Last week, the cryptocurrency with nearly $23 billion in market cap, logged an all-time high. As per reports, the Dogecoin-killer Shiba Inu, is currently valued at ₹ 0.004753 and has become the 11th-biggest cryptocurrency by market value. Shiba Inu works the same way other cryptocurrencies do but is designed differently. Unlike Bitcoin, which is limited in number, Shiba Inu is not and its total circulation supply is one quadrillion.
The next big token?
Cryptocurrencies have been hitting the headlines for quite some time now. With more and more innovation in the space, the prospect of cryptocurrencies entering the mainstream has dramatically increased. Although some countries remain skeptical about digital currencies, cryptocurrencies have found backers in popular entrepreneurs such as Elon Musk.Now that the values of Bitcoin and Ethereum have risen sharply, it might not be as easy to find an entry point for trade in such coins as it might be with newer and emerging cryptocurrencies such as Shiba Inu. Strong interest in trading in Shiba Inu may be a testament of the same. Another reason Shiba Inu has elicited attention is due to its decentralised exchange ShibaSwap which facilitates NFT (non-fungible token) trade. The exchange functions as a peer-to-peer marketplace for cryptocurrency buyers and sellers.
How to buy Shiba Inu in India?
India has over a dozen cryptocurrency exchanges which offer a seamless way of buying the cryptocurrency of your choice. Among the safest is WazirX which provides its users numbers of choices to trade in.The first step involves creating an account on WazirX . You can also go to its website click ‘Sign Up’. You will receive a verification code after submitting your email. The next step involves completing your KYC details and then uploading them on the website or the app. Following the completion of this step you will be required to enable a two-factor authentication from settings.
Next you can click on the deposit INR icon and select the method that you wish to use in order to transfer funds from your account to your cryptocurrency wallet on WazirX. As soon as your account is set up, you can buy or sell SHIB which will begin to reflect in your cryptocurrency wallet.
The process of setting up your account would take no more than a few minutes. However, the KYC verification by WazirX might take 24 to 48 hours.
Legalities of buying cryptocurrencies in India
value of cryptocurrencies has skyrocketed over the last few years despite it being illegal in several countries. However, it is legal to trade and invest in cryptocurrencies in India, including Shiba Inu. Moreover, news reports have said that the Indian government may introduce a legal framework to govern trading in cryptocurrencies in the next Budget.Fairly positive news flow with respect to cryptocurrency trading in India has given a fresh impetus to the cryptocurrency market. As per news reports, nearly 15 to 20 million Indians have invested in one cryptocurrency or the other, making India one of the largest cryptocurrency markets in the world.A positive approach by the authorities in the coming months may well take the prices of the prevailing digital currencies even higher. Among the ones that might benefit could be Shiba Inu which is trading at a lower rate than Bitcoin and Dogecoin.