Cryptocurrencies are popularly known as digital or virtual currencies. It plays the role of a digital asset. It is based on a decentralized network or distributed across a large network of computers. Also, it is based on blockchain technology and secure encryption therefore, no worries for newbies. In addition, there’s another advantage of this- there’s no government intervention! Shiba Inu coins are one such cryptocurrency. Since last year, it has become quite popular among people trading coins. Are you interested in How To Buy Shiba Inu coins in India? If yes, then scroll down to learn about the process and more.
About Shiba Inu coins
This coin was previously known as Shiba Token. Also, it is a spinoff of Dogecoin and was Originally started in August 2020 by an anonymous person-Ryoshi. It started basically as an experimented concept. Like most cryptocurrencies, this too is based on the decentralized network without government access. In addition, it works on the Ethereum blockchain without working on its own. The reason stated in the previous security attached to it. Therefore, it’s available on Coinbase Wallet and Metamask. Shiba Inu is a Japanese breed of dog. Are you familiar with the Dogecoin symbol? Well, it features the same. Unlike most coins, this is available in abundance. It has a massive supply of 1 quadrillion. Further, it also supports projects such as NFT and Shibaswap. It has a market value of $38.5mn.
This coin goes by the more popular name -Meme Token. On 27th, this coin came back to the limelight with a record price of less than 1 cent. In last week alone, the value has risen by 111 percent. What’s more? It has secured 9th position in the market value of cryptocurrencies. This is higher than its competitor Dogecoin which is in the 10th position. The market value of the coin is high by a whopping 173%
How to Buy Shiba Inu in India
The brand started gaining value after the huge social media outrage. This coin is based on decentralized Ethereum technology. Therefore, the customers can buy or sell in exchange for their Ethereum tokens. The tokens are available on various platforms of Indian crypto trading. Some of the noted ones are WazirX, Coinbase, and CoinDCX. The procedures are quite simple, secure, and hassle-free. You can visit the official websites of any of the platforms noted above and follow the steps:
- Click on the Signup and create a free account
- You have to register your email, password, and the security pin next
- Once your email is registered, you will have to verify it through the OTP sent in the email or the mobile number.
- The next step includes typing some basic details and completing the KYC of the bank account. This verification might consume 24-48 hours.
- Transfer the required amount to the WazirX account and you are ready to buy the coins!
That’s it! A mere 5-step procedure for you to begin trading coins. The sites are amazingly designed for you to navigate with ease. You can access the current market prices and scenarios on the window. In addition, the Buying and Selling options are also clearly visible. There’s also an option for you to set the price limit that you want to trade. You can track the purchase and sale of your coins as well.
Price Prediction of Shiba Inu
In early October, the coin garnered attention after Elon Musk posted on Twitter an image of the Shiba puppy. However, the popularity of the coin soared after it reached a record high of $0.000077 on 27th October. Some experts are suggesting that the prices might increase by more cents as the year closes. Though there’s huge hype around the coin value reaching $1, it’s still under speculation.
Risks in Shiba Inu coins
Despite the encrypted blockchain technology, there are risks involved. The prices of these coins are highly volatile. In addition, these coins are not under regulation therefore, a high chance of online fraud. There have been several reported cases of people losing huge amounts. Even worse, there’s a possibility of losing the entire investment! Therefore, we recommend to thoroughly researching all the facts before investing. In addition, you should calculate how much you can invest rather than going by the popular choice of gaining more coins. This has been pointed out by trading experts as well that you could lose your entire investment in one go. Therefore, calculate from all the arenas before jumping into the trade. You also have to keep in mind the utility attached to the particular coin before purchase.
There are several pros and cons attached to it. The cons include- people being under the false impression that Musk owns the coins. Most investors use this information to purchase coins. Secondly, the coins do not have any real-world utility. Experts state that due to the huge supply, the price won’t potentially rise as well. Thirdly, the extreme volatility of the coins. As the popularity soars, people hold it longer but there’s also a high possibility of abandoning soon as well. The pros include- These coins can also be accessed by the Shibaswap users due to the decentralized network. Secondly, there’s a possibility in near future that trading will be available on the Robinhood app as well. Thirdly, its been hugely successful on social media platforms. Therefore, it has built an effective branding and has the potential to survive in the long run.
For more stay tuned with Global Coverage
