Top 5 Shiba Inu wallet recommendations
If you are one of those many people who have been caught up in the hype around meme crypto coins and want to add something like Shiba Inu to your portfolio, you should consider getting a trustworthy Shiba wallet. After all, the loss of joke coins will definitely not make you laugh. Below is an honest review of the most suitable SHIB coin wallets:
But first, let’s figure out what Shiba Inu coins are, what to look for when choosing the best wallet for Shiba Inu, and how to avoid difficulties with transferring your funds.
What is the Shiba Inu coin?
It’s no secret that since the creation of the first cryptocurrencies, Bitcoin and Ethereum, thousands of small and large coins have appeared, which are fighting for public acceptance and investor attention.
Recently, among the crypto trends, there are coin memes such as Dogecoin and Shiba Inu. They were initially created as a joke, and practically cost nothing, but later got a great buzz out of gaining recognition from people, especially some influential individuals, which led to a rapid appreciation in their value.
Shiba Inu (SHIB) cryptocurrency began writing its history not so long ago, namely from August 2020. The popularity of the Ethereum blockchain token has skyrocketed thanks to its unique ecosystem and canine theme, as well as speculation on its price by retail investors and the active participation of the coin community.
Today, Shib’s official Twitter account has 2.2 million followers, which is more than many “serious” coins.
The coin positions itself as a “Dogecoin killer”, and its logo is a Shiba Inu dog, which is just depicted on the DOGE coins. The creator of the second most popular meme coin wished to remain anonymous and hid behind the pseudonym “RYOSHI”. Some believe that Vitalik Buterin is the co-founder of Shiba Inu, but this information has no confirmation, but only logical conclusions.
Over the past year, this comic project has managed to develop a large and strong community “ShibArmy”, launch its own ShibaSwap crypto exchange and began listing on major exchanges such as the Kraken.
SHIBA INU is priced at $0.000035 at the time of writing. CoinMarketCap is currently ranked 13th with a real-time market cap of $19,156,464,873. Curiously, the Shiba Inu price remained flat for about 8 months, and began to take shape around the time Tesla CEO Elon Musk and other famous personalities began to show interest in Dogecoin. The most publicized Shiba Inu was the story that happened in March 2021 on Elon Musk’s Twitter. Musk posted a post about his intention to buy a Shiba Inu dog.
Traders, apparently, decided that this was a new token Shiba Inu, which caused massive purchases of this asset. Although the misunderstanding was resolved, SHIB’s growth was unstoppable.
After this publication, the price of the Shiba Inu token (SHIB) increased by 68% per hour, and by 2000% over the next five days. Overall, from January to October 2021, the SHIB price increased by more than 27,000,000%.
It is not surprising why now this asset is considered not as a joke, but as an object for investment. Since the coins need a storage place, a Shiba Inu wallet appeared.
What is a Shiba Inu (SHIB) wallet
In general, the Shiba Inu wallet can be any type of wallet that will allow you to store and carry out transactions with your SHIB coins. Each wallet stores two keys: a private and a public one. The public key is the one you use to perform various transactions, it is something like the Shiba Inu wallet address that you give to the sender or the buyer to receive the agreed amount of money. Whereas the private key provides access to your funds and should be kept secret from others. Therefore, you should use a wallet that can guarantee that your private key does fall into the wrong hands.
Due to the popularity of Shiba Inu cryptocurrency, there are many different wallets for different purposes, they can be more or less reliable, functional and convenient to use. In addition, they can be either free or cost you some money.
It is good to have a choice, but it can cause questions and difficulties in finding the right option for you. So what should you look for when choosing a crypto wallet for your SHIB?
How to choose a SHIB wallet
When choosing a crypto wallet for Shiba Inu, it is recommended to pay attention to several basic criteria, such as reliability, functionality, and usability.
There are several main wallet types for different needs and purposes:
- Web wallets or online wallets that are created on sites.
- Mobile wallets that are installed on smartphones.
- Desktop or Software wallets that are installed on a PC or laptop.
- Hardware wallets that come as a separate device.
- Paper wallets, where your keys are generated and printed on a piece of paper.
The most unreliable wallets are web wallets, which are constantly online. Their advantage is that they do not need to be installed on any device, but give users access from any computer device. Therefore, if you do not want to be tied to a particular computer or smartphone, an online wallet is an excellent option for storing and conducting transactions involving a small amount of SHIB coins.
Mobile wallets are considered the most convenient because you can manage your cryptocurrency assets on the go. They are suitable for active traders, but not very suitable for storing large cryptocurrency amounts.
Software wallets are more reliable because the private key is stored on your computer’s hard drive, but when it is online, the safety of Shiba Inu cryptocurrency depends on how secure your device is from cyber threats.
Although the developers are improving the security systems in mobile and desktop wallets, which reduce the likelihood of theft and hacking, for storing a large number of Shiba Inu coins, it is recommended to use hardware-type wallets. These wallets are cold, meaning they are offline and almost impossible to hack.
Paper wallets are also cold storage wallets. By storing crypto assets in this way, you can practically not worry about their safety. The only thing to watch out for is that hardware and wallets are not stolen or physically damaged. Nevertheless, such reliability has the disadvantage that users who intend to actively send or receive their SHIB coins will face the inconvenience of using cold wallets.
Final Conclusion on Choosing a SHIB Wallet
For storing large sums of Shiba Inu in order to increase income from the increase in the value of coins, it is recommended to use hardware or paper wallets. Those who intend to frequently send or receive SHIB coins may prefer software or mobile wallets, which are more suitable for these purposes.
How to transfer your funds to a SHIB wallet
To transfer funds to a SHIB wallet, you first need to buy Shiba Inu cryptocurrency on proven eminent exchanges such as Coinbase or Binance. This can be done for fiat currency or other crypto paired with SHIB.
To do this, follow the simple instructions:
- Register on the exchange. Usually, this requires you to come up with a password and enter your email address, which will need to be confirmed.
- Enhance your account security with two-factor authentication.
- In the top menu, click “Buy” and select a payment method, for example, “Bank card”.
- Select the amount you want to spend and from the drop-down menu select Shiba Inu.
- Click on “Buy SHIB”. The purchase process can take from a couple of minutes to several hours if your account is verified for the right to buy cryptocurrency using a bank card (buying a Shiba Inu with the available cryptocurrency does not require such verification).
- After completing the verification process, add your bank card details.
- After checking the purchase summary, click “Confirm”.
- After purchasing Shiba Inu on the exchange, you can transfer them to your SHIB wallet, specifying its address.
Note: Some exchanges ask for personal information such as name, address, passport details, as well as a photo of your face, which can either be taken with a webcam or downloaded from an existing one. Users who value anonymity can search for an exchange without this procedure.
Some wallets have a built-in exchanger function, so you can make a purchase directly from such a wallet. Recently, it has become possible to use the Shiba Inu decentralized exchange ShibaSwap, to which users can connect their wallets and, with a few clicks, purchase SHIB coins for another cryptocurrency. This is very convenient since the exchange is made without leaving the wallet.
Best SHIB wallets review
MyEtherWallet (MEW) is an intuitive and multifunctional cryptocurrency wallet suitable for storing ETH and tokens issued in its network. Since Shiba Inu is an ERC20 token, it will perfectly work for SHIB coins too. However, MEW does not support other cryptocurrencies or tokens created in other blockchains, such as Bitcoins. This limits those users who would like to work with other blockchains.
Since 2015, MEW has taken a leading position among similar programs in terms of functionality. A user-friendly interface, ease of customization, free distribution, intuitive software for interacting with smart contracts and Dapps – all this is just the icing on the cake.
Other reasons that underlie the well-deserved popularity of MEW are competitive rates for exchanging tokens, earnings on staking, buying cryptocurrency straight from the card and a high level of security. Despite the fact that the wallet is created on the site – all processes occur locally, on the user’s computer. Private keys and passwords are stored exclusively in the user’s hands, on their computers or other more secure software, like cold wallets.
When it comes to a hardware wallet, the safest place to store your Shiba Inu, the Ledger wallet often comes to mind first. And for a good reason, because Ledger is one of the users’ favourites among this type of wallet.
There are two models of Ledger wallets: the Nano S and a newer model equipped with a display and Bluetooth, the Nano X. The wallet looks like a flash drive. The user controls the device using two buttons. However, most of the actions are performed in the Ledger Live application installed on a computer or smartphone, and the hardware wallet itself is required to verify addresses and sign transactions.
In addition to Shiba Inu, the Ledger Nano X supports over 1,000 crypto assets. In terms of security, not many wallets can be compared to Ledger. The new model has some handy features and mobile device compatibility, which makes managing SHIB coins even more convenient. The only drawback, perhaps, will be the cost – the Nano X model is still more expensive than older hardware wallets.
Another hardware wallet with a secure storage system is KeepKey. Although the wallet does not support as many crypto assets as Ledger or Trezor, it is still worthy of competition, especially since thanks to the built-in ShapeShift exchanger, users can easily exchange their SHIB coins.
As a hardware wallet, KeepKey itself is secure. However, the user can improve the security of the wallet using the Billfold, which is by far the most reliable backup system for restoring cryptocurrency wallets.
In addition, now it can be purchased at a promotional price for only $49, which makes it about three times cheaper than the Ledger Nano X.
However, it is also not devoid of shortcomings, the most critical of which are: the lack of a web wallet, larger size, which affects portability and the inability to save progress.
According to the creators, ZenGo is the first non-custodial software wallet that introduced support for several types of cryptocurrencies. A non-custodial wallet is a wallet whose secret keys and, accordingly, whose digital assets are under the user’s personal control. It’s good. This means that users are solely responsible for the safety of the Shiba Inu they own.
However, additional difficulties are associated with the same factor when using a bank card, since the company cannot send and convert cryptocurrency for its customers. Thus, users themselves will have to convert the crypto into US dollars through a mobile application, and then replenish the card with fiat currency.
The situation with the wallet security system is quite interesting. Instead of seed phrases and passwords, which are commonly used in crypto wallets, and which can scare off inexperienced novice users, ZenGo uses face scanning. Transactions are made using a secure face-scanning technology called ZoOm. In addition, thanks to this feature, the wallet can be quickly restored even if the smartphone is lost or stolen.
ZenGo also stands out for its threshold signature scheme. This is an innovative security feature that splits your private key in two. One part is stored on ZenGo servers, and the other is on the user’s phone. The transaction can be completed only after the interaction of both of these parts.
ZenGo wallet is available on iOS and Android and is easy to set up and use.
Freewallet is the last in the list of top wallets for storing Shiba Inu tokens and coins. Despite the fact that Elon Musk brickbatted it after his account was automatically blocked by a security algorithm, this wallet has a number of advantages that are difficult to ignore.
First, Freewallet is great for those who actively send and sell their coins. It has a built-in exchange for over 100 different cryptocurrencies, including Shiba Inu.
Secondly, security is ensured by 2FA, PIN and fingerprint support, and transactions, despite being free and fast, are confirmed by multiple signatures. Shiba Inu coins are stored in a cold wallet that is compatible with Android, iOS, and there is also a web wallet version.
On the other hand, Elon Musk is right about the fact that the private keys of clients are stored in Freewallet. However, the company presents this fact as an advantage, assuring that thus lost private keys or mnemonic phrases do not mean a loss of funds because the account can be obtained by email of the user.
After analyzing the functions and capabilities of various storage options, everyone can determine for themselves which wallet is the best for Shiba Inu.
Wallets like Ledger or KeepKey are great for interacting with the Ethereum network as well as keeping your SHIB secure for extended periods of time. Hardware wallets are widely recognized as the safest way to store cryptocurrencies for a long time.
If you are going to regularly use SHIBs or use them for trading, then perhaps a wallet like ZenGo or Freewallet is for you.
What happens if you lose your Ledger wallet?
The Ledger device is warranted, so if your lost wallet was purchased from an authorized distributor, you are entitled to a free replacement. All you have to do is import the recovery seed into your new hardware wallet to retrieve your Shiba Inu assets.
Where to buy the Shiba Inu сoin in the U.S. in 2021?
Here is a list of the best platforms where you can buy Shiba Inu coins:
Can I store Shiba Inu on Ledger Nano X?
Yes. Not only can you store your SHIB coins on Ledger Nano X, but doing so will increase their safety, as not many wallets can be compared to Nano X when it comes to security. Additionally, Nano X is mobile-compatible, which will make coin management easier for many users.
How to transfer Shiba Inu to Ledger Nano X
To transfer SHIB coins to your Ledger Nano X, you will first need to connect Nano X with your computer by using its ledger app and entering the PIN code when prompted. Following that, copy and paste the SHIB address into the ledger, and you’re all done.
Disclaimer: All information contained here should not, under any circumstances, be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.