What is SHIBA INU Coin
Shiba Inu Coin is a meme coin, a term popularized in the last couple of years. On a more technical note, Shiba is an Ethereum-based alternative to Dogecoin. The two coins are compared so frequently that the media even dubbed SHIB as the ‘Dogecoin killer’. Without focusing on Shiba’s rival, let’s take a look at Shiba Inu as a separate, independent entity.
Recently, SHIB, LEASH, and BONE collaborated to build ShibaSwap, which is advertised as the next evolution in DeFi. The platform gives access to NFTs and extra features like portfolio trackers.
Similar to Bitcoin, the founder of Shiba Inu is some under a pseudonym. The mysterious founder is known by the name Ryoshi, and it seems like the disclosure of their identity is not coming any time soon. Ryoshi’s latest interaction with the community was on May 29. This was a post where they reiterated that they are not important and any efforts to unmask their identity would be underwhelming.
As a meme coin, Shiba Inu gained notoriety thanks to the Internet. For instance, its social media mentions saw a growth rate of 16,000% throughout 2021. This resulted in a market cap of over $15 billion and the #14 rank by the beginning of 2022.
What can I buy with SHIB coin?
After buying Shiba Inu coin, it's possible to spend it on a wide range of services and goods. The only requisite is to find a merchant or an individual seller willing to accept it as payment for goods sold. Here are some noteworthy businesses that are advertised support for Shib coin:
- AMC Theatres
- Regal Cinemas
- Arelvis Valera Studio
- Office Deport
How is the price of SHIB determined?
The price of any coin is affected by supply and demand. But since SHIB doesn’t have a limited total supply, it relies on ever-growing demand. For example, SHIB holders are excited about some new projects within the community, witnessing how it causes the coin to gain momentum. One of the projects is called Shibarium, developed by Unification. Once it launches, SHIB tokens will be migrated to a new blockchain/layer-2 solution. With transaction fees lowered, Shiba Inu may find more popularity as a result.
Other factors worth mentioning are speculative action (how many people are investing/trading, including retail and institutional investors), media attention (such as when a prominent figure supports cryptos publicly), and current affairs (while Shiba Inu is completely digital, it’s still impacted by real-world events).
Can you buy SHIB without KYC on Changelly?
When you buy crypto on Changelly, the transactions on the fiat side are actually processed by third-party payment vendors. That is why the requirement of KYC verification ultimately depends on what service you use for payments. Check with your fiat provider or read instructions on the exchange window just before the transaction.
Can I buy less than 1 SHIB?
Shiba Inu, although very popular, has a very low value. While it’s absolutely reasonable to exchange a fraction of BTC, going lower than one SHIB coin is just not doable. Your funds would just be overshadowed by the network fee.
It’s unlikely that you'll be able to buy less than 1 SHIB any time soon. But you should still keep up-to-date with the market in case something major happens.
What are the fees to buy SHIB?
The payment process of buying SHIB is associated with two types of fees - the trading platform fee and the network fee. The platform fee is charged as a percentage of a transaction. When you look at the list of offers, the fees will already be calculated, so there is no need to do anything yourself. If you’re interested in approximate values, a total fee by Moonpay + Changelly is 7.5%, and Indacoin + Changelly totals 10%.
The network fee is much simpler. It’s a fixed amount of 1,060,520.36 SHIB, regardless of how much you buy.
Where can I store SHIB?
Clearly, you buy Shiba Inu on cryptocurrency exchanges, but what do you do afterward? If you’re thinking of leaving it on the exchange, it’s better not to. Move your coins out of the platform to a crypto wallet. The easiest option is to use a hot (or digital) wallet. Alternatively, you can store SHIB on a physical crypto storage device.
What is the best SHIB wallet?
The Shiba Inu community uses a variety of different wallets, so it’s hard to say which one is the best. But to highlight some of the most recognizable names, we would mention Coinomi, ZenGo, Coinbase, and Atomic Wallet. If you want to explore other digital wallets, we feature other platforms on our list of partners, available on the Changelly website.
In case you’re a big fan of hardware wallets, which is a reasonable choice, SHIB is supported by Ledger and Exodus. These are industry giants that have greatly improved their security and UX over the years.
How to cash out SHIB?
Although you can find cryptocurrency ATMs in some cities, their selection is incredibly limited. The best way to turn SHIB into cash is to first exchange it for fiat digitally. For this, you will need a Changelly account and our ‘Sell’ tab. Enter the details of your transaction, including your bank details, and wait until the funds arrive at your bank account.
Once you have your virtual fiat, the final step will be to withdraw cash from a regular ATM. This should take you mere seconds.
Can I buy SHIB with PayPal?
Wondering how to buy shiba coin with PayPal? Unfortunately, Shiba Inu Coin is not supported by PayPal. The only cryptocurrencies that you can buy or sell through your PayPal account are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. You can also hold these assets and use them for payments on other websites. There is a restriction, though - you can only hold the cryptos that you purchased yourself on PayPal. Transfers from other services or even other PayPal users are not supported.
While there are no announcements of upcoming additions, there is a chance SHIB will be added at some point in the future.
Can I purchase Shiba Inu with credit card?
Yes, purchase Shiba Inu coin with a credit card issued by any major provider. The processing time is instant, but new users may sometimes be required to fulfill a verification step that entails selfie and ID verification. Additionally, when paying with a 3D-secure card, an additional verification step may apply, such as entering a confirmation code sent through email or text from the card provider.
Can I purchase Shiba Inu with debit card?
Of course, you can buy Shiba Inu coins with a debit card on Changelly.com. Buying Shiba Inu with debit cards is similarly supported by most crypto exchanges and brokerages.
Do I need a bank account to buy Shiba Inu coin?
It's not a strict requirement to have a bank account to initiate a bank transfer to purchase SHIB. Use a prepaid debit card sold at local stores or online. Funding the card using various alternative payment methods, such as cash, is possible.
Can I buy Shiba Inu with the app?
Get our app and buy Shiba Inu today. Download it for iOS or Android devices from respective app stores. The platform is non-custodial, meaning users can choose which wallets to use. There is broad support for other coins, and the rates are affordable. KYC and registration are not required for all transactions.
How quickly will I receive Shiba Inu after purchase?
The exchange time tends to vary, but under normal market conditions, Changelly customers receive the coins in their wallets within 5 to 30 minutes.
Can I sell Shiba Inu for USD or other fiat currency?
Selling Shiba Inu for USD is possible. But check if the platform offers a sell page. If direct conversions to fiat currency from SHIB are not supported, exchange Shiba for popular cryptocurrencies that are easier to sell. Changelly offers a pay-out feature through our partnership with Mercuryo.
What is the minimum amount to buy Shiba Inu?
The minimum amount customers will receive when purchasing SHIB depends on the current market price and the minimum transaction amount allowed by the platform. For instance, if the platform specifies a minimum purchase amount of $20 with the SHIB price under $1, it can translate to many coins.
Can I get Shiba Inu for free?
Users can use the following methods to receive Shiba Inu for free:
- Get-Paid-To (GPT)* faucet sites: Earn free Shiba Inu by completing simple tasks such as filling out surveys, watching videos, and performing other activities. Make sure to work with trusted websites with a good history of payouts.
- SHIB staking: SHIB may be staked for rewards on a decentralized exchange or through supported wallets.
- Giveaways: Some exchanges give users free SHIB to incentivize its use.