Purchase of SHIB Crypto Currency Token
At this time, Kraken doesn’t offer SHIB so I had to buy it from another exchange.
Step one, need money to buy SHIB. Traded some crypto in Kraken account to have enough to transfer. Traded Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA) for USD Fiat.
Step two, need to have a coin that the other exchange uses as a trading pair to buy SHIB. The exchange uses Tether (USDT) only. Converted USD cash to Tether.
Step three, had to get an address of my exchange wallet for the transfer to the 2nd exchange where I’m going to buy SHIB from. Copy and pasted it into my Kraken wallet for my withdrawal.
Step four, added how much I want to transfer from Kraken to the 2nd exchange. Had multiple errors on parameters. Had to research on Kraken support. Had to remove the comma representing a thousand versus a hundred and the transfer finally went through.
I received a confirmation from Kraken immediately and from the 2nd exchange in less than 5 minutes.
Ended up paying $50.6382 dollars in fees just to get my money to the 2nd exchange.
June 1, 2021 – Ran a test purchase of 15.18 and ended up with 12.68 at the 2nd exchange after a $2.5 fee. Then, I transferred 4,997 Tether with a $2.5 fee as well. Interesting that the fee was the same for such a large difference in value.
Also, interesting is that I had a Kraken Fee Credit that wasn’t used for these transactions. I received the credit when the Kraken exchange went down and my buys were not executed on and I missed out on thousands of dollars in opportunities. The credits were 2,000 which is worth $20 dollars in credit.
1st Purchase, I bought $500.00 worth of SHIB using Tether (USDT) and it cost me .59 in a fee of my Tether. I received 58,207,217.69499417 in SHIB tokens.
2nd Purchase, bought another $500.00 in SHIB using Tether and now have 116,346,752.5787151 SHIB Tokens. I was not charged a fee this time. I received 58,139,534.884 in SHIB Tokens or 67,682.8109 less than my first purchase 5 minutes earlier.
Just bought another $500.00 SHIB using Tether as the trading pair. Every time I trade the bell goes off and is a little loud and startling as it goes Cha Ching.
3rd Purchase – I now have 174,963,399.70649939 SHIB Tokens or 58,616,647.128 more coins.
I have ≈ 1,485.43USD value in U.S. dollars, down $14.57 in value at this time in a matter of minutes.
4th Purchase and I now have 233,648,845.71588906 SHIB Tokens or 58,685,446 more coins after another $500.00.
The value is ≈ 1,986.01USD in U.S. dollars. The value is down $13.99 at this time or a little better than 5 minutes ago.
SHIB is going up so I’ll take a break from buying and walk my dog who is not a SHIBU INU.
About a week later, made my 5th purchase as SHIB is taking a dip to .00000827, I bought 60,459,492.141 more for another $500.00 and now have a total of 294,108,337.85615508 coins that cost $2,500.00 USD Fiat equivalent using Tether USDT.
SHIB continued to dip but I held off buying any more for now. It went down to .00000572 and went back up to .00000733 today.
I’ll keep an eye on it to determine future strategy.
Holding or HODL as it is referred to for now.
Hope this was helpful!
Jerry Lang
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. MoneyDogMedia.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
