Have you heard of Shiba Inu coin or SHIB? Its widespread success in 2021 made it simpler for the cryptocurrency to be available on a variety of exchange platforms. If you’re set to make a move and buy this cryptocurrency but don’t know how yet, keep reading to find out.
Various cryptocurrencies have come out in the market, including Bitcoin, Ether, Litecoin, and Tether. Besides, there is Shiba Inu Coin, which might interest you. So, you need to know the basics and understand the details.
What Is Shiba Inu Coin?
Shiba Inu coin is a cryptocurrency with a name coming from the Japanese dog breed and traded under SHIB. It was launched in 2020 by Ryoshi, an anonymous developer. This coin was meant to be a Dogecoin (DOGE) compatible Ethereum alternative. SHIB describes itself as the “Dogecoin Killer,” as per the SHIBA INU website.
SHIB is an ERC-20 coin that is in the process of turning to a Proof of stake (PoS) consensus method. ShibaSwap, a decentralized exchange, is at the SHIB ecosystem. It also has support from NFT art incubator, encouraging dog-inspired artists worldwide to enter the NFT market with their Shiba Inus.
SHIB has been up tons of times and is continually growing its reach due to its global popularity and valid use.
How Can You Buy Shiba Inu Coin?
Create A Trading Account
Simply open an account within a crypto exchange of your choice. Submit an email address and set a password. Take note that you have to verify your identification for tax considerations before you start trading. Your birthdate, Social Security Number, and driver’s license copy are among the details you must give.
Use Centralized or Decentralized Exchange
Buy SHIB in two ways: via centralized exchanges or decentralized exchanges. You can skip to the next step if you’re utilizing a centralized exchange.
Customers may trade SHIB on centralized exchanges (CEXs) like Binance, Coinbase, eToro, and Voyager. In addition, SHIB is also accessible on decentralized exchanges (DEXs) based on Ethereum, such as Uniswap.
DEXs support practically any Ethereum-based currency. Therefore, they are ideal for cryptocurrencies like Shiba. For example, Uniswap is the most popular decentralized exchange, and it runs on Ethereum’s blockchain. Uniswap’s protocols are worth more than $2 billion, and several investors utilize the site to exchange Ethereum-based coins.
You need to have a software wallet like Coinbase Wallet to use a DEX. You can use these crypto wallets for free, and you can control your coin.
Invest In A Crypto Wallet
This step is optional. Before buying Shiba Inu coins, think about where you will keep your valuable asset. Software wallets provide far better security than cryptocurrency exchanges, plus they are downloadable for free.
On the other hand, a hardware wallet is a way to go if you’re looking for the safest option possible to store your assets. It is an actual device that keeps your cryptocurrencies offline which prevents others to steal your assets.
If you are not actively trading crypto, it is not advisable to put your crypto on an exchange. This is because hackers target cryptocurrency exchanges, and some were compromised already.
Buy Your Cryptocurrency
If you use eToro, you must first authenticate your identity before connecting your bank account. After that, locate the SHIB order book and put your order there.
Uniswap does not employ order books in the same way other exchanges do. Rather, it calculates the price of crypto assets using liquidity pools. You can trade your Ethereum assets for Shiba Inu coins after linking your wallet to Uniswap’s platform. When you’re in it for an extended period, you might want to hold on to your Ether assets.
Sell, Trade, Or Convert Your Coins
If you plan to exchange your Shiba Inu coins for Ethereum assets, you must use Uniswap. The coins will go to your Ethereum wallet linked to Uniswap. Then, to convert them back to USD, you can transfer them to any exchange that supports Ethereum.
History Of Shiba Inu Coin
The first Shiba Inu coin was listed on Uniswap. It started trading with almost no value. However, Shiba increased above 300% on May 8th in anticipation of the Saturday Night Live skit of Elon Musk, which aired later that day.
Shiba Inu began with a 1 quadrillion circulation supply. Ryoshi transferred half of the whole supply to Uniswap’s decentralized exchange while Ethereum co-founder Vitalik Buterin had the remaining 50% of the coin. Buterin burned most of his coins after donating $1 billion to India’s COVID-19 relief fund.
On Uniswap, you may purchase the Shiba Inu coin, which is the first token in the Shiba ecosystem. SHIB is currently supported by a number of centralized exchanges, including eToro and Coinbase.
Shibaswap coins may now be invested on the platform to “dig” for another cryptocurrency: bones, after the introduction of the Shibaswap platform. ShibaSwap’s governance token, Bones, gives coin holders voting rights on the platform.
Their most recent token, Leash, was the world’s most unstable stable coin. Stablecoins are cryptocurrencies tethered to other currencies, the most prevalent of which is the USD. On the other hand, Leash was tied to the price of DOGE rather than the dollar, making it quite volatile.
Since then, the Shiba Inu has opted to “unleash” Leash tokens from Dogecoin’s price, meaning they are no longer tied to it. The Leash has a very limited quantity of only 107,647 tokens, now valued at around $1,900.
Is SHIB A Good Investment?
Shiba Inu coin’s recent price increase is probably due to SHIB’s Coinbase listing hype. However, despite ShibaSwap’s several intriguing offerings, it lacks many evident advantages over rival efforts such as Uniswap.
You can only mine Shibaswap’s Bone tokens using Shibaswap’s Shiba tokens. Therefore, if you want Bone, you’ll have to purchase Shibaswap Inu. To answer the question, Shiba Inu may be right for you if you prefer speculative matters.
We’ve laid out the instructions on how you can buy Shiba Inu coins. We hope this article helped you understand the basic information about this particular cryptocurrency. Now, it is up to you whether you decide to invest in SHB or not.