This week, many investors are splitting their attention between Reddit stocks and meme coins. One crypto stands out as a big winner. Shiba Inu (CCC:SHIB-USD) is seeing huge gains this weeks thanks to some good news falling on its shoulders, and now investors are wondering where to buy Shiba Inu for themselves.
Shiba Inu is one of the most popular altcoins of the last few months, booming in response to the success of Dogecoin (CCC:DOGE-USD). While DOGE lagged along for the better part of eight years before exploding, SHIB was able to quickly build momentum; there is already proof for investors that a meme crypto can see legitimate gains.
One of the hot-button issues with a token like SHIB, though, is that its utilities are quite limited. The developers’ long-term plans for SHIB include the development of an NFT market and some yield-farming opportunities within its three-token ecosystem. These aren’t exactly real-world applications, nor are they robust digital tools.
InvestorPlace analyst Luke Lango says it best when it comes to the short-term potential around SHIB:
“Shiba Inu coin looks like Dogecoin 2.0. That’s good and bad. The good is that Dogecoin was a wild success from a trading perspective because it gained the popularity of the masses, and Shiba Inu coin is basically Dogecoin plus more features, so it has potential to steal popularity and momentum from Dogecoin. But the bad is that the underlying tech here isn’t revolutionary, and from a core tech perspective, this is just a hype coin that will likely fade once the retail crowd moves on. The investment implication? Looks like a solid near-term trade and poor long-term investment.”
Where to Buy SHIB and Ride the Short-Term Altcoin Wave
No matter what, it seems short-term investors are clamoring for their own SHIB to hold on to and ride the altcoin high. Where can you buy SHIB? Luckily, your options are not limited to small, obscure exchanges. SHIB is benefitting from the fact that it’s on the most popular crypto trading floors in the world.
Binance is one of the earliest adopters of the “Dogecoin killer.” Also among the pack of SHIB exchange floors is Huobi Global and Gate.io, as well as Uniswap.
Most recently, the token has seen listing on Coinbase (NASDAQ:COIN), a move that catalyzed gains of over 30% yesterday. That momentum is continuing into today, with the SHIB token gaining 19% this morning.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.