Shiba Inu has recently become one of the most traded cryptocurrencies in 2021. Dogecoin‘s massive price appreciation and the die-hard following the project built around the Shiba Inu theme helped fuel its viral success in the market.
Shiba Inu is a cryptocurrency dubbed a “meme coin” because it’s based on an Internet meme of a dog breed—the same one that inspired Dogecoin. Meme coins generally begin as jokes. On the other hand, Shiba Inu is quite popular—and its ecosystem is evolving as a result. We created this guide on how to purchase Shiba Inu since we think that understanding SHIB is the first step before knowing how to buy Shiba Inu.
Today’s Shiba Inu price is $0.000015 with a 24-hour trading volume of $1,012,446,732. Shiba Inu has been down 3.26% in the last 24 hours. The current CoinMarketCap ranking is #12, with a live market cap of $8,431,900,283 USD. It has a circulating supply of 549,063,278,876,302 SHIB coins, and the max. supply is not available
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What is Shiba Inu?
Shiba Inu is a decentralized cryptocurrency built on the Ethereum blockchain. The Shiba Inu was founded in August 2020, billing itself as the “Dogecoin killer. The project’s development team created Shiba Inu as a parody of Dogecoin and other meme coins. The native token of the Shiba Inu network is denoted by the ticker symbol SHIB. It’s an ERC-20 token and utilizes the Ethereum network’s smart-contract technology.
Even though Shiba Inu is named for a dog breed, it is attempting to accomplish more than Dogecoin ever did. It resulted in forming a DeFi ecosystem that allows ShibaSwap, its decentralized exchange, to operate. Shiba Inu coin’s second and third tokens, known as BONE and LEASH, are ERC-20 compatible. They provide additional utility to the Shiba Inu ecosystem by providing users with governance and a store of value. ShibaSwap has plans to link NFTs, or non-fungible tokens, into their platform in the future, which will make it even better.
Shiba Inu coin is a utility token that can be used to create profit by either staking or providing liquidity on the ShibaSwap platform, making it an intriguing DeFi token.
The Shiba Inu ecosystem comprises three tokens, with the Shiba Inu coin being its primary currency, which began at one quadrillion pieces. Vitalik Buterin, the co-founder of Ethereum, burned 410 trillion coins (meaning he deliberately sent them to a digital wallet from which they can’t be recovered) as part of a proof-of-work test. As a consequence, the overall quantity is now 590 trillion.
How Shiba Inu Works
The Shiba Inu coin is a cryptocurrency built on the Ethereum network that employs decentralized apps, or “dapps,” to create contracts that execute automatically. The Shiba Inu coin is an Ethereum-based ERC-20 token. Because it operates on the Ethereum network, Shiba Inu can use smart contracts to develop decentralized finance products.
ERC-20 is a set of standards that allows the creation of new tokens on the Ethereum network. These tokens can be used for various purposes, from representing assets like loyalty points to functioning as currency. ERC-20 tokens are also commonly used in Initial Coin Offerings or ICOs.
How to Buy Shiba Inu on Centralized Exchanges
Shiba Inu is currently available in various centralized and decentralized cryptocurrency exchanges. We’ve provided a few options below for where to buy Shiba Inu coins.These exchanges are Coinbase, Binance,FTX, Huobi Global, Gemini,KuCoin, and Kraken.
Binance is a crypto exchange that offers various crypto assets, from Bitcoin to altcoins like Shiba Inu. Centralized exchanges are for-profit businesses that take a fee for matching buyers and sellers. To buy SHIB, you first create a user account on Binance.
Step 1. If you don’t have a trading account, create one or sign in if you already have one.
2. If you haven’t already, complete the know-your-customer (KYC) procedure to be able to buy cryptocurrencies. It usually takes a few minutes for this to finish. This may be found by hovering over the account icon in the upper right corner and selecting “Identification” on Binance.
Step 2. Look for the “Deposit” button on your account dashboard and click it.
This will take you to a page with all of the cryptocurrencies that Binance supports. Go to the page where you can purchase cryptocurrency – USDT, USDC, DOGE, or if a direct fiat currency pair is accessible via a credit/debit card, bank transfer, cryptocurrency, or other option the exchange offers skip this step.
3. Select a payment method.
4. Open your wallet and tap the “Verify” icon. Check for any disclaimer buttons or boxes, then confirm them. After that, finish the payment procedure, and – depending on the payment method and exchange rules – the purchased amount should be available in your wallet in a few minutes. If you had to fund your account with fiat currency – such as U.S. dollars (USD) – to purchase Shiba Inu, it might take one to five business days before the funds are credited. Afterward, you still need to swap your balance for SHIB.
Coinbase is a bitcoin trading platform that allows customers to buy, sell, trade, and store cryptocurrency. Offline storage is securely maintained on this system. This platform supports users in over 100 countries. Users may invest in various meme coins (including SHIB) using a credit or debit card, eliminating the requirement to own cryptocurrency.
Coinbase’s fee structure may appear complicated at first glance, as each trade will incur a “Coinbase Fee” and spread. The fee for a single trade on Coinbase is around 0.5%, costing about 1% per transaction on most platforms. Coinbase Pro charges a taker fee of 0.6% and a maker fee of 0.4%, though users that use it instead of the regular Coinbase exchange will be charged a taker fee of 0.6% and maker fee of 0.4%.
1. The first step to buying a Shiba Inu coin is to create an account on Coinbase.
You will need to verify your identity by providing personal information, such as your name, date of birth, address, and phone number. After your account is created, you can link your bank account or credit/debit card to fund your Coinbase account with fiat currency.
2. The next step is to find the “Buy/Sell” page on Coinbase.com and select Shiba Inu from the list of available cryptocurrencies.
3. After selecting Shiba Inu, you must enter how much you want to buy. You can also use the percentage buttons to indicate what percentage of your total funds you would like to buy Shiba Inu coins.
Once you have entered the amount of Shiba Inu you would like to buy, click the “Buy” button. This will initiate a purchase from Coinbase’s exchange partners and should credit to your account within a few minutes.
Step 4 – Provide transaction details: In this stage, you’ll choose which coin or token you want to purchase and how much money you wish to invest. Starting with the first choice, click the Bitcoin link next to the Buy form field description to display a menu of assets for sale.
Step 5:Search for Shiba Inu by typing out the name in the search box and selecting it.
After you’ve found what you’re SHIB, pick the amount of money you wish to spend from the drop-down list or input a custom amount by clicking on the [Custom] button and entering an amount.
step 5:Finally confirm the purchase transaction will be processed, and the SHIB you’ve bought will appear in your Coinbase wallet under the “Accounts” tab. It may take a few minutes for the transaction to be processed.
Your Shiba Inu coins should appear in your Coinbase account under the “Accounts” tab.
Coinbase offers excellent security, keeping most users’ assets in cold storage to protect them from cyber assaults. Finally, Coinbase has FDIC insurance on all USD cash balances up to $250,000. Furthermore, Coinbase offers a beginner-friendly crypto staking service for supported coins and numerous other appealing characteristics.
It’s worth noting that the procedure described above is only relevant to centralized exchanges.
You can use decentralized exchanges (DEX) such as UniSwap or ShibaSwap
How to Buy Shiba Inu on Decentralized Exchanges
There are two primary decentralized crypto exchanges where you can acquire Shiba Inu crypto. The ShibaSwap network is the native decentralized exchange for the Shiba Inu coin. Uniswap, a well-known automated Ethereum-based cryptocurrency exchange, is the second option. You will be required to follow the following steps.
Identify a DEX that supports ERC-20 tokens (ETH, SHIB, BONE, LEASH, etc.);
Choose a compatible Ether wallet and fund it;
Review your SHIB investment strategy;
Connect wallet to the DEX;
SWAP tokens to SHIB.
How to buy Shiba Inu on ShibaSwap
Step 1. You’ll need to link your Ethereum-based wallet by clicking the “Connect wallet” option in the top right corner (red arrow) to use this platform to purchase Shiba coins. Three distinct wallet choices are accessible (white arrows): Metamask, Wallet Connect, and Coinbase Wallet.
Metamask is the most popular crypto wallet, so that we will use it. You can get the Metamask wallet by downloading it from your browser.
Step 2:You’ll need to create a password and fill up your Metamask wallet with ether, the Ethereum blockchain’s native currency. Metamask will display a page, “Click ‘buy’ on Metamask.” You’ll be sent to a page with several options where you can buy ether using your debit or credit card.
Step 3:You can now swap ether (ETH) for Shiba Inu coin (SHIB) on ShibaSwap after you’ve completed this stage. To swap between multiple Shiba Inu variants, go to the ShibaSwap website and select “swap” from the drop-down menu on the lower left corner of the home screen. Clicking will take you to the platform’s decentralized swap component. In this area, choose “ETH” in the top field and search for “Shiba Inu coin,” then pick it for the second box, as shown below.
Step 4. Then you’ll need to choose how many SHIB tokens you want to exchange your ether for. Once you’ve got the correct number and are happy with the costs, click the “swap” button. You may now see SHIB coins in your Metamask wallet.
How to buy Shiba Inu coin on Uniswap
If you decide to use Uniswap to acquire SHIB, the process is similar to the one described for ShibaSwap. However, you’ll need to go to :
1. The “Exchange” page on Uniswap and select SHIB from the list of available tokens.
Step 2 –Connect your wallet to the DEX. You’ll need to connect your Ether wallet to the desired DEX to execute transactions.
Step 3– Choose Metamask or any other supported wallets and follow the instructions on-screen to connect it.
4. SWAP your tokens for Shiba Inu coins. Now that your wallet is connected, you can exchange your ETH or other ERC-20 tokens for SHIB. You must have the Shiba Inu ERC-20 contract address to add SHIB to Metamask. You may get this contract address from CoinGecko or CoinMarketCap.
It’s also possible to use a CEX to buy Ethereum and then move it to a self-custody wallet like the ones mentioned above.
Open the Metamask extension by clicking on its icon on your browser addons list, then click the [import tokens] button.
Use the [Custom Token] tab to enter the contract address. To add the $SHIB crypto asset to your wallet, go to the [Add Custom Token] tab and input its address.
5. Review your transaction carefully and confirm it.
Metamask will show coins now in your wallet before importing them. Click [Import Tokens].
7. You can also view your SHIB balance on Coinbase by clicking the “Accounts” tab and scrolling down to your “Ethereum Wallet.”
Ensure you transfer some Ethereum to your new wallet before trading, as Uniswap requires a small amount of ETH to be sent with each transaction to cover gas fees.
Step 4 – Swap ETH for SHIB on UniSwap: Back to the UniSwap application and pick the two assets you want to swap. By default, Ethereum will be preselected, but if you need to swap from another cryptocurrency, click the first option tab and select the right asset.
Choose the SHIB token in the second section, as well.
Simply type the amount of $ETH coins you wish to swap to $SHIB or the number of SHIB tokens you wish to swap into, and the system will automatically fill in the other box.
Click the Swap button to view the confirmation screen. Confirm if you’re okay with the conditions by going through them as shown on the screen.
In a new wallet tab, select [Swap Request] and then click the [Confirm Swap] button to submit an authorization request to your Metamask wallet. Afterward, go to the [Sign Transaction] tab on your wallet request and confirm your commitment to the swap transaction.
The transaction will be confirmed on the blockchain by miners, after which you’ll receive Shiba Inu tokens into your wallet.
Best Crypto Wallets for Shiba Inu
If you are interested in crypto wallets, here are your best options:
ZenGo is a software wallet, so it’s simple to get. Simply download it, and you’ll be ready to handle your Shiba Inu token transactions. This is the ideal spot for keeping NFTs and cryptocurrency, and you can simply exchange crypto with the ZenGo Wallet. This could be an excellent choice if you’re searching for a software wallet.
The Ellipal is a hardware wallet that supports 7,000+ cryptocurrencies, including Litecoin, Bitcoin, XRP, and Shiba Inu. This wallet has a touchscreen display, allowing you to view the portfolio whenever possible. Although it is somewhat costly, you get security in return.
Should you buy Shiba Inu?
You should be aware of the extreme volatility that the token has exhibited this year before purchasing it. Another consideration is the absence of genuine-world applications, such as merchant payments.
The Shiba Inu network is a multi-token ecosystem made up of Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE). Users may use smart contracts to lend and stake them to earn passive income on the Shiba Inu network. It supports NFT and Defi Platform ShibaSwap. This makes Shiba Inu a significant investment, but be aware that cryptocurrency investments are a high-risk and high reward. Before investing, one should pay attention to appropriate asset allocation.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.