How Many Steps Do You Need To Buy Shiba Inu Coins? Only Four!
2022-03-02 17:35:50
How To Purchase Shiba Inu Coin
In the past February, Shiba Inu coin made another headline by becoming the most popular coin traded in Ethereum’s whale wallets. According to crypto data platform WhaleStats, SHIB had replaced the Curve DAO Token (CRV) and became the most traded coin in the top one thousand Ethereum wallets on February 7th.
At the same time, the Shiba Inu coin price skyrocketed nearly 50% in 24 hours, and its increased trading volume in the so-called "whale wallets" somewhat explains this huge jump. The ETH whales were expecting a decrease in SHIB supply as crypto entertainment company Bigger announced that it would organize another SHIB burn party on Valentine’s Day.
What Bigger Entertainment aims to do is make the SHIB quantity in circulation scarcer which has historically contributed to rapid price gains. As it turns out, they did. Still, at $0.000026 (date from Gate.io) Shiba Inu currently trades at a fraction of its October $0.00008 peak and it remains to be seen if its price will ever be able to fully recover. However, seeing the enthusiasm of the big whales, many retail investors are also on the move to buy Shiba Inu coins.
Steps On How To Purchase Shiba Inu Coin
1. Choose An Exchange
Thanks to its historical surge in 2021, Shiba Inu is now among the most well-known altcoins and has been listed on many of the best cryptocurrency exchanges. You can choose from a list of top exchanges such as Binance, Huobi Global, Coinbase, Gate.io, and OKEx. Make sure to check the security features and the fees charged (e.g. the spread or trade fee, withdrawing funds ) while comparing exchanges.
2. Have An Account
After the exchange is selected, you'll have to sign up for an account and verify your identity. In general, most exchanges have prepared detailed guidance for newcomers which is always easy to understand and operate. For example, as a user-centric exchange, Gate.io’s Registration & Installation guide is separated into a mobile version and a web version considering the different device preferences of users.
To create an account on any cryptocurrency exchange you will need an email address while some may also ask for a phone number and photo ID. As the whole industry becomes more security conscious, an increasing amount of cryptocurrency exchanges will need to verify your identity which is known as KYC (Know Your Customer) . To complete KYC, a photo ID and a webcam or smartphone are usually required. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
3. Make A Deposit
Once you have a crypto exchange account, you will need to deposit funds to your account in order to buy Shiba Inu coin with the available balance. The way to deposit depends on the exchange you choose, you need to take time to find out all the gateways it supports. If you choose Gate.io, then you will have various choices. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet.
4. Buy SHIB
You are now ready to purchase the Shiba Inu coin. Almost every exchange has its “Buy” button in a prominent place, just find it and enjoy the easiest way to buy SHIB. Alternatively, you can try the most common way to purchase cryptocurrency which allows you to set your own price: open a trade in the spot market.
In the past February, Shiba Inu coin made another headline by becoming the most popular coin traded in Ethereum’s whale wallets. According to crypto data platform WhaleStats, SHIB had replaced the Curve DAO Token (CRV) and became the most traded coin in the top one thousand Ethereum wallets on February 7th.
At the same time, the Shiba Inu coin price skyrocketed nearly 50% in 24 hours, and its increased trading volume in the so-called "whale wallets" somewhat explains this huge jump. The ETH whales were expecting a decrease in SHIB supply as crypto entertainment company Bigger announced that it would organize another SHIB burn party on Valentine’s Day.
What Bigger Entertainment aims to do is make the SHIB quantity in circulation scarcer which has historically contributed to rapid price gains. As it turns out, they did. Still, at $0.000026 (date from Gate.io) Shiba Inu currently trades at a fraction of its October $0.00008 peak and it remains to be seen if its price will ever be able to fully recover. However, seeing the enthusiasm of the big whales, many retail investors are also on the move to buy Shiba Inu coins.
Steps On How To Purchase Shiba Inu Coin
1. Choose An Exchange
Thanks to its historical surge in 2021, Shiba Inu is now among the most well-known altcoins and has been listed on many of the best cryptocurrency exchanges. You can choose from a list of top exchanges such as Binance, Huobi Global, Coinbase, Gate.io, and OKEx. Make sure to check the security features and the fees charged (e.g. the spread or trade fee, withdrawing funds ) while comparing exchanges.
2. Have An Account
After the exchange is selected, you'll have to sign up for an account and verify your identity. In general, most exchanges have prepared detailed guidance for newcomers which is always easy to understand and operate. For example, as a user-centric exchange, Gate.io’s Registration & Installation guide is separated into a mobile version and a web version considering the different device preferences of users.
To create an account on any cryptocurrency exchange you will need an email address while some may also ask for a phone number and photo ID. As the whole industry becomes more security conscious, an increasing amount of cryptocurrency exchanges will need to verify your identity which is known as KYC (Know Your Customer) . To complete KYC, a photo ID and a webcam or smartphone are usually required. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
3. Make A Deposit
Once you have a crypto exchange account, you will need to deposit funds to your account in order to buy Shiba Inu coin with the available balance. The way to deposit depends on the exchange you choose, you need to take time to find out all the gateways it supports. If you choose Gate.io, then you will have various choices. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet.
4. Buy SHIB
You are now ready to purchase the Shiba Inu coin. Almost every exchange has its “Buy” button in a prominent place, just find it and enjoy the easiest way to buy SHIB. Alternatively, you can try the most common way to purchase cryptocurrency which allows you to set your own price: open a trade in the spot market.
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