The world of cryptocurrency is rapidly evolving, and Shiba Inu has emerged as a popular meme coin among investors. With its current price at ₹0.001263 and a 0.85% change in 24 hours, it’s an opportune time to explore how to invest in this cryptocurrency.
As the cryptocurrency market continues to grow, Indian investors are looking for ways to buy Shiba Inu using convenient payment methods like UPI. This guide will walk you through the process of purchasing Shiba Inu tokens in India, covering aspects from choosing the right exchange to secure storage options.
With the right knowledge, you can confidently navigate the world of crypto and make informed investment decisions.
Key Takeaways
- Understand the process of buying Shiba Inu Coin in India using UPI.
- Learn about the current market status and legality of Shiba Inu in India.
- Discover the right cryptocurrency exchange platforms for Indian investors.
- Get step-by-step instructions for creating accounts and completing KYC verification.
- Explore secure storage options for your Shiba Inu tokens.
What is Shiba Inu Coin?
The Shiba Inu Coin is a decentralized cryptocurrency that was developed as an experiment. It emerged in August 2020, created by an anonymous founder known as “Ryoshi.” As a meme coin, it was designed to capitalize on the popularity of Dogecoin, positioning itself as a competitor or “Doge-Killer.”
Origins and Development
Shiba Inu Coin was developed on the Ethereum blockchain as an ERC-20 token, giving it smart contract functionality. It was launched with a massive initial supply of one quadrillion tokens. The Shiba Inu ecosystem has expanded to include other tokens like LEASH and BONE, as well as a decentralized exchange called ShibaSwap. The community-driven nature of Shiba Inu has been central to its development.
Comparison with Dogecoin
While both Shiba Inu Coin and Dogecoin feature the Shiba Inu dog breed as their mascot, they differ significantly in their underlying technology. Dogecoin uses its own blockchain and Scrypt algorithm, whereas Shiba Inu leverages Ethereum’s established infrastructure and security. This comparison is highlighted in the table below:
| Feature | Shiba Inu Coin | Dogecoin |
|---|---|---|
| Blockchain | Ethereum | Own Blockchain |
| Token Type | ERC-20 Token | Native Coin |
| Algorithm | Ethereum’s Algorithm | Scrypt |
As a meme coin, Shiba Inu Coin aims to create a more comprehensive ecosystem with multiple use cases beyond simple transactions, driven by its passionate community known as the “SHIB Army.”
Current SHIB Price and Market Status in India
The current market status of Shiba Inu Coin in India is a topic of significant interest among crypto investors. As the cryptocurrency market continues to evolve, understanding the dynamics of SHIB’s price and market trends is crucial.
Also Read: How to Start a Business with 10 Lakhs Investment in India
Live SHIB/INR Price Analysis
The live SHIB/INR price stands at ₹0.001263, with a 0.85% change in the last 24 hours. The price has fluctuated between ₹0.00125 (low) and ₹0.001299 (high) during this period. SHIB/INR trading pairs are available on major Indian cryptocurrency exchanges, making it accessible for Indian investors. The current market capitalization of SHIB is approximately ₹72,731 crores, with a circulating supply of over 589 trillion tokens.
Market Performance and Trends
The market sentiment for Shiba Inu in India appears bullish, with 63% buy orders versus 37% sell orders according to recent data. The daily trading volume for SHIB in India is approximately ₹1,729 crores, indicating strong liquidity. Despite being a meme coin, SHIB has shown remarkable price resilience. Technical analysis of SHIB/INR charts reveals key support and resistance levels that traders should monitor. Growing institutional interest alongside retail investor participation may provide more stability to SHIB’s price action in Indian markets.
Is Buying Shiba Inu Legal in India?
As cryptocurrency gains popularity, understanding its legal status in India is crucial. The Indian government’s stance on cryptocurrency has been evolving, with a focus on regulation rather than prohibition.
Regulatory Status
Purchasing Shiba Inu is completely legal in India as the country has not banned cryptocurrency ownership or trading. The Reserve Bank of India (RBI) has clarified that while it has concerns about cryptocurrencies, there is no outright ban on trading or holding digital assets like Shiba Inu.
The Indian government has taken steps toward regulation, implementing a taxation framework for cryptocurrency profits. This indicates acceptance of the asset class and provides clarity for investors.
Taxation on Crypto Profits
Indian investors are required to pay a 30% tax on profits earned from cryptocurrency transactions, including those involving Shiba Inu tokens. A 1% TDS (Tax Deducted at Source) also applies to transactions above certain thresholds.
| Tax Component | Rate | Applicability |
|---|---|---|
| Tax on Crypto Profits | 30% | Profits from cryptocurrency transactions |
| TDS | 1% | Transactions above specified thresholds |
Top Cryptocurrency Exchanges to Buy Shiba Inu in India
As Shiba Inu continues to attract Indian investors, it’s essential to identify the best cryptocurrency exchanges for buying this coin. Several platforms offer Shiba Inu trading, but the key is to find a secure and user-friendly exchange.
BuyUcoin
BuyUcoin is a leading platform for Indian investors to buy Shiba Inu, offering robust security features like military-grade AES-256 encryption and 2FA authentication. New users can earn free Shiba Inu worth INR100 upon signup.
Mudrex
Mudrex offers a streamlined process for buying SHIB, supporting multiple payment methods including UPI and instant IMPS transfers. The platform provides a comprehensive mobile application for monitoring investments and executing trades on the go.
Other Popular Exchanges
Other popular exchanges serving Indian customers include WazirX, CoinDCX, and Zebpay. When selecting an exchange, consider factors such as trading fees, withdrawal limits, security features, and available trading pairs for Shiba Inu.
Most reputable Indian exchanges implement strict KYC procedures, so users should be prepared to submit identity verification documents.
Step-by-Step Guide: How to Buy Shiba Inu Coin in India
To buy Shiba Inu Coin in India, follow a simple step-by-step process that involves creating an account on a cryptocurrency exchange, completing the necessary verification, adding funds, and purchasing SHIB tokens.
Creating an Account on a Crypto Exchange
Begin by selecting a reputable Indian cryptocurrency exchange that supports SHIB tokens. Create a new account by providing your email address, creating a strong password, and accepting the platform’s terms of service. Most exchanges require two-factor authentication (2FA) for enhanced security.
Completing KYC Verification
Complete the mandatory KYC verification process by submitting government-issued identification documents such as Aadhaar, PAN card, and a recent utility bill for address proof. The KYC verification typically takes 24-48 hours.
Adding Funds to Your Account
Once verified, add funds to your exchange account using supported payment methods. UPI is the most convenient option for most Indian users.
Purchasing SHIB Tokens
Navigate to the trading section, search for SHIB, and select the appropriate trading pair (usually SHIB/INR). Enter the amount of Shiba Inu tokens you wish to purchase and review the transaction details before confirming your buy Shiba Inu order.
| Step | Description |
|---|---|
| 1 | Create an account on a cryptocurrency exchange |
| 2 | Complete KYC verification |
| 3 | Add funds to your account |
| 4 | Purchase SHIB tokens |
Using UPI for Buying Shiba Inu Coin
UPI has revolutionized the way Indians buy cryptocurrencies, including Shiba Inu Coin, by offering a convenient and efficient payment solution. With UPI, investors can now buy Shiba Inu quickly and securely, taking advantage of the growing cryptocurrency market.
Setting Up UPI for Crypto Purchases
To start buying Shiba Inu Coin using UPI, you’ll need to set up a UPI ID linked to your bank account. This can be done through popular UPI apps like Google Pay, PhonePe, or BHIM. Most Indian cryptocurrency exchanges support UPI payments, allowing for near-instantaneous deposits with minimal processing fees.
Step-by-Step UPI Payment Process
The process of buying Shiba Inu Coin using UPI is straightforward. First, log into your cryptocurrency exchange account and navigate to the “Deposit” or “Add Funds” section. Select UPI as your payment method, enter the desired amount, and complete the transaction by approving the payment request through your UPI app. Transaction limits vary by exchange and bank policies, but most platforms allow deposits ranging from ₹100 to ₹100,000 per transaction.
By using UPI to buy Shiba Inu Coin, Indian investors can capitalize on favorable market conditions quickly, as UPI payments typically reflect in the exchange account within minutes. Some exchanges also offer special promotions or reduced fees for UPI deposits, making it an economically advantageous option.
Alternative Payment Methods for Buying SHIB
While UPI is a popular choice for buying Shiba Inu in India, several alternative payment methods are available, offering flexibility and convenience. Users can explore various options to fund their crypto accounts and purchase SHIB tokens.
Bank Transfers
Traditional bank transfers remain a reliable method for purchasing Shiba Inu in India. This method allows for larger transaction amounts compared to UPI, making it suitable for investors looking to buy in bulk.
IMPS/NEFT Options
IMPS (Immediate Payment Service) offers near-instant fund transfers to crypto exchanges, usually processing within minutes and available 24/7. NEFT (National Electronic Funds Transfer) provides a cost-effective option for larger deposits, though processing times are longer.
Also Read: Tata Coin Crypto Price Prediction, Benefits, and Future Insights
Other Payment Solutions
Other payment methods include RTGS (Real Time Gross Settlement) for high-value transactions, net banking integration for direct transfers, and mobile wallet solutions like Paytm and MobiKwik. When selecting an alternative payment method, consider factors such as processing time, transaction fees, and security measures.
- RTGS is suitable for transactions exceeding ₹2 lakhs.
- Net banking allows direct transfers from your bank account.
- Mobile wallets offer another convenient payment channel.
Storing Your Shiba Inu Coins Securely
As the popularity of Shiba Inu coin grows, so does the importance of storing it securely. With the rise in users holding Shiba Inu, the need for robust security measures has become paramount.
Exchange Wallets
Exchange wallets offer a convenient option for storing Shiba Inu coins. Leading Indian platforms implement military-grade AES-256 encryption and SSL protocols to protect user assets. However, they come with counterparty risk as users don’t control the private keys to their SHIB tokens.
Hardware Wallets
Hardware wallets like Ledger Nano X and Trezor Model T provide the highest security level by keeping private keys offline. These devices require a one-time investment but offer unparalleled protection against hacking attempts.
Software Wallets
Software wallets such as MetaMask, Trust Wallet, and Coinbase Wallet balance security and accessibility. They allow users to maintain control of their private keys while managing SHIB tokens through smartphone apps or browser extensions.
Regardless of the chosen storage method, enabling security features like two-factor authentication significantly reduces the risk of unauthorized access.
Conclusion
Shiba Inu’s journey in the Indian market has been nothing short of phenomenal, captivating the attention of many investors. The Shiba Inu coin has generated significant interest due to its speculative returns and community-driven appeal. Buying Shiba Inu in India is now more accessible through various cryptocurrency exchanges that support UPI and other payment methods.
As a meme coin, Shiba Inu offers Indian investors a chance to participate in a global digital asset phenomenon. However, it’s crucial to consider risk tolerance due to its volatility. The evolving Shiba Inu ecosystem, with developments like ShibaSwap, may add fundamental value. Investors should stay informed about regulations and tax obligations to ensure compliance.
By following the steps outlined in this guide, Indian users can safely acquire and manage SHIB tokens, making the most of this cryptocurrency opportunity.
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