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Elon Musk, CEO of Tesla, and global demand for meme coins contributed to a 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 also witnessed 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, 2023 looks promising, as the market has began 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 2023.
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.
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
- 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.
- 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.
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.
- 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.
- 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.
Now, 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.
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 you're looking to buy Shiba Inu (SHIB) crypto in India, you can visit - https://wazirx.com/exchange/SHIB-INRTo learn how to buy Shiba Inu (SHIB)) in India, read this blog - https://wazirx.com/blog/how-to-buy-shiba-inu-coin-shib-in-india/
The decision to buy Shiba Inu now depends on your investment goals and risk appetite. Do your own research and consider the risks before investing.
As of 9th Feb 23, 1:40 PM, the price of Shiba Inu in the USDT market is 0.00001345 USDT.
Shiba Inu has been quite popular as a meme token with highly positive market sentiments. It is being speculated that SHIB could encounter resistance at $0.00003025, with a bull market in 2025. The growing adoption of crypto amongst institutional and retail investors indicates a demand for digital assets and SHIB may set a new ATH in 2030 at $0.0001498.
You can buy Shiba Inu coins in India by registering on a crypto exchange like WazirX that supports Shiba Inu and purchasing it with fiat currency or other cryptocurrencies.
The Shiba Inu network operates on the Ethereum blockchain and is a derivative of the Ethereum network. As a result, all transactions on the Shiba Inu network are saved, verified, and performed on the Ethereum blockchain, enabling it to benefit from Ethereum's smart contract capabilities. Shiba Inu tokens can be utilized in various DeFi applications like yield farming It also supports non-fungible tokens (NFTs), enabling secure and efficient transfer of various assets.
Shiba Inu (SHIB) is a decentralized Crypto inspired by the Dogecoin meme, featuring the Shiba Inu dog as its logo. It operates on the Ethereum blockchain and aims to be a decentralized, community-driven alternative to other Cryptos. SHIB has seen significant growth in value since its launch, but like other Cryptos, its value is highly volatile and subject to fluctuations based on market sentiment and other factors. Therefore, it's essential to thoroughly research and understand the risks involved with investing in SHIB or any other Crypto before making a decision.