Elon Musk, CEO of Tesla, and global demand for meme coins contributed to a very favorable 2021 for them.

Shiba Inu (SHIB), the second-largest meme coin by market capitalization, saw its value skyrocket in 2021. The price of SHIB increased 52,648,700% from $0.000000000168 on January 1, 2021, to $0.00008845 on October 28, 2021, its all-time high.

However, the crypto market crashed in 2022 due to a series of failures in the crypto industry, including the collapse of Terra-UST, the recession, and other major macroeconomic concerns. The industry faced Crypto winter, but now, after the BIG WIN of Ripple in the SEC’s lawsuit, there’s a bullish sentiment and enhanced investor confidence, the things are getting back on track.

For Shiba Inu, 2024 looks promising, as the market has started experiencing optimism, and regulatory clarity is happening worldwide. In this article, let’s have a deeper look at Shiba Inu and how you can buy SHIB in India in 2024.

About Shiba Inu

Shiba Inu, created in August 2020 by its founder Ryoshi, draws inspiration from the adorable dog breed that shares its name. It should not be mistaken for Dogecoin, another crypto featuring the same breed as its mascot. Shiba Inu positions itself as a “Dogecoin killer.”

The “woofpaper,” which serves as Shiba Inu’s white paper, describes it as a community-oriented crypto project. Essentially, this means that the decentralized Shiba Inu community, known as the “ShibArmy,” is responsible for the crypto and its development.

While this concept may seem groundbreaking, it is not entirely unique in the crypto world. Decentralized communities manage other cryptos, so although Shiba Inu’s white paper presents it as a revolutionary idea, it aligns with what other projects have already been implementing.

While initially recognized as an alternative to Dogecoin, Shiba Inu has a distinct advantage. It is built on the Ethereum blockchain, enabling the execution of smart contracts. Through these smart contracts, Shiba Inu can work with Decentralized Applications (DApps), granting it more functionality. In contrast, Dogecoin lacks this capability, making it significantly more limited in its capabilities.

Let’s hop on to see how to choose a good crypto exchange and how can you buy SHIB in India.

How to Choose a Good Crypto Exchange in India?

You need to do thorough research when using a crypto exchange to invest or for crypto trading in India. You must research the legitimacy of the platform and the credibility of the team behind it before deciding on an exchange to invest in Shiba Inu in India.

You should also ensure the platform provides the following before investing in Shiba Inu:

• The exchange’s website/app has a simple user interface and is easy to use.
• The exchange supports Shiba Inu trading pairs.
• The exchange employs state-of-the-art security measures and does not compromise when it comes to regularly upgrading it. Try to avoid exchanges that do not have a KYC protocol in place.
• The exchange offers reasonable trading fees to buy crypto in India.

So, here’s how you can buy Shiba Inu in India in 5 easy steps.

Buying Shiba Inu in India in 5 Easy Steps

Below are a few simple steps you can follow and buy the SHIB token in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy SHIB tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!

Bonus point: INR Deposits are also LIVE on the WazirX platform. Now, you can buy SHIB tokens using INR.

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling SHIB Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX account using P2P.

After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.

Step 5 – Finally, buy SHIB on WazirX.

You can now easily purchase SHIB tokens using P2P trade on the platform. Check the SHIB to INR rate from here and SHIB to USDT here.

After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total USDT amount to be paid.

Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the SHIB Coins you purchased in your WazirX wallet.

If we are talking about Shiba Inu, how can we not talk about Dogecoin? In the following section, let’s check out the main difference between the top meme coins of the crypto market.

Dogecoin Vs. Shiba Inu

1. Origin and Purpose

Dogecoin (DOGE) was created in 2013 as a lighthearted and fun crypto based on the popular “Doge” internet meme featuring a Shiba Inu dog. It was initially developed as a joke or a “fun” coin. On the other hand, Shiba Inu (SHIB) was created in 2020 as an Ethereum-based token and aimed to build a decentralized ecosystem with projects like ShibaSwap and Bone token.

2. Market Capitalization and Popularity

Dogecoin has a longer history and a larger market capitalization compared to Shiba Inu. It gained significant attention in 2021, largely due to endorsements from high-profile individuals like Elon Musk. Merchants have widely accepted Dogecoin and have gained recognition as a means of tipping or donating online. While also popular, Shiba Inu is still relatively new and has a smaller market capitalization than Dogecoin.

3. Tokenomics

Dogecoin operates as a standalone crypto, while Shiba Inu operates as an ERC-20 token on the Ethereum blockchain. Shiba Inu has its own ecosystem and projects, such as ShibaSwap, where users can trade and provide liquidity, and Bone token, which acts as a governance token within the ecosystem.

4. Supply and Distribution

Dogecoin has an unlimited supply, with billions of new coins entering circulation each year. On the other hand, Shiba Inu has a significantly larger supply, with trillions of tokens in circulation. This difference in supply can influence each crypto’s price and perceived scarcity.

5. Community and Development

Both Dogecoin and Shiba Inu have passionate and active online communities. However, due to its longer history, Dogecoin has gained a more established and long-standing community. Shiba Inu, being a newer project, has attracted a community of supporters who are interested in its potential growth and development.

Happy Trading!

Frequently Asked Questions

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.