How to Buy Shiba Inu Coin: A Simple Guide to the Dogecoin Killer…
Crypto traders are constantly looking for new coins to invest in, and the Shiba Inu coin (SHIB) has been making a buzz. If you’re wondering what Shiba Inu is, you’re not alone, as this digital coin is relatively new in the market.
This is why you shouldn’t rush to make an investment, not unless you’re looking for a quick buck…
We’ve compiled this quick how to buy Shiba Inu guide to give you a clear picture of the coin and help you make an informed decision. Let’s get started…
What Is Shiba Inu Coin?
Shiba Inu was launched in August 2020, but it only just started trending. Its white paper, which the author ingeniously referred to as a woof paper, hinted that it could be the dogecoin killer.
Shiba Inu and Dogecoin have a lot in common; their mascots are similar, and they are based on a meme of the Japanese Shiba Inu Dog. The founders of Shiba Inu, however, claim that this new coin is better than Dogecoin, and if its prices are anything to go by, it might just be.
This coin runs on the Ethereum blockchain and plans on being a Defi token.
When Shiba Inu tokens were launched on UniSwap, they were trading at very low prices. Their value increased on May 8th in anticipation of Tesla’s founder appearance on Saturday night live.
This coin was launched on the Shiba ecosystem, the first of its kind, and can be traded on Uniswap. The founders only put 50% of their total supply on the decentralized exchange, while the other half was sent to the Ethereum founder, Vitalik Buterin.
Some investors consider this move as a publicity stunt, while others speculate that it was aimed at making the coin more scarce.
While both theories could be true, it was a bold move on Shiba Inus founders’ part because if Vitalik had sold all his tokens, the coin’s price would have plummeted.
Where to Buy Shiba Inu Coin
To buy this coin on Uniswap, you have to use Trust Wallet to swap Ethereum for SHIB tokens.
Shiba Inus listing on Binance is extremely important because this platform has a high level of consumer trust. Binance, however, cautions its users for making risky investments as this coin is highly volatile.
How to Buy Shiba Inu Coin
Shiba Inus’s value will most likely increase after Ethereum founder Vitalik announced that he burned 90% of his coins and planned to donate the rest. This move will enhance the coin’s scarcity, driving up its demand and ultimately increasing its prices.
If you’re thinking of buying SHIB, here’s a step-by-step guide to help you through the process on UniSwap.
Step 1: Buy Ethereum Tokens
Shiba Inu works on smart contract technology, and you can only purchase it by exchanging it for Ethereum. UniSwap is on Ethereum’s network and is a decentralized exchange that allows users to buy and sell cryptocurrency for Ethereum and Ethereum based tokens.
If you’re already signed up with a cryptocurrency exchange, you can purchase Ethereum coins from them, but if you’re just starting out, you can check out platforms such as Swyftx, Binance, and Coinbase.
The account creation process is often simple, and you only need to provide personal details such as your full names, phone number, and country of residence. Most Australian exchanges are regulated by AUSTRAC, so you may have to verify your identity.
Step 2: Use a Decentralized Exchange
Uniswap has over $2 billion worth of crypto assets and is powered by Ethereum’s blockchain. It’s reliable and reputable, which is why investors use it to exchange their Ethereum-based tokens.
To swap your ETH for Shiba Inu, you’ll need a software wallet or hardware wallet. They allow you to be in control of your digital assets, unlike exchange sites that store the coins for you.
Step 3: Choose a Safe Crypto Wallet
Online exchanges are often the target of hackers, which is why it’s recommended that you store your cryptocurrency in a wallet. You should only store your digital assets on an exchange site if you trade constantly.
There are 2 main types of wallets; software wallets and hardware wallets. Software wallets are free to use and more secure than exchange platforms. Some of the best software wallets include Coinbase Pro and Metamask.
Hardware wallets, on the other hand, are usually external devices that you can use to store your private encryption key. They are more secure than software wallets because it’s impossible to hack them.
Make sure you go for a wallet that’s compatible with Ethereum
Step 4: Buy SHIB
Instead of using order books to calculate the price of digital assets, Uniswap uses liquidity tools. This is why Shiba Inu’s prices vary.
To buy SHIB tokens, connect your wallet to Uniswap and then click on ‘select a token’. Search for Shiba Inu in the search bar and then tap on the ‘import’ button. Indicate the amount of ETH that you’d like to exchange for SHIB, and then click on ‘Swap’.
Verify that all the details are correct and then confirm the transaction.
How to Sell Shiba Inu Coin
To sell your SHIB tokens, you have to first swap them back for Ethereum on Uniswap.
The Ethereum coins will be credited to your wallet, and you can then exchange them on your preferred exchange for other cryptocurrencies.
What Is the Current Price of Shiba Inu?
When the coin was launched, there was barely any hype around it. Its popularity, however, skyrocketed on May 10th after Binance, one of the most reliable exchange platforms, legitimized it by including Shiba Inu in its supported cryptocurrency list.
On May 9th, 2021, this coin was trading at $0.000014, but it experienced a 164% increase after being listed and was trading at $0.000037 the next day.
You should, however, note that the cryptocurrency market is highly speculative, and prices are volatile. This is why prices are always fluctuating, but you can make killer profits if you learn to make trades based on market trends.
Shiba Inu’s price is also highly influenced by Dogecoin’s hype, which could be disastrous once the buzz tones down.
Is Shiba Inu Safe?
Since Shiba Inu is relatively new, you need to be cautious before making an investment.
While its prices are pretty impressive compared to other coins, Shiba Inu is currently unstable and is trading at low prices. It’s also dubbed as the dogecoin killer, but that is yet to be seen.
Its listing on Binance is, however, a good indicator of its legitimacy, but to avoid losing your investment, start by trading it in small amounts.
Should You Invest in Shiba Inu?
Shiba Inu is riskier compared to established coins like Etereum and Bitcoin. Its recent listing on Binance will also increase its price volatility which is why the platform encouraged its users to trade SHIB with caution.
Despite its whitepaper highlighting that it’s an improved version of Dogecoin, DOGE tokens still remain more stable. Make sure you only invest an amount that you can afford to lose because Shiba Inu is highly speculative.