The Ultimate Guide to Trading Shiba Inu With eToro
Shiba Inu coin has only been around for a few years, but it has managed to gain the interest of many cryptocurrency market participants. It's new and exciting. The coin was created as an alternative cryptocurrency and it even managed to surpass Dogecoin in terms of market cap and has been nicknamed 'Dogecoin Killer'.
This coin is available as a crypto asset labelled as Shiba (in millions) and can be traded on the eToro online investment platform so if you'd like to know more on how to invest on this emerging crypto then continue reading this article.
In the event you're thinking of trading this crypto, clicking on the button below would give you a quick start. This will redirect you to eToro's Shiba Inu trading page so that you can see how it looks like and if you want to proceed, just open an account!
78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Shiba Inu coins were introduced to the world on August 2020. It is assumed that founder of the coins Ryoshi, anonymous person who allegedly lives in China, is their creator. The site of these crypto-coins says it is:
A decentralized meme token that evolved into a vibrant ecosystem.
Shiba Inu is a spin-off from Dogecoin, which was created as a satirical take on Bitcoin. It started trading low but has grown to gain traction quickly.
Vitalik Buterin, the co-founder of Ethereum, received 50% of all SHIB coins during the initial coin offering. With a price over 150x the initial price in 8 months, Vitalik decided then to have 10% of his holdings donated to charity and burned the remaining 40% of it. During that time, Vitalik’s donation amounted to $1 billion and was one of the most expensive donations in world history.
And did you know? Shiba Inu is the crypto for dog lovers. It supports a fan-favorite breed by donating to charities that help rescue them. The currency is now featured on Amazon Smile and offers their donors the chance to save lives of shelter dogs in need.
Shiba Inu's Real Use Case
Shiba Inu is a kind of dog, but it doesn't seem to have much use as envisioned by its creators. The China-based meme coin is currently being used for payments by various industries, including theaters and sports teams so it's definitely more than just a Dogecoin clone or a joke.
It might be useful at some point though, once its software team implements something else. After all, it is written on the Ethereum blockchain which might allow it to use smarter-contracting technology.
Instead of monitoring the current price, it's a better idea to focus on how Shiba Inu will grow in the future. The more people that are excited about using this item, the better.
Upon release, Shiba Ibu had a total supply of 1 quadrillion SHIB coins with 550 trillion of them currently circulating. It's worth mentioning that this specific token didn't have a limited supply. Compare that to Bitcoin, which has a cap of 21 million.
eToro's Shiba (in millions)
Shiba Inu is offered on eToro as a share in "Shiba (in millions)" which is a lot of one million Shiba Inu units. This makes the asset price easy to understand. The trade in this asset is open to all users and you can choose the amount you want to invest, depending on your budget.
eToro's Research Tab for Shiba Inu
If you're an intermediate or experienced trader and would like to apply technical analysis based on actual data and research then you can take advantage of the platform's "Research" tab where you can find a technical analysis summary. This is an aggregate of the sell, buy and hold signals from 8 of the most commonly used technical indicators so you can have a better understanding of the current market sentiment.
There are also several technical indicators that you can take use such as RSI 14, MACD, CCI, Moving Averages and more, and it will give you a detailed signal for each of these indicators.
You might also want check out their Market News Research section which is located at the bottom part of the tab. This lists all the latest relevant news that could potentially affect the price of Shiba Inu.
How to Trade Shiba Inu on eToro?
You can invest on Shiba Inu via eToro's online trading platform. Once you have opened an account and made your first deposit, follow the very basic steps below:
On your eToro dashboard, click "Discover".
Scroll down to look for "SHIBxM".
Click "Buy" and set the amount you want to invest.
"Click "Open Trade".
The eToro Crypto Wallet for Shiba Inu
Worried about losing your crypto? You don’t have to. You’ll be getting access to an eToro wallet on your phone powered by Android or iOS. It is free to install, safe and has high-level security features.
One of the more popular features on eToro is its crypto wallet which makes it easy to trade cryptocurrencies. It is a secure and accessible easy-to-use multi-cryptocurrency digital wallet for storing over 120 different cryptocurrencies including SHIB. With this wallet, you can buy, store, receive and transfer all your cryptocurrencies with ease.
As eToro is specialized in crypto, not only can you send and receive it but you can also convert one type of cryptocurrency to the other. For example, you could change Shiba Inu into Bitcoin, Ethereum and any other cryptocurrency the wallet supports.
eToro Shiba Inu Stats
Shiba Inu is one of eToro's top cryptoasssets based on the report it released for their Q4 2021 Investor Update (March 2022). Next to Bitcoin, Ethereum, Cardano and Ripple, SHIBxM had a trading volume of 4% and 3% of all the assets under administration for the year 2021. This is even higher than Dogecoin, which had a share of 2% of all the cryptoassets.
Assets Under Administration
Shiba Inu (in millions)
eToro's top cryptoassets
SHIB's Price by End of 2021
When it was launched in August 2020, SHIB's initial price was $0.000000000056 according to CoinMarketCap. At the end of 2021, the value of 1 SHIB was already $0.00003341, which is equivalent to an increase of 59660614%.
Price of 1 Million Shiba Inu Units
Keeping track of Shiba Inu's price can be quite confusing for traders since it's value is less than 1 cent. For the purpose of clearer understanding of the pricing, the value of 1 million Shiba Inu units was used in the graph below so that it will be presented in a much simpler format of 2 decimal points.
Based on the latest data from Statista, the price if 1 million SHIB started below $1 from August 2020 to March 2021. Just 8 months after it was launched, the value already reached $1.4 and it managed to reach a peak of $65.03 by October 2021. For the year 2022, the value of 1M SHIB is ranging from around $20 to $30.
Shiba Inu Coin vs Dogecoin Worldwide Interest
Being the top 2 most valuable and popular memecoins in the cryptocurrency market today, there has been a considerable interest with these 2 digital tokens over the past few months.
Here is a 12-month comparison of worldwide interest between these 2 popular memecoins based on a data that we generated from Google Trends. Looking at the graph below, Dogecoin managed to reach a peak of 100% from May 2 to 9, 2022, while interest in Shiba Inu coin had a peak of 59% on October 24, 2021. Both crypto assets now have much closer figures.
Shiba Inu Interest by Country
Users from Turkey and USA are the most interested about Shiba Inu. These figures were taken from Google Trends based on a data generated for the year 2020 to 2021.
Shiba Inu interest by country (2020-2021)
Top Social Media Influencers
Shiba Inu remains to be among the most dominant cryptocurrencies in social media, particularly in Twitter. If you want to keep track of this particular crypto, then you might want to pay attention to these top social media influencers:
While it is a lesser-known cryptocurrency, Shiba is quickly catching up to that of Dogecoin. It already rivals the market capitalization and has a much smaller coin amounting to hundreds of million dollars. There are definitely some changes happening in the crypto space and SHIB's price has been going up at a really fast rate.
Just like the Doge which became a phenomenon, it might be worth investing in Shiba Inu as it starts to go up too because this could open a lot of trading opportunities for you. The best thing about eToro is that you don't have to worry about anything related to cryptocurrencies because you can quickly invest on them via its online platforms.
Interested about trading Shiba Inu?
If you click on the button below, you'll be taken to eToro's online trading platform for Shiba Inu. Here, you will see a live demo of the system and if interested, just click on the "Sign up" button to open an account and see what it's all about.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.