.

While gains of 14,000,000% aren’t too common in the crypto space, we have seen a number of popular payment coins log five- and six-digit price increases in a short amount of time. The XRP token used by Ripple gained more than 62,000% in roughly 10 months, ending in early 2018. XRP ultimately lost 96% of its value over the next two years and change.

Where to Buy Shiba Inu Coin – Best SHIB Exchanges Reviewed

For example, if you live outside the US, you may be able to buy SHIB on Binance or OKX, where fees are quite low. Binance Advanced Trades are just 0.1% whether you use a market order or a limit order. OKX comes in at just 0.08% for limit orders and 0.1% for market orders. If you’re able to buy SHIB from Binance, OKX, or Kraken, these sources offer the most cost-effective way to make your purchase. Limit sell orders are priced above limit buy orders, and the difference between these two prices is called a spread. Coinbase, another popular choice, is regulated by the SEC and holds licenses in most US states.

How to Buy Shiba Inu (SHIB) in 2 Minutes Step-by-Step

From there, you’ll perform a crypto-to-crypto exchange and receive your SHIB tokens in a matter of seconds. The impressive thing here is that you can deposit any supported token even if it’s a less liquid coin. For instance, the broker has established its presence in the cryptocurrency market as a super-secure platform with approximately 89 million verified users. Some of the security measures used by the broker include device whitelisting and two-factor authentication.

Is Shiba Inu (SHIB) A Good Buy?

MEXC makes a solid choice for everyone who want to buy SHIB, including traders who want an easy way to trade the market with 0% spot market fees. Each method detailed above has its https://crypto-trading.info/what-is-personal-data/ advantages and disadvantages, depending on your needs or perhaps your location. The best way to buy SHIB may be MEXC, which combines 0% trading fees with an easy-to-use platform.

The project adopted a Shiba Inu mascot, furthering the crypto-dog theme and drawing comparisons to DOGE, which uses a similar Shiba Inu mascot. Both cryptos have also seen meteoric gains, with SHIB gaining as much as 1200% in a single month. Keep an eye out for fees on the confirmation page of your order. In many cases, the platform shows the fee for the trade, but it’s possible to miss this important number.

Shiba Inu Allows You to Earn Passively

But, again, basic math shows us how impossible this really is. Even if you burn 1 billion coins per day, it would take 1,000 days to burn 1 trillion coins. It would literally take centuries to bring down the coin supply under 1 trillion. Also, only buy investments that you’re willing to hold for at least several years, if not decades. Investing is not a get-rich-quick scheme, and the best investments are the ones that perform well over time. As Warren Buffett famously said, “If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes.”

Consider the possibilities when choosing Shiba Inu as a long-term play or a shorter-term trade. Founded in 2011, Kraken is one of the oldest crypto exchanges in the business (the first cryptocurrency, Bitcoin, came on the scene in 2009). The US-based exchange was also among the first to offer proof of reserves, which is a blockchain-based way to prove the exchange actually has your crypto.