I was having a conversation with a coworker and he seemed to think that SHIB was the next best thing since sliced bread. “While Doge was created entirely as a joke, Shiba Inu has some real utility!” Whether I agree or disagree is besides the point, today I wanted to show you how to buy Shiba Inu coin on Coinbase Pro, my centralized exchange of choice.
I’m buying $100 of SHIB as a part of a bet with said co-worker. He thinks that Shiba Inu will do a 100x in 1 year, so we bet $100 on this. I’m a little less optimistic, but I’ll throw in $100 in the event that there’s some sort of pump coming up. Today’s price in October 2021 is ~$0.000027.
Navigate to the SHIB-USD trading pair on Coinbase Pro
Here’s a direct link to the SHIB-USD trading page on Coinbase Pro. I had some USD available in my Coinbase Pro account from some recent profit taking that I’ll be using to make this purchase.
That’s it! I’ve just bought 3.6M Shiba Inu coins and they’re sitting in my Coinbase Pro wallet. If any of this was confusing, you can check out my page on how to buy your first cryptocurrency.
Now you own Shiba Inu, what next?
You can simply leave it in the Coinbase Pro exchange wallet, or you can send it off to an ETH digital or hardware wallet as it’s an ERC20 token.
For now I’m leaving it on Coinbase Pro:
Word of warning
I personally don’t invest in memecoins, or the lastest hype coin from TikTok but I do see the potential in these particular assets. My coworker was sure that SHIB could get to $0.10, but I explained to him how this was impossible due to the resulting market cap.
Price of a crypto shouldn’t be the target you work back from, but rather the market cap. Today SHIB has a ~$13B market cap and BTC is at $1T. While these numbers are always increasing, I think that it’s highly unlikely that SHIB ever catches Bitcoin. So at absolute most I think we can see a 10x on SHIB, although I’m in the camp that it probably won’t go up more than 2-3x.
Please do your own research but opinion is that you stick with the major crypto assets like BTC and ETH until you’re knowledgeable about how price action occurs on these smaller altcoins and memecoins.
Please leave a comment with any questions!