Shiba Inu (SHIB) is a meme coin that aspires to be an Ethereum-based alternative to Dogecoin. Created in August 2020, Shiba Inu was Colloquially nicknamed, ‘the Dogecoin killer.’
During the initial launch, 50% of the supply of SHIB was allocated to Ethereum co-founder Vitalik Buterin. This was one of the reasons that caused the price of SHIB (AUD) to soar. Following this, Buterin donated 10% of all SHIB in existence to the Indian COVID-19 relief effort. This donation was worth about $1 billion at the time. The other 40% of SHIB that Buterin owned was burned forever.
Shiba Inu is looking to break into the NFT space, speculatively once the Shiba Swap Decentralised exchange has been finalised and launched.
Check out our deep dive on Shiba Inu on Swyftx Learn.
You can buy Shiba Inu coin on the Swyftx cryptocurrency exchange in Australia.
The most popular way to buy and sell Shiba Inu coin and other cryptocurrencies in Australia is through a cryptocurrency exchange. Our trading platform allows you to buy, sell and swap hundreds of different crypto assets with low trading fees.
To Buy SHIB, you’ll first need to create an account by providing your name, email address and phone number. Once your account is created, you’ll then need to verify your identity by providing a few key details. This typically takes no longer than a few minutes to complete. The last step before you can trade SHIB tokens is to deposit funds into your account. Swyftx allows users to make deposits via bank transfer, POLI, PayID or debit card. Once your deposit has landed, you can buy Shiba Inu and other listed digital assets on the Swyftx exchange.
Dogecoin was cast into the limelight after Elon Musk tweeted his fondness for the meme coin. Following this, other meme coins like Shiba Inu have benefited significantly. Dogecoin uses the same technology as Bitcoin meaning it is a proof-of-work blockchain. On the other hand, Shiba Inu is an ERC 20 token that runs on the Ethereum network, meaning it can leverage smart contracts.
Both DOGE and SHIB have a far more abundant token supply when compared to other cryptocurrencies. There are over 100 Billion DOGE in circulation and over 300,000 billion SHIB. These extremely abundant token supplies have made the Dogecoin and Shiba Inu prices very low. Despite this, both cryptocurrencies have a market cap of over $1 billion.
Shiba Inu and other units of cryptocurrency are stored in digital wallets. These wallets are unlike the wallet you keep in your pocket. Instead, these are software systems that allow for the sending, receiving and storing of cryptocurrencies.
When you buy SHIB on the Swyftx trading platform, the asset will be immediately stored in your own personal wallet. This wallet is automatically installed in your account when you sign up. If you would like to withdraw your SHIB and transfer it to an external wallet, you can do so by navigating to the withdraw tab in your app.
Swyftx supports deposits made with debit cards. To do this, navigate to the deposit tab in your Swyftx app. You’ll be redirected to the Banxa website, which is one of our payment providers. Here you can process your debit card deposit. Once your deposit has been received you can start buying Shiba Inu coin and other listed cryptocurrencies. Swyftx also supports deposits made via bank transfer, POLi and PayID.
Swyftx has extremely low fees and minimal spreads when you buy, sell and trade Shiba Inu in Australia.
Verify your account in minutes and then deposit funds instantly to start trading SHIB.
Security features like Two Factor Authentication (2FA) and breached password detection protect your account against scammers.
Learn to trade and gain experience with Swyftx risk free by enabling the demo mode. We even simulate real life liquidity and market depth.
Deposit and Withdraw AUD via PayID, OSKO, Bank Transfer & POLi
Automate your crypto investments.Setup recurring deposits to your Swyftx account and have then automatically split across your own range of cryptos.
Never miss a trade or get caught out by the crypto market volatility. Set Buys and Sells to trigger at any price you want.
Easily secure your account with multi-factor authentication and biometric login. Swyftx also monitors other sites for data breaches that might result in compromises on your account.