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How to Buy Shiba Inu Crypto
At a Glance
- Shiba Inu Coin is a cryptocurrency that operates on the Ethereum network and has similarities to Dogecoin.
- It has its own decentralized exchange called ShibaSwap and offers tokens like SHIB, Bone, and Leash.
- While SHIB has the largest market capitalization, LEASH and BONE have higher per-token prices due to limited supply.
- Shiba Inu Coin can be purchased on exchanges like Uniswap, eToro, Coinbase, Webull, Crypto.com, and Binance.
If you’re into cryptocurrencies, you are most likely aware of the existence of Dogecoin, a token that gained a lot of traction over time. Well, lately there has been a new token circulating, one that many people call the new “Dogecoin killer.”
Shiba Inu exploded in popularity after being legitimized by Binance in May 2021. If you’re new to this particular cryptocurrency yet still want to get into it, this article will explain it in more detail and tell you everything you need to know. So, let’s find out how to buy Shiba Inu crypto.
What Is Shiba Inu Coin?
Shiba Inu is a cryptocurrency that shares some similarities with Dogecoin when it comes to its theme. It is an ERC-20 token and it uses the smart-contract technology of the Ethereum network. But despite having the same dog-themed appeal to it, Shiba Inu wants to do more than Dogecoin ever did. It led to the creation of a DeFi ecosystem that allows ShibaSwap, its decentralized exchange, to run it.
The tokens known as Shiba Inu can be used on the ShibaSwap platform. Over there, you have the chance to stake your tokens in return for interest through staking rewards. Also, the Shiba Inu or SHIB token is not the only one you can use on the platform. You can also use Bone (BONE) and Leash (LEASH). In the future, ShibaSwap is planning to integrate NFTs, or non-fungible tokens into their platform, which will help make things even better.
In terms of market capitalization, SHIB is the largest token offered. Meanwhile, LEASH and BONE have high per-token prices because the supply is more limited. LEASH is worth $1,366 per token, whereas BONE is trading around $1,22.
Where to Buy Shiba Inu Coins?
Shiba Inu was first listed on Uniswap, and initially, it was trading at no value. But on May 8, it increased to more than 300%. The Shiba Inu token was the first one to appear in the Shiba ecosystem, and you can also buy it on Uniswap. But that is not all.
There are also some centralized exchanges where you can get Shiba Inu tokens, including eToro, Coinbase, Webull, Crypto.com, and Binance.
Moreover, since the ShibaSwap platform was also launched, you can now stake the tokens on the platform so you can “dig” for the Bones cryptocurrency.
There is also the “leash” token, but it used to be very unstable. Usually, stablecoins are pegged to different values, like the U.S. dollar, for instance. Leash was different, though – instead of being pegged to a dollar, it was pegged to the DOGE’s price. For this reason, it was very unstable. Shiba Inu made a decision and the Leash tokens are not pegged to the price of Dogecoin anymore.
How to Buy Shiba Inu Coin
So, are you determined to buy the Shiba Inu coin? Here are the steps you should go through to purchase it.
1. Open an Account on an Exchange
The first thing you should do is to open an account on one of the exchanges that offer Shiba Inu. Some of the most popular choices include Coinbase, Voyager, and eToro. However, you can also buy the token from Sushi and Uniswap.
Opening an account is possible by providing some personal information and contact information. For these particular exchanges, you will have to offer your email address and choose a password. Afterward, you will have to verify your identity for tax purposes before starting your trading journey. To make this possible, you will be asked for your birthday, driver’s license, and Social Security Number.
2. Use a Centralized Exchange or Uniswap
Shiba Inu can be bought either through a decentralized exchange or a centralized exchange. Centralized exchanges include eToro, Voyager, and Binance, and if you are using one of them, you can simply move forward with buying a cryptocurrency wallet.
Meanwhile, decentralized exchanges work by supporting most Ethereum-based assets, making them ideal for coins such as Shiba Inu. Uniswap, which is powered by the Ethereum blockchain, is the greatest decentralized exchange out there.
You will have to get a software wallet such as Coinbase Wallet or MetaMask if you are interested in using DEX, though. These wallets are free to use and unlike centralized exchanges, you can get your own cryptocurrency, which is great.
3. Purchase a Crypto Wallet
You should look into a cryptocurrency wallet before getting Shiba Inu tokens. After all, you need something to store your cryptocurrency. Not to mention that it is not ideal to store your tokens on a crypto exchange if you are not always trading your crypto. Hackers have targeted crypto exchanges in the past, and the last thing you want is to be a victim of such an attack.
The coolest thing is that you can download many software wallets for free, but if you want more security, you can invest in a hardware wallet.
4. Buy the Crypto
With exchanges like Voyager, you will only be able to place an order after verifying your identity. After doing so, you can simply go to the SHIB order book and get the crypto.
Meanwhile, Uniswap is a bit different because it doesn’t use order books. It calculates the crypto asset prices through liquidity pools. When you connect your wallet to Uniswap, you can simply use Ethereum tokens and exchange them for Shiba ones.
Best Crypto Wallets for Shiba Inu
If you are interested in crypto wallets, here are your best options:
ZenGo is easy to obtain because it is a software wallet. All you have to do is download it, and you will be ready to take care of your Shiba Inu tokens. This is the best place for storing NFTs and crypto assets, and you can simply go to the ZenGo Wallet to trade crypto. If you are looking for a software wallet, then this can be a great choice.
Ellipal is a hardware wallet, and the coolest thing about it is that it stores more than 7,000 cryptocurrencies, including Litecoin, Bitcoin, XRP, and Shiba Inu. This wallet has a touchscreen interface which makes it possible to see the portfolio easily, whenever you want. It may be a bit pricey, but you get safety in exchange.
How to Trade, Sell or Convert Your Shiba Inu Tokens
If you wish to convert your tokens, you can use Uniswap. It makes it possible for you to convert the cryptocurrency to Ethereum tokens. Once you do this, you will find the new crypto amount in your Ethereum wallet if you have one connected to your Uniswap account. Also, you can then transfer the tokens to a different exchange and convert them into USD.
Frequently Asked Questions on Buying Shiba Inu Tokens
What is Shiba Inu Crypto?
Shiba Inu, often referred to as SHIB, is a decentralized cryptocurrency that is known as a meme coin. It was created as an alternative to Dogecoin and has gained popularity in the crypto community.
How can I buy Shiba Inu (SHIB) cryptocurrency?
- Choose a Cryptocurrency Exchange: Select an exchange that lists Shiba Inu, like Binance, Coinbase, or Kraken.
- Create and Verify an Account: Sign up on the chosen exchange and complete any required identity verification process.
- Deposit Funds: Add funds to your account using a bank transfer, credit card, or other cryptocurrencies.
- Buy SHIB: Search for SHIB, select a trading pair (e.g., SHIB/USD), and execute your purchase transaction.
What payment methods can be used to buy Shiba Inu?
You can buy Shiba Inu using various payment methods including bank transfers, credit/debit cards, or other cryptocurrencies, depending on the exchange’s options.
Are there any fees for buying Shiba Inu?
Yes, exchanges typically charge transaction fees for buying cryptocurrencies, including Shiba Inu. These fees vary by exchange and transaction size.
Is Shiba Inu a safe investment?
Cryptocurrency investments, including Shiba Inu, come with risks due to market volatility. It’s important to conduct thorough research and consider your risk tolerance before investing.
How do I store Shiba Inu after purchasing?
After purchasing Shiba Inu, you can store it in a digital wallet. Options include wallets provided by the exchange, personal software wallets, or hardware wallets for added security.
Can I convert Shiba Inu to other cryptocurrencies?
Yes, you can convert Shiba Inu to other cryptocurrencies on most exchanges where SHIB is listed. Simply choose the SHIB pair with the cryptocurrency you want to acquire.
How long does it take to buy Shiba Inu?
The time to buy Shiba Inu can vary. Transactions using credit/debit cards or other cryptocurrencies are often instant, while bank transfers may take longer.
What should I consider before buying Shiba Inu?
Before buying Shiba Inu, consider factors like the coin’s market potential, the fees involved, the security of the exchange, and your investment goals.
Can I buy Shiba Inu with fiat currencies?
Yes, Shiba Inu can be purchased with fiat currencies like USD, EUR, or GBP on exchanges that offer these trading pairs.
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There are many cryptocurrencies out there, and all of them have something unique. Shiba Inu is no different. Its popularity skyrocketed lately and even though it is similar to Dogecoin, Shiba may become even better in the future as more people start buying and trading it.
With Shiba tokens, you can also end up mining the Bone tokens available on Shibaswap. It can be a very fun way to enjoy cryptocurrency, so do not hesitate to check out Shiba Inu.