If you are on the internet or social media, just surfing your way through loads of information that exists out there then, there is a great chance that you have come across terms like Cryptocurrency, NFT, Blockchain, and so on. Today we will educate you about a new cryptocurrency called Shiba Inu. It is making all the news in the crypto world these days. But where to buy Shiba Inu coin in India? How to buy Shiba Inu coin on Binance in India? How to buy Shiba Inu coin in CoinDCX? and how to buy Shiba Inu coin in India WazirX? These are just a few of the many questions that we will be answering in this article.
Where to buy Shiba Inu coin in India?
The world is on Crypto fever and NFT itself has a good fan following at least in the western part of the world. It is important to stay updated on these new trends so that you don’t miss out on any opportunity to make good money. Before we learn how you can buy Shiba Inu coins in India, let us learn more about Shiba Inu.
What is Shiba Inu Coin?
Shiba Inu coin is a cryptocurrency that came out back in 2020. As per one of the top crypto trading platforms, Binance, Shiba Inu holds the No. 16 spot when it comes to top cryptos. The name says it all: Shiba Inu is a Japanese breed of dog that is like a mascot for this coin.
Originally Shiba Inu was used as a logo by the team behind the Dogecoin (fellow meme coin), this may or may not have paved the way for the Shiba Inu coin to come into existence and claim to be the Doge killer.
According to its official website, Shiba Inu is a decentralized token. It evolved as a meme coin and has now become a vibrant ecosystem that has millions of dedicated followers all around the globe. This crypto coin turned around a lot of lives in 2021 when it touched its all-time high price.
Shiba Inu supports specific Defi products like the smart contract, which enables you to lend them to others in return for a recurring fee. Shiba Inu is just not your average meme coin. The team behind the coin is working to add more utilities to its token. As of today, the token supports utilities like NFT and ShibaSwap (Defi platform).
Contrary to popular belief, the coin does not just work on types or tweets but rather has a proper mechanism behind the scenes. Currently, the team behind the token is working on adding more utilities to the coin and is trying to further reduce the transaction fees on it.
Where to Buy Shiba Inu Coin in India?
Shiba Inu can be purchased via multiple crypto exchange apps that have it on their platform. There are dedicated crypto apps like Binance, CoinDCX, and WazirX among others that have Shiba Inu coins on their platform, and here you can buy the coin by paying in USD, INR or personal coin of the concerned app or Bitcoin.
Let us learn more about some of these crypto exchange apps
One of the world’s top crypto exchanges is Binance, which has more than 600 cryptocurrencies on its platform. The app has a user base of more than 90 million and within 24 hours around 76 Billion dollars worth of trading takes place via the app.
If this was not good enough, the fee charged by the app for transactions is less than 0.10%, making it the lowest. Binance has its own Binance coin which is ranked No.5 crypto as per its own app.
With a user base of more than 1.3 crores, CoinDCX is one of India’s top crypto exchange apps. The app has more than 200 cryptos that you can choose from, and the app allows you to start investing from a very minuscule sum of rupees 100. Till now the traded volume on the app has surpassed the 80,000 crore mark.
Proclaiming to be India’s most trusted crypto exchange app, WazirX has its WRX coin which is very important to its ecosystem and is a utility coin. The app has so far been downloaded more than 10 million times and using this platform you can invest in no less than 250 cryptocurrencies.
There are other apps you can turn to for purchasing Shiba Inu but for now, these apps will guide you to the answer of where to buy Shiba Inu coin in India.
How to Buy Shiba Inu Coin on Binance in India?
The first app that you can use to buy Shiba Inu Coin in India is Binance. As mentioned earlier, Binance is one of the most famous crypto apps and by following the steps given below, you can download Shiba Inu using it.
1. The first step would be to open the Binance app on your device.
2. Then search for the Shiba Inu coin in the Binance app.
3. Click on Buy from the bottom right corner.
4. Then, enter the Amount of Shiba Inu you want to buy as per your national currency and click on buy Shiba.
This is how to buy Shiba Inu coin on Binance in India.
How to Buy Shiba Inu Coin in CoinDCX?
To buy a Shiba Inu coin in CoinDCX the process is more or less similar. The only difference that you may encounter is the interface of the app.
1. So all you have to do is open the CoinDCX app and search for the Shiba Inu coin.
2. Once you have found the coin, click on it, and a similar chart setup would open up as in Binance.
3. Enter the amount you would like to invest as per conversion and confirm your purchase.
This is how to buy Shiba Inu coin in CoinDCX.
How to Buy Shiba Inu Coin in India WazirX?
1. Open the WazirX appon your device and search for the Shiba Inu coin as done previously for Binance and CoinDCX.
2. Once you have found the coin, click on it and open up the chart-like page for the coin.
3. Now enter the investment amount as per conversion and go ahead and buy as much Shiba Inu as you want.
And that’s how to buy Shiba Inu coin in India WazirX.
History of Shiba Inu
Originally, Shiba Inu started with a supply of Quadrillion coins of which 50% were safeguarded by the founder in a wallet and the rest was given away to Ethereum co-founder Vitalik Buterin who donated 1 billion dollars worth of the coin to India’s COVID initiative and burned the rest 40% to a dead wallet, thus bringing stability to the coin.
Shiba Inu also has had Elon Musk’s backing in the past which is a very positive piece of news for the token holders. Elon’s tweet has the capability to affect Shiba Inu’s price positively and negatively and on one occasion a single tweet of his saw the token price surge by 300%.
Is Shiba Inu a Token or Coin?
After learning where to buy Shiba Inu coin in India, let us understand what type of cryptocurrency it is. While the terms coin and token have been used interchangeably, it is important that you understand that both the terms have a different meaning and that Shiba Inu is a token and not a coin.
A token is what runs on the blockchain created by others, whereas a coin has its own blockchain like Ethereum has its own blockchain on which the Shiba Inu token runs. Competitors like Doge and Bitcoin also have their own blockchain and are thus referred to as coins.
Do Shiba Inu and Dogecoin share the same logo?
Shiba Inu is not the only coin that has a Shiba Inu dog as its logo. The company shares the dog with Dogecoin, Floki Inu, DogeDash, and Dogelon Mars. However, of all these coins only Doge and Shiba Inu are direct rivals to each other. And just like Bitcoin, Shiba Inu also has an anonymous name associated with it.
Satoshi Nakamoto created Bitcoin and similarly, Ryoshi created Shiba Inu. Both of these people may be an individual or a group, but no proof of their existence is available.
Is Shiba Inu safe?
The Shiba Inu token may have seen its highest valuation in 2021 but, that does not mean the coin is trustworthy. Since it is a meme coin it is very volatile in nature. Cryptocurrencies are already unregulated and that makes them a risky asset.
Add to that a token like Shiba Inu which is like a penny stock in the share market context, and you have a lot to worry about on your hands. Thus, investors should conduct thorough research beforehand when dealing with Shiba Inu.
Shiba Inu is a crypto token for the future. You now know where to buy Shiba Inu coin in India, how to buy Shiba Inu coin on Binance in India, how to buy Shiba Inu coin in CoinDCX and how to buy Shiba Inu coin in India WazirX.
With crazy predictions like Shiba Inu reaching a valuation of 1 dollar or even 1 rupee all it takes is a small sum of money that you can put on the line. If luck indeed fortunes the brave and Shiba Inu tokens do take the expected trip then within a decade you might be a millionaire.
We hope this article will help you invest in Shiba Inu and make some good money. Keep reading MoneyMint to learn interesting ways to increase your wealth.