How To Buy Shiba Inu Coin in South Africa – Step-by-Step Guide 2024

For over a decade, coins like Bitcoin and Ethereum have been the go-to investment opportunity for beginners and seasoned experts. However, it’s 2024, and things have changed for the crypto market. Today, apart from the big revenue generators like ETH and BTC, there are a number of promising meme tokens available to invest in.
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Shiba Inu is one of the most sought-after coins, currently priced at around the $0.000011 mark. The token previously provided over 1000x returns during 2021 and has the potential to perform well again. Continue reading as we explore how to buy Shiba Inu in 2022.

A Closer Look At How To Buy SHIB In South Africa

Meme coins are a big trend in the crypto market and are known for their ‘uncertainty.’ So while these tokens have a unique aspect, they’re also extremely momentary, adding to their risk. If you’re an investor wanting to buy meme coins like SHIB, it is vital that you choose a reliable broker with low fees. 

Due to their doubtful market presence and volatile nature, not many exchanges consider listing meme coins. So if you’re wondering how to buy SHIB crypto in South Africa, you might be confused with the limited choice of exchanges.

This is because SHIB is only available on decentralized exchanges and you will need to swap other crypto tokens for the coin. We recommended purchasing crypto from eToro and then swapping the crypto for SHIB on pancakeswap.

So let’s check out how to buy Shiba Inu in South Africa.

Step 1: Sign Up To eToro

To get started, visit eToro’s website and click on the ‘start now’ button in the top right section of the screen. Upon clicking, you’ll be taken to a new page where you need to fill in the information requested in their appropriate fields:

• Your Country
• Email address
• Password

Once you’ve set a password for your eToro account, the team will send you a confirmation email. Upon verifying, you’ll be taken to your account dashboard, where you need to add relevant information like bank account details, DOB, and other identity proofs. 

Step 2: Deposit Funds

Once your account is verified, you will need to deposit funds to purchase crypto tokens. To do this, click the ‘fund my account’ button and opt for a suitable funding method, including debit card, wire transfer, or credit card. 

You must follow the steps to add money to your wallet and buy crypto.

• Enter the amount you want to invest. 
• Confirm the transaction by entering the codes, your email address and your password.
• Receive the funds in your eToro wallet.  

Step 3: Purchase ETH from eToro

To buy SHIB from PancakeSwap, you will need to swap ETH, or other cryptos, for the token. You can buy ETH from eToro buy searching for the token in the crypto marketplace and executing an order.

After doing this, you will need to transfer your ETH into a crypto wallet, such as MetaMask, that can be connected to Pancakeswap.

Step 4: Buy Shiba Inu

Once you have funded your crypto wallet with ETH. You will be able to buy SHIB from PancakeSwap. 

PancakeSwap is a decntralized exchange which means that you do not need to provide any personal information to buy tokens. Instead, simply connect your wallet to the platform and swap crypto tokens for SHIB.

Once this is done, you will see SHIB in your crypto wallet.

What Is Shiba Inu Coin?

Before investing in any crypto token, it is important to understand the fundamentals of the asset.

Shiba Inu is a token that was created following the immense success of Dogecoin. While Dogecoin takes the credit for being the first successful meme token, Shiba Inu was launched as a means to take over the market. According to Shiba Inu’s whitepaper (Woofpaper), this ERC-20 coin is entirely decentralized and aims to be the ‘Dogecoin killer.’ 

The token is primarily used as a payment method across multiple online portals. As per data, SHIB is accepted by over 640 merchants from gaming, tourism, gambling, and other related industries. Although this meme coin is nowhere near Bitcoin dominance, it highlights the token’s success in a limited span. 

Here are a few use cases and fundamentals of the project to give you a better idea. 

Huge Community Backing

One of the primary fundamental aspects you should consider while researching for SHIB is its excellent backing from a sizable community. The platform is supported by a community of 500,000 active members across different social media channels. 

Also known as the SHIBArmy, this community is regular with the latest updates around the project. Not to forget, Elon Musk is one of the most renowned supporters of the SHIB token and its community. 

Smart Contract Capabilities

Another added functionality for Shiba Inu is its smart contract abilities. With smart contracts, the token ensures the authenticity of transactions and a seamless experience for the participants. 

Since the Shiba Inu token is hosted over the Ethereum Blockchain, the coin can leverage these capabilities to its use cases. Ultimately, these added abilities of the token will help ‘futureproof’ the currency and add to its value over time. 

Additional Use Cases

The smart contract feature has increased usability for the SHIB token. Besides being used to futureproof the token, it has also developed a number of other use case possibilities. 

Adding to list of uses is the ShibaSwap DEX (Decentralised Exchange) focused on meme coins developed around dogs. Investors of the SHIB token will also be able to generate BONE, a token that governs the DAO over the ecosystem. 

Massive Upside Potential

The massive upside potential is one of the adding factors for the SHIB token. With support from the earth’s richest man Elon Musk, the token is among the hottest properties the entire crypto community is talking of. 

Besides celebrities’, Shiba Inu’s tremendous support makes it a unique token, even with a relatively small market cap. The token has a market capitalization of $13.4 billion with a market price of $0.000011. Due to such low prices, even a small increment in the price would result in a big gain for the investors. 

Integration into the Metaverse

Finally, future plans of the project make it a promising investment. With Shiba Inu gaining prominence in the crypto markets, the token has also been active in developing other aspects of the industry, includingg in the metaverse space.  As per the latest news, the project has already revealed a part of its plans for the ‘ShibVerse’. 

Are Meme Coins A Good Investment For 2024?

2022 has been a volatile year for the crypto market, with meme coins taking a large portion of this uncertainty. However, that doesn’t mean that meme coins are dead. Instead, now may be the perfect time to ‘buy the dip’ and invest before prices rise once again.

Here are a few reasons why meme coins may rise in value this year:

1. Broad Community

One of the most appealing aspects of meme coins is that they are typically backed by large communities. This provides a sense of confidence for investors as communities are able to maintain hype around a project and encourage others to invest in the token also. This can help to push the price upwards and maintain investor volume.

2. Building On FOMO

The Fear of Missing Out (FOMO) on an active trend is one of the greater drivers for the meme coin industry. Interestingly, this has been one of the core reasons why many meme projects have shot up to the moon within a short time of their launch. In other words, it is why some projects have been able to take it to the moon.

For instance, when DOGE had its breakthrough in 2021, one of the primary reasons was the supporting tweet by Elon Musk. The tweet set a FOMO trend when everyone wanted to invest in the project. With increasing FOMO, there is a significant rise in the value of any coin.

3. Meme Coins Could Rebrand

Meme coins’ potential for future utility is another amazing feature that makes them a worthy investment tool. With continued support from their community, meme currencies can be used for more than investment purposes. The item might, however, wind up trailing if it lacks a clear purpose.

Some of the top meme currencies for 2022 have already started to change. For example, the Tesla shop now accepts Dogecoin as payment, and there’s a potential that more businesses may follow suit. In addition, the creators of Shiba Inu are also constructing a decentralised exchange called ShibaSwap.

All of them will increase the value of the meme coins. Together with their existing sizable populations, they ought to be able to realise some substantial results.

So these were the different factors that determine the success of a meme coin. However, that’s not all. While these were some primary fundamentals in buying meme coins, other factors drive the value of the best meme tokens. 

Factors Influencing The Price Of A Meme Coin

Volatility

Interestingly, volatility continues to be the main force behind meme currencies. Today’s investors like the idea of ‘quick cash’ and get into these tokens with a chance to increase their crypto portfolio. However, if the price becomes too volatile investors may sell their shares in order to reduce risk exposure. 

During periods of high volatility, the price of crypto tokens can fall as investors rush to sell. Nevertheless, many see this as a great opportunity to ‘buy the dip’ and invest before prices rise once again.

Social Media Hype

As mentioned above, the entire concept behind the success of a meme coin is to drive attention and generate buzz from a large audience. For example, DOGE surged because when Elon musk tweeted about the token and SHIB surged when the same tech giant revealed that he had a pet Shiba Inu of his own. 

Therefore, it is crucial to always pay attention to discussion around meme currencies on social media. A good idea is to follow threads and pages that repost prominent changes and updates.

Max supply

Another factor that could affect the price of meme token is whether or not the coin is deflationary and has a ‘max supply’. Deflationary assets will gain value overtime as demand increases. This is because the ‘rarer’ an asset is considered to be, the more it will be worth to a potential investor.

Tamadoge is a meme token that has a capped supply of just 2 billion tokens. When these tokens sell out, the price will surge, and investors will compete to own them.

Your capital is at risk.

Tamadoge – A Great Alternative To Shiba Inu 

While SHIB and DOGE have been great investment opportunities, we can’t overlook new and better meme coins that could perform well in the future. Meme coins, especially the ones in the doge ecosystem, have been an undying trend. So if you’re looking for investment beyond the mentioned options, we suggest going for the TAMA token. 

The token will be used to purchase the Tamadoge metaverse game- a play-to-earn game that rewards players will NFTs and tokens. It is set in the metaverse, and unlike other meme coins, TAMA has utility in the real world. It is intended to be a deflationary cryptocurrency where users fight to move up the leaderboard and win Dogepool awards. 

Dogepoints are earned by individuals who play this game. Each month, Dogepool payout rewards the person with great points.

Interestingly, the token has recently been launched on exchanges and Tamadoge NFTs are now available to purchase via auction. 

Overall, here are some key pointers that might make TAMA a possible investment option for you: 

• TAMA is a deflationary cryptocurrency, meaning that a part of the token’s overall supply is burned to increase its value. 
• Players may mint “Tamadoge pets,” NFTs, within the Tamadoge ecosystem.
• You may feed and care for these Tamadoge pets until they reach adulthood, when they can engage in battles with other players’ dogs to win prizes.
• Tamadoge has been launched on OKX, one of the top cryptocurrency exchanges on the market, after completing one of the finest crypto presales and generating $19 million.

That sounds like an opportunity, right? Interestingly, you can also purchase the token at its current low price. Continue reading as we explain buying the TAMA token over the OKX exchange. 

Your capital is at risk.

How To Buy TAMA From OKX

Step 1: Set up your OKX account

First, you must visit the OKX exchange website and click on the ‘sign up’ button on the screen. Once done, provide the required details, like your email address/phone number, and create a strong password to secure your crypto account. 

Upon entering accurate information, confirm the registration via the code link that the platform will send to your email/phone number.

Step 2: Purchase or transfer USDT

The OKX exchange allows users to purchase Tamadoge (TAMA) tokens in exchange for USDT over their platform. Investors who want to purchase TAMA can either swap their saved USDT or purchase the stablecoin via credit/debit card in a very effortless manner over the exchange.

Step 3: Create a buy order

Once they have the desired USDT in their accounts, Investors should move to the ‘Trade’ tab and then click on the ‘Spot Trade’ to change their tokens to TAMA/USDT pairing.

Once there, please enter the amount of TAMA you’d like to purchase and confirm. Upon confirmation, you’ll be able to access TAMA on the OKX exchange.

Note: Beginners should click on the ‘Market’ option to get the best possible prices for their tokens. 

How To Buy Shiba Inu in South Africa- Conclusion

In this article, we have discussed the ins and outs of buying SHIB in South Africa. Meme coins are volatile assets but have the potential to be a great addition to your crypto portfolio in 2022. While Shiba Inu is certainly worth considering, we also recommend taking a look at Tamadoge which has been newly listed so has great opportunity for growth. 

Your capital is at risk.

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