How to Sell Shiba Inu (SHIB)

For the market option, go to the sell Shiba Inu (SHIB) area and decide how much you want to sell. Once you select the amount you’re selling, it’ll be converted straight to USDT (for the market option). If it is for a limit, you click orders, which will have your orders confirmed. So how to sell Shiba Inu (SHIB)? Selling your Shiba Inu (SHIB) for cash is the most preferred method. You can sell it through cryptocurrency exchange platforms, P2P platforms, and also Shiba Inu (SHIB) ATMs. 

Want more than just to sell SHIB? Access dozens of different cryptocurrencies selling guides 2022 here.

What is Shiba Inu (SHIB)? 

Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain.

SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also feature an NFT art incubator called Shiba Artist Incubator, 10,000 “Shiboshi” NFTs, and an NFT game Shiboshi Game.

Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.

You can buy and sell SHIB on crypto exchanges like Binance with different trading pairs, such as SHIB/USDT and SHIB/DOGE.

According to its official website, SHIB was created as an “experiment in decentralized spontaneous community building” by pseudonymous developer Ryoshi (which means “fisherman” in Japanese).

Ryoshi maintains that they are “nobody” and “replaceable.” They argue: “With Shiba, we have from the beginning made very clear that no one is in charge. There is no man accountable, no person responsible and no entity has the keys to the kingdom.” Ryoshi also claimed as of May 2021 that “to this day I own 0 SHIB.”

Accordingly, the Shiba Inu “woofpaper” (whitepaper) poses the question, “What would happen if a cryptocurrency project was 100% run by its community?”

Alongside SHIB, Ryoshi has also created the “Dogecoin killer” token LEASH, albeit in limited quantities, while BONE launched alongside the ShibaSwap decentralized exchange (DEX).

Read More: What is Shiba Inu (SHIB)?

How Does Shiba Inu (SHIB) Work?

Shiba Inu is a project launched in the Ethereum network. This is the reason the consensus mechanism of Shiba Inu is the same as the consensus mechanism of Ethereum: Proof-of-Work (PoW), transitioning to Proof-of-Stake (PoS).

The PoW mechanism entails that the mining rewards are based on the computational power of the nodes. The PoS mechanism bases mining rewards on the number of coins that you stake in the network.

As noted above, SHIB tokens are ERC-20 tokens in the Ethereum network. Such tokens are fungible, meaning that they can be replicated because each one has an equivalent value.

Once Shiba Inu launches its DEX, ShibaSwap, users will be able to stake their coins for BONES. According to Shiba Inu’s website, BONE, touted as another Dogecoin Killer, is their next asset, which will take the power of DeFi to higher levels. Details of how to acquire BONE will be announced at a later date.

Once available, the only way to mine BONES will be by staking SHIB on the ShibaSwap platform. Those who stake SHIB will earn interest. The third flagship asset on ShibaSwap is LEASH, which will have a total supply of only 100,000 coins. This is available on Uniswap.

Shiba Inu also plans to launch an NFT project, releasing ShibaSwag and actualizing real-world applications beyond the digital landscape.

Although Shiba Inu works using the PoW mechanism, it’s transitioning to Proof of Stake (PoS). With the forthcoming introduction of ETH 2.0, the new upgrade will use the PoS consensus method and offer faster transaction speeds and cheaper costs for more scaling opportunities.

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How to Make Money with Shiba Inu (SHIB)?

How to Earn Free Shiba Inu (SHIB)?

Why Sell Shiba Inu (SHIB)?

These are the major reasons cryptocurrency traders and investors should consider selling their Shiba Inu coins;

  • The rally is speculative: Although Shiba Inu is ranked among the top 20 largest cryptos in the world, it is still a risky token to hold. It is piggybacking off the hype of its rival, Dogecoin. Both assets seem to rely on someone buying them in the hype of selling to someone else. This is without considering its fundamentals or real-world usefulness. This is a risky situation because it is only a matter of time before the hype subsides. Another reason is that the number of investors taking profits is more than the number of people willing to buy-in.
  • It has no characteristic yet: Cryptos are uniquely risky assets because they can’t be valued based on earnings or cash flow. Investors, however, have minimized its uncertainty by betting on coins with a strong brand and innovative cases. Shiba Inu coin on its own has neither characteristics yet. This could expose it to greater downside pressure over the long term.

Where to Sell Shiba Inu (SHIB)?

If you decide that you’re comfortable taking on the risks associated with Shiba Inu, you can get started in the following ways.

Option 1: Cryptocurrency Exchanges

Cryptocurrency Exchanges often support a wide range of fiat currencies. A crypto exchange can act as an intermediary between sellers and buyers of cryptocurrency. To sell Shiba Inu (SHIB) for cash, you will first need to set up an exchange account and deposit your Shiba Inu (SHIB) in the hot Shiba Inu (SHIB) wallet that is provided by the exchange.

Note that most reputable Shiba Inu (SHIB) exchanges require their users to provide personal information before they can sell cryptocurrency, in order to comply with KYC and AML rules.

The key advantage of using a cryptocurrency exchange to sell Shiba Inu (SHIB) for cash is that well-known exchanges have deep liquidity and provide quick access to a large pool of potential buyers.

They are also relatively easy to use: you will need to place a sell offer, defining how much cryptocurrency you wish to sell and set your asking price per unit. The exchange then automatically processes the transaction once your offer is matched.

Option 2: Direct Trades (Person-to-Person)

  1. Online P2P Selling
  2. Face-to-face Transactions

Rather than doing the work for you, a peer-to-peer (P2P) exchange lets you choose your price, and the platform helps find a buyer willing to pay it. The two parties then decide between them how to pay. You can sometimes do this on the site — often called direct trades — but normally, you would use a separate bank transfer. 

P2P trading allows you to sell cryptocurrency without the limits of an exchange. This means that you could do a wire transfer, send gift cards for popular online stores, trade cash in the real world or even send expensive art if that’s what you want; as long as both parties agree, and you’re in a P2P marketplace that doesn’t limit payment methods. 

There are some problems around this, such as what happens if the buyer doesn’t pay up, and the peer-to-peer marketplaces will still have some information on who you are. However, this is still a good step if freedom of choice and minimal interference are your priorities while still having access to things like escrows to hold the Shiba Inu (SHIB) for protection from fraud.

Option 3: Shiba Inu (SHIB) ATMs

It may be hard to come to terms with since Shiba Inu (SHIB) ATMs are directly connected to the internet, but BTMs are entirely secure. BTMs are equipped with technology that protects against software and hardware malfunctions. Malware technology is also not able to threaten Shiba Inu (SHIB) ATMs. Your digital wallet is encrypted and protected. Without the correct passwords and security credentials, no one aside from you can access your wallet.

A number of Shiba Inu (SHIB) ATM operators have come together to form the Cryptocurrency Compliance Cooperative to make the use of Shiba Inu (SHIB) ATMs even safer for the consumer, furthering the legitimization of the cash-to-cryptocurrency industry.

How to Sell Shiba Inu (SHIB)?

Cryptocurrency Exchanges

  • Step 1: Set up an exchange account

The first thing you need to do is decide which form of money you will accept for your Shiba Inu (SHIB).

Now that you know which currency you want in exchange for your cryptocurrency, its time to make an account on a platform that lets you sell your Shiba Inu (SHIB).

There are tons of platforms to sell Shiba Inu (SHIB) on, and the easiest, by far, are exchanges and brokers like Coinbase or Coinmama.

Signing up on Coinbase is really simple – it’s like making an account on Amazon!

  • Step 2: Transfer your Shiba Inu (SHIB) to your exchange wallet

Now that your account is created, you’ll need to deposit your crypto assets on the exchange.

Hit the “deposit” or “sell” button.

You’ll be presented with a wallet address and/or a QR code.

Scan that into your Shiba Inu (SHIB) wallet and send the amount of coins you want to sell.

  • Step 3: Place a sell order

Now it’s time to make a sell offer on the platform you are selling on.

That means determining the price you are willing sell your Shiba Inu (SHIB).

The process for doing this always looks a little different on every platform, but for the most part, it works the same way.

Look for the “sell” or “trade” tab, and either sell at the price offered by the broker or create a custom sell order on an exchange order book.

The only difference is, with a broker, you are selling at whatever the spot price is (minus some fees).

With an exchange, you can set whatever price you want. Just don’t expect for the sell to be accepted by any takers if your price is too high.

The nice thing about the crypto exchanges are that the fees tend to be lower than the brokerages.

Direct Trades (Person-to-Person Trading)

  • Step 1: Go to the P2P Trading Page

Select (1) “Buy Crypto” then click (2) “P2P Trading” on the top navigation.

  • Step 2: Choose to Sell and Set Your Currencies

Click (1) “Sell” and select the currency you want to buy (USDT is shown as an example). Filter the price and the (2) “Payment” in the drop-down, select an ad, then click (3) “Sell”.

  • Step 3: Find a Buyer

After the buyer makes payment, the transaction will now display “To be released”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Confirm release” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.

  • Step 4: Choose How Much You Want to Sell

Enter the amount (in your fiat currency) or quantity (in crypto) you want to buy and click (2) “Sell”. The transaction will now display “Payment to be made by buyer”.

  • Step 5: Send the Offer

You can use Chat on the right side to communicate with the buyer in the whole process.

If you have any issues in the transaction process, you can contact the buyer using the chat window on the top right of the page or you can click “Appeal” and our customer service team will assist you in processing the order.

  • Step 6: Confirm the Release

The transaction will now display “Pending Payment”. After the buyer makes payment, the transaction will now display “Confirm Receipt”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Payment received” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.

Shiba Inu (SHIB) ATMs

  • Step 1: Choose withdraw cash
  • Step 2: Choose Shiba Inu (SHIB) (these machines normally may support other cryptocurrencies)
  • Step 3: Choose amount to withdraw
  • Step 4: Send Shiba Inu (SHIB)s to given address QR code
  • Step 5: Receive cash immediately as Shiba Inu (SHIB)s transaction is propagated on the network

Read More: How to Buy Shiba Inu (SHIB)?

Selling Shiba Inu (SHIB) FAQs

Can I Sell Shiba Inu (SHIB) for Cash?

For the individual investor, the gain only remains on paper. To convert it into actual cash, the investor would have to convert their holdings at a crypto exchange, which would result in fees of about $3 million, Vice reported. To be an actual billionaire, the investor would have to liquidate all their holdings, which would trigger a massive crash in price and probably deliver around $5 million by the time, the transaction is completed.

What Is The Best Way to Sell Shiba Inu (SHIB)?

All of the experts have been in the crypto space right from its inception. Based on our collective individual experiences, we have encountered issues with customer service, security, as well as liquidity. Since you cannot learn without making mistakes, we have highlighted all the errors from navigating numerous exchanges. 

Now many crypto exchanges offer the SHIB coin on their platforms. With that in mind, We have been able to shortlist the best 5. The winners are eToro, Binance, Coinbase, OKEx, and Huobi Global. 

Is It Easy to Sell Shiba Inu (SHIB)?

With a user base of over 13 million people, Coinbase is considered to be one of the best places to buy and sell Bitcoin. This exchange platform is insured, secure, regulated, easy to use, and accessible for investors of different knowledge levels.

Coinbase also has over fifteen cryptos available and has fees that are on par with other exchanges. There are some features that are geo-restricted but if you live in the UK, US, or EU, you can use Coinbase without restrictions.

The primary difference between Coinbase and Coinbase Pro is that the pro version uses a more complicated interface. However, people who don’t use Coinbase Pro are charged higher fees to be on the easier-to-use interface. No matter which platform you use, all trades happen on the Coinbase Pro engine.

Is Shiba Inu Crypto a Good Investment?

There’s no one-size-fits-all answer; it really depends on investors’ individual circumstances. Cryptocurrencies are volatile investments, where you can either strike it rich or lose big. Before investing, pause and evaluate your risk threshold. Do your research, and never invest more money than you can afford to lose.

Will the SHIB Coin Price Rise?

Possibly. You must look at the big picture and be ready to wait several years for the coin to gain enough traction to hit a record high price. Forecasters predict that Shiba Inu will experience a long-term price increase. However, forecasters are known to make mistakes.

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