Cryptocurrencies have gained massive popularity in recent years. As a senior investor, you might be familiar with the wide range of digital assets available today. One cryptocurrency that has captured the attention of many is Shiba Inu (SHIB). Often referred to as a “meme coin,” SHIB has managed to create significant buzz, especially among retail investors.
In this article, we will address the key question: Can you buy Shiba Inu (SHIB) on Coinbase Pro? We will explore the relationship between Shiba Inu and Coinbase Pro, how to buy it, and why this platform might be a good option for investors. Whether you are new to cryptocurrency or already familiar with the market, this article will provide valuable insights.
What is Coinbase Pro?
Coinbase Pro is a cryptocurrency exchange that allows users to trade digital assets with a wide range of features. Unlike its more beginner-friendly sibling platform, Coinbase (the consumer app), Coinbase Pro is designed for more experienced traders who want access to advanced trading tools and lower fees.
Formerly known as GDAX (Global Digital Asset Exchange), Coinbase Pro offers a variety of cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and various altcoins. The platform’s main appeal is its lower fees and advanced charting tools, which cater to traders looking to make precise market moves. Coinbase Pro also has deeper liquidity and tighter spreads, making it a go-to choice for traders and institutions that handle larger volumes.
What is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a cryptocurrency created in August 2020 by an anonymous developer known as “Ryoshi.” It started as a joke, inspired by the success of Dogecoin (DOGE), but has since built a large following and developed its ecosystem. Shiba Inu is named after a Japanese dog breed, which also became the symbol of the coin.
Unlike Dogecoin, Shiba Inu runs on the Ethereum blockchain as an ERC-20 token. It has positioned itself as the “Dogecoin Killer” due to its rapid rise in popularity. SHIB has a very large circulating supply, which means each coin has a low value, making it accessible to smaller investors who may want to hold millions or even billions of SHIB tokens. The total supply of Shiba Inu is one quadrillion tokens, though a significant portion was sent to a dead wallet by Ethereum co-founder Vitalik Buterin, effectively reducing the available supply.
The Shiba Inu Ecosystem
Over time, Shiba Inu has developed its ecosystem beyond just being a meme coin. The Shiba Inu ecosystem includes three main tokens: SHIB, LEASH, and BONE. Here’s a brief overview of each:
SHIB: The core token of the Shiba Inu project, SHIB is used for trading and holds value primarily based on speculation. It is also used in various decentralized finance (DeFi) projects within the Shiba ecosystem.
LEASH: Another token in the Shiba Inu ecosystem, LEASH has a much smaller supply compared to SHIB, which makes it more scarce. It was originally designed as a rebase token, but this function was later removed, making it a more conventional token with fixed supply.
BONE: This token plays a governance role in the Shiba Inu ecosystem, giving users the ability to vote on proposals through the decentralized autonomous organization (DAO) known as ShibaSwap. It also has a smaller supply than SHIB, offering a different value proposition.
These tokens can be used within the ShibaSwap decentralized exchange, which is part of the broader DeFi ecosystem. Shiba Inu has developed from being just a meme token to an entire ecosystem with real-world use cases and applications in DeFi.
Can You Buy SHIB on Coinbase Pro?
Yes, you can buy Shiba Inu (SHIB) on Coinbase Pro. On September 16, 2021, Coinbase officially listed SHIB for trading on its professional trading platform, Coinbase Pro. The listing allowed users to buy, sell, and trade SHIB with several trading pairs, including SHIB/USD, SHIB/USDT (Tether), and SHIB/EUR.
The announcement of Shiba Inu’s listing on Coinbase Pro was met with excitement by the SHIB community. The inclusion of SHIB on a well-established exchange like Coinbase Pro marked a significant milestone for the token. Coinbase is one of the most reputable cryptocurrency exchanges in the world, and being listed on it adds a layer of legitimacy to the token.
How to Buy SHIB on Coinbase Pro
If you’re interested in purchasing SHIB on Coinbase Pro, here’s a step-by-step guide to help you through the process:
Step 1: Create a Coinbase Pro Account
If you do not already have an account on Coinbase Pro, the first step is to create one. You can sign up by visiting the Coinbase Pro website and clicking on “Get Started.” You will be required to provide some personal information for identity verification. This includes your full name, email address, and phone number, among other details.
Once your account is set up, make sure to complete the Know Your Customer (KYC) process. This is required to comply with regulatory standards and will allow you to deposit funds and start trading.
Step 2: Fund Your Coinbase Pro Account
After creating an account, you will need to deposit funds before you can buy SHIB. Coinbase Pro allows deposits in several ways:
Bank Transfers (ACH or SEPA): This is a common method for U.S. and European users to deposit funds. Bank transfers are typically free, though they may take a few days to complete.
Wire Transfers: Wire transfers can be quicker but may come with fees, depending on your bank.
Crypto Deposits: If you already hold cryptocurrency on another exchange or in a wallet, you can transfer those funds to your Coinbase Pro account. This method is usually fast and can be done without fees (aside from blockchain transaction costs).
Once your account is funded, you’re ready to buy SHIB.
Step 3: Search for SHIB Trading Pairs
On Coinbase Pro, you will find various trading pairs that include SHIB. The most common pairs are SHIB/USD (U.S. Dollar), SHIB/EUR (Euro), and SHIB/USDT (Tether). You can navigate to the trading interface by selecting the pair you want to trade based on your preferred currency.
Step 4: Place an Order
Coinbase Pro offers different types of orders that you can use when purchasing SHIB:
Market Order: This order type allows you to buy SHIB at the current market price. It’s quick but may result in a slightly higher price due to market fluctuations.
Limit Order: With a limit order, you can set the price at which you want to buy SHIB. The order will only be executed if the market price reaches your specified level. This is ideal for traders who want more control over their purchases.
Stop Order: A stop order triggers a market or limit order once the SHIB price reaches a certain level. This is often used to mitigate losses or lock in profits.
Once you’ve decided on the type of order, you can enter the amount of SHIB you want to buy and place your order.
Step 5: Secure Your SHIB
After purchasing SHIB on Coinbase Pro, you have the option to keep it on the exchange or transfer it to a private wallet. If you plan to hold SHIB for a long time, you might want to consider transferring it to a hardware wallet or other secure storage. Keeping your coins on an exchange can expose them to potential security risks, such as hacking.
Why Buy SHIB on Coinbase Pro?
While there are many cryptocurrency exchanges, Coinbase Pro stands out for several reasons when it comes to buying SHIB. Here are some benefits of using Coinbase Pro:
See Also: Can You Buy COTI on Coinbase?
Reputable Exchange
Coinbase Pro is part of Coinbase Global, a publicly traded company listed on the NASDAQ. This gives it a level of transparency and regulatory oversight that many other exchanges do not have. For investors who value trust and security, Coinbase Pro offers peace of mind when trading cryptocurrencies like SHIB.
Lower Fees
Compared to the standard Coinbase app, Coinbase Pro offers significantly lower fees. While Coinbase charges a fee that can range from 1.49% to 3.99% depending on the payment method, Coinbase Pro uses a maker-taker fee model, with fees ranging from 0% to 0.5% depending on your trading volume. This can make a big difference, especially for traders who make frequent trades or buy large amounts of SHIB.
Advanced Trading Features
Coinbase Pro offers advanced tools for traders, including real-time order books, detailed charting, and multiple order types. These features give investors more control over their trades and allow for more sophisticated trading strategies.
High Liquidity
Another advantage of Coinbase Pro is its high liquidity. This means that there are always buyers and sellers for SHIB, which reduces the risk of slippage (when the price moves against you while placing a trade). High liquidity also ensures that trades are executed quickly, even during periods of high market volatility.
Conclusion
In summary, yes, you can buy Shiba Inu (SHIB) on Coinbase Pro. The process is straightforward and involves creating an account, depositing funds, and placing an order on one of the available SHIB trading pairs. Coinbase Pro offers a secure and reputable platform for buying SHIB, with the added benefit of low fees and advanced trading features.
For investors interested in the Shiba Inu ecosystem, purchasing SHIB on a trusted exchange like Coinbase Pro can be a significant step. While SHIB may have started as a meme coin, it has grown into a larger project with various applications in the DeFi space.
As with any investment, it’s essential to do your research and understand the risks involved. Cryptocurrencies can be highly volatile, and prices can fluctuate dramatically in short periods. Always invest only what you can afford to lose and consider diversifying your portfolio to mitigate risk.
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