What is SHIBA INU (SHIB) Wallet?
The Shiba Inu wallet is a must-have for anyone looking to buy Shib coins. Such places, or rather methods of storing coins, differ in their appearance, functionality and reliability, so the choice of a wallet should be approached based on your goals and preferences.
Since Shiba Inu is an ERC20 token, any wallet that works with digital assets created on the Ethereum blockchain is able to host your meme coins.
Why Do You Need a Shiba Inu Wallet?
The goals of potential Shiba Inu wallet owners are different. You need to decide how you will use your coins even before getting a crypto wallet. The fact is that there are not only several types, but also a lot of wallet brands. All of them have both undeniable advantages and disadvantages. Therefore, if you outline what is important for you to have in your wallet, it will help you not to make the wrong choice.
For someone who is in the mood for long-term savings, in the hope that the value of the coins will rise, the top priority is the safety of their investments. Those who want to actively use their coins by conducting various transactions on the network are looking for convenience and availability in their wallets. Have you referred yourself to any of these groups? Then let’s see why people buy Shiba Inu coins at all.
Why do People Invest in Shiba Inu?
There are many reasons and different triggers for people to invest in Shiba Inu. Here are just a few of the most obvious ones:
Listing on popular cryptocurrency exchanges
When it enters the exchange, its liquidity increases: it becomes easier to sell, buy or exchange it. Therefore, there is a definite connection between the number of exchanges that support a particular cryptocurrency and its success. Shiba Inu is supported by 61 exchanges, including such top ones as Binance, Coinbase Pro, Huobi Global, OKEx and KuСoin.
Accepting SHIB tokens as a form of payment
With the advent of practical application of Shibu Inu coins, there is a demand for it. In other words, long-term investments are good, but no one needs a coin that you cannot pay with anywhere.
Recently technology-focused online retailer Newegg Commerce announced that it will accept SHIB tokens as a form of payment. Most of all, the Shiba community is delighted with the news that the American cinema chain (AMC Entertainment) is going to allow its visitors to pay with SHIB tokens.
Development of your own project and release of useful products
The fact that the company does not stand still, offering more and more useful chips and tools, is a signal of its reliability for potential investors.
Shiba Inu recently launched its own decentralized exchange, ShibaSwap, and another major upcoming event will be the launch of the second-tier blockchain project, Shibarium. This project will reduce or completely eliminate transaction fees, improve scaling, and reduce processing times.
Thoughtful marketing and a large number of fans in social networks
It is hardly worth explaining how powerful marketing is, especially the use of social media. Shiba Inu stands out for its networking and community engagement. The same can be said about the powerful Shiba Inu army, which is increasing every day.
Celebs tweets and viral stories on the Internet
Stories like the one when the brothers invested $7,900 in Shiba Inu, which turned into $9 billion in just 5 months, are very motivating to do the same. But the statements of media personalities, in particular Elon Musk, who loves to use Twitter to express his opinion, motivate even more. So, once when Ilon expressed his intention to acquire a Shiba Inu dog, without specifying that it was a real dog, many rushed to buy Shiba Inu coins.
Price swings and the possibility of quick profits
On the one hand, the volatility of cryptocurrencies can scare away, especially inexperienced ones, on the other hand, it beckons with the opportunity to make a fast buck.
Shiba Inu is quite volatile, and the history of its rapid growth gives hope that this is not the limit of its capabilities. Thus, many expect that 1 SHIB will grow to one cent, making its owners the richest people.
What to Look for in a Shiba Inu Wallet?
Whichever way you use your wallet, investment safety is your number one priority. Examine the technology used to store currency, whether it is stored on an individual user’s device or on a centralized platform, whether there is a two-factor authentication process, whether there is a backup option, and so on.
Study the company behind the technology. Who is a team leader? What projects (both in the crypto world and outside) do the participants have under their belt? Small details like the contact number or email address on the website and the availability of the support team are worth paying attention to.
If your portfolio already contains or is planning several different currencies, you should pay attention to multicurrency wallets.
Pay attention to the software provided by the company. Will you be able to track your currency balance, manage your portfolio?
It is important not only to store, but also to be able to quickly convert various currencies within the wallet, tracking changes in the market. That is why additional functionality is of particular importance.
Can you take your crypto wallet with you and will it be convenient? If you are an active trader, you must be constantly on the lookout, so using the wallet only on your PC is not an option for you.
Types of Shiba Inu wallets
There are several main types of SHIB wallets for different needs and purposes:
- Hardware wallets that ship as a standalone device.
- Desktop wallets installed on a PC or laptop.
- Mobile wallets that are installed on smartphones.
- Web wallets or online wallets created on sites.
- Paper wallets, in which your keys are generated and printed on a piece of paper.
Pros and Cons of Shiba Inu Hardware Wallets
Pros and Cons of Shiba Inu Desktop Wallets
Pros and Cons of Shiba Inu Mobile Wallets
Pros and Cons of Shiba Inu Web Wallets
Pros and Cons of Shiba Inu Paper Wallets
List of 10 Best Shiba Inu Wallets
Trezor is the oldest and one of the most famous hardware wallets for storing cryptocurrencies. It allows you to put digital assets in cold storage, while retaining the ability to quickly dispose of them by connecting a wallet to a computer. The advantage of this approach compared to conventional software wallets is the safety of the cryptocurrency, even if the wallet is connected to a vulnerable computer, since the private key always remains in the device itself and is not disclosed to third-party applications.
Trezor is secured with a PIN, which is required to approve transactions and keep your assets safe in the event of device theft. Key features of the wallet: password manager, two-factor authentication and secure SSH administrator access.
KeepKey is a hardware wallet that, compared to other wallets of this type, has an affordable price of $49. However, it has the same security measures as the more expensive models, and unlike its competitors, it is easy to use. It is inferior to its competitors in the number of supported cryptocurrencies and in a more bulky size.
Ledger Nano X
The Ledger Nano X is a new kind of cryptocurrency hardware wallet designed for smartphone users. It is equipped with Bluetooth, wide screen and large memory, which allows you to install up to 100 different cryptocurrency wallets.
The dual-chip system makes the wallet virtually immune to hacking, and the Ledger Live app for Android and iOS phones makes it even more convenient to transfer funds from your cold storage.
Ellipal Titan is a relatively new cold wallet made of aluminum alloy that makes the device waterproof, fireproof, insect and mildew resistant. The wallet is well designed and has a user-friendly interface. For increased security, the user can buy Ellipal Metal Mnemonics, which allows the mnemonics to be stored securely. Ellipal also provides the option of staking coins, earning interest, exchanging or buying cryptocurrencies.
ZenGo can be the perfect option for users who find regular cryptocurrency wallets too complicated.
Instead of the password and seed phrases commonly used in other similar wallets, ZenGo uses a different technology involving scanning your face. It means that if you lose your phone, you can install the application on a new phone, scan your face, and your funds will be restored immediately. And the most unique thing is that even if ZenGo, the company, ceases to exist, users will still have access to their funds.
Exodus is a convenient mobile wallet with simple functionality. Exodus supports staking and exchanging cryptocurrencies, as well as storing over 100+ different cryptocurrencies. The mobile version of Exodus has more limited functionality compared to the desktop program, but it allows you to synchronize clients and use one wallet on different devices.
Of the main advantages: an attractive and intuitive interface, the ability to add / remove addresses and coins, built-in exchange and synchronization of wallets on multiple devices.
Trust Wallet is the official wallet of the Binance exchange and is arguably one of the most requested hot storage wallets. In addition to storing funds, Trust Wallet allows its users to buy cryptocurrency, stake it, store NFT tokens, and use a DApp browser to trade on decentralized exchanges. The most profitable and convenient way is to buy Shiba Inu coins on Binance and transfer them to a Trust Wallet.
The MetaMask decentralized wallet can be used both as a browser extension and as a mobile application. It operates on the Ethereum blockchain and can be linked to the ShibaSwap exchange. It has a user-friendly interface, a backup function, and its security is ensured by its non-custodial nature, which means that only the owner has access to private keys. The wallet does not charge any transaction fees and there are no withdrawal limits either.
The MyEtherWallet (MEW) cryptocurrency wallet for working with the Ethereum blockchain is known for its user-friendly interface and intuitive software for interacting with smart contracts and Dapps. Private keys and passwords are stored exclusively in the hands of users, on their computers or other more secure software such as cold wallets. MEW does not support working with other cryptocurrencies or tokens created outside the Ethereum blockchain.
A multicurrency wallet released for Android devices. The client is available for iPhone and desktop devices. Coinomi supports over 125 blockchains and 168 fiat currencies, which can be used to purchase cryptocurrencies directly in the app. A notable feature of Coinomi is that it allows you to connect your own Bitcoin node, which makes it one of the most secure mobile crypto wallets.
Among other Coinomi wallet benefits are: DApp browser, strong client encryption and local storage of private keys, and management of multiple wallets in one application.
However, for beginners, the extensive functionality of Coinomi can be overwhelming and confusing. And access to a wide range of products, including DeFi, theoretically leads to additional vulnerabilities.
Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.