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.
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.
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.
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. 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.
Step 3 Select a payment method. 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.
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.
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. The platform 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.