This article will guide you through the step-by-step process of buying Shiba INU (SHIB) at WazirX. We will also be looking at the risks of buying Shiba INU.
Table of contents
- WazirX is the best Indian crypto exchange platform. Also, since Binance acquires it, now it’s easier to transfer funds between the two platforms.
- Shiba is a meme coin based on another Japanese dog called Shiba Inu.
- You can buy Shiba INU at WazirX by creating an account, completing the verification, depositing funds, and placing an order.
- Shiba INU gained its popularity after a tweet from Elon Musk, showing how much value we give to just one person’s influence.
What is WazirX?
WazirX is the most prominent Indian cryptocurrency exchange. Though there hangs an uncertainty about the future of cryptocurrency in India, the platform is among the first to understand the importance of decentralised technologies and blockchain in the country.
To invest in cryptocurrency, you must adhere to understanding how blockchain technology functions. You can understand better about crypto and blockchain from our full-fledged Guide to invest in cryptocurrency. You can also read our WazirX review article to understand the platform better.
What is Shiba INU?
Shiba (SHIB) is cryptocurrency named after Shiba, is a Japanese dog breed. It is a lot similar to Dogecoin and is gaining popularity due to the title of the Doge killer. Almost all the major crypto platforms have listed the token, and so have Indian trading platforms.
What is the role of the Shiba token?
The Shiba INU token is a meme token that claims to have grown into a vibrant ecosystem. Shiba also offers Shib Swap and plans to enter into the NFT market with its first official NFT ventures. Briefly, the role of Shiba is to popularise the meme community using blockchain.
How to buy SHIB on WazirX?
Shiba was recently listed on the platform through the Rapid Listing Initiative, where you can buy and trade Shiba INU but cannot withdraw it out of your WazirX wallet. The steps involved in buying SHIB is in the next section:
Steps to create an account and deposit funds
You can follow the below steps to create an account, complete your verification and deposit INR at WazirX:
- Visit the official website of WazirX and click on the signup button.
- Now enter your email, password, referral code (If any), and hit the submit button.
- Verify your account with the verification code sent at your mail, and then log into your account.
- Now, complete your KYC verification by uploading the necessary documents and a selfie.
- After the verification, enable two-factor authentication from settings.
- Visit your account section and click on INR.
- Now hit on the deposit INR button and choose your preferred deposit method.
- After you transfer the funds into your WazirX account, it will be available within 5 hours if there are any deposit delays.
Now that you’ve set up an account at WazirX, it’s time to buy SHIB. Placing a buy order for all the crypto assets at WazirX is similar; hence you can also read our article on How to Buy bitcoin on WazirX or How to Buy ETH in India.
Steps to buy SHIB at WazirX
Now, to buy SHIB tokens, you can follow the below steps:
- Visit the market tab from your phone or the exchange tab on your PC.
- Now, search for SHIB in the INR menu.
- Open the trading window for SHIB and click on the Buy/ Sell button on your phone.
- Now, set the order type to market, or enter a limit price where you want the order to be executed.
- Then enter the amount of SHIB you wish to buy and hit the But button.
- Once your order is successfully executed, you can keep an eye on the value of SHIB you own from the account section.
Risks of investing in Shiba INU?
If you’re willing to invest your hard-earned money into a crypto asset, you must have come up with at least some research about the asset in which you’re going to invest. If not so, you can read our article on How to invest in cryptocurrency to get started. And if you did, what did you find so important about SHIB INU?
Dogecoin (DOGE), which became popular due to Reddit users and eventually by some tweets by Elon Musk, the person known as DOGE’s father. Shiba INU is trying something similar. We must understand that cryptocurrency is more significant and a single person shouldn’t impact it’s price like in case of Doge. And it is us, the investors, who are actually risking our money based on someone else’s jokes.
The cryptocurrency market ultimately seeks the projects that can be a boon to blockchain technology, and projects such as Ethereum, ADA, Polkadot, GRT are helping it achieve that.
We are in the era of private currencies, therefore you will see new coins pop up every day, therefore do your research before investing in something.
Buying Shib from WazirX: Pros and Cons
|WazirX is the largest Indian trading platform with over 2 million active users.||You can’t withdraw your SHIB coins.|
|Binance acquired WazirX in 2019, and this enabled the free transfer of coins between the two platforms.||The prices of a particular asset are highly inaccurate when compared to other popular exchanges such as Binance.|
|WazirX uses Rapid Listing Initiative to list coins that are gaining popularity at a faster pace.||The fees charged by WazirX is among the highest in the market.|
WazirX is the most popular Indian crypto trading platform, and since Binance has acquired it, it provides us an opportunity to transfer funds between the two exchanges without any charges. SHIB is a meme coin, so if you’re going to invest in SHIB, you must do your market research beforehand.
Frequently Asked Questions
How many Shiba INU coins are there?
The reason why these meme coins cannot have much value is due to their market supply. The Shiba INU coins have a currency market supply limit of one Quadrillion or 1,000,000,000,000,000 coins. However 40% of the supply is already burned by Vitalik.
How can I get the Shiba INU coin in India?
You can buy the Shiba INU coin at any famous Indian exchange, such as the WazirX. You can even follow the above guide to go through this process. You can also use the Uniswap platform on the Ethereum network to buy and sell cryptocurrencies in exchange for ETH.
What is the use of the Shiba INU coin?
The only valuable thing about the Shiba INU mentioned on their official website is that you can hold millions or even billions of Shiba INU tokens. The token has no other use; however, with the release of its own NFT platform, SHIB might gain some importance for the creators of the NFT platform.