Shiba Inu started as a meme coin and has since evolved into much more. There is now DEX (decentralised exchange) and the ability to earn staking rewards and passive income (WOOF rewards). While Shiba is definitely still a meme, it's certainly worth watching. Here is how you can invest in Shiba Inu coin in Australia.
Invest in Shiba Inu on eToro
eToro, one of the worlds most popular social trading platforms recently added support for Shiba coin. What I like about Shiba on eToro is that it's listed as Shiba in Millions. As of writing a single Shiba coin is worth $0.000007522 USD. This means that calculations can be a little tricky. On eToro Shiba is listed as lots of 1 million. This means you can buy 1 lot for $7.52. Obviously this makes it way easier to trade.
The other upside is you don't need to worry about storage. eToro takes care of custody for you, so there's no need for hardware wallets or other complex security solutions.
Buy Shiba Coin on Coinspot
Coinspot is my favourite exchange for investing in alt coins. They do a great job of listing all the popular alt coins that people are investing in and Shiba is currently listed on CoinSpot.
Here is why I like CoinSpot:
- Trusted Exchange – While there are many exchanges out there, there aren't many that I actually trust. CoinSpot has a good reputation and is based in Australia.
- Local Australian Deposit Options – You can deposit using PayID which is near instant. This means you can take advantage of market moves without having to wait for a deposit to clear. They also support a number of other local Australian deposit options.
- Easy to Use Interface – CoinSpot has a really easy to use interface. Buying Shiba and other coins is pretty straight forward and you don't need any tech skills.
Should you Invest in Shiba Inu
I would put Shiba into the higher risk category of investments. This is definitely a speculative investment. If you are going to invest, don't invest more than you can afford to lose. While the Shiba community is showing some strong signs with lots of development happening at a rapid pace, this doesn't always translate into a higher value. Personally I'm buying a small amount and letting it sit in a wallet. It might increase in value, it might not, but I'm happy to part of the journey.