How does a “memecoin” achieve the status of a prospective new cryptocurrency in a matter of days?
This shouldn’t sound too odd to anyone–after all, it is exactly how Bitcoin came into being.
Shiba Inu has grown rapidly in the last few months, so it might be the time for the everyday trader to find out how to buy Shiba Inu coins, just in case of that Bitcoin-like potential.
Keep reading to find out!
Have you heard of Dogecoin’s sudden surge in value?
What started out as a tongue-in-cheek crypto coin has gained real traction and support somewhere along the way, and Dogecoin was launched into the sky.
Well, Shiba Inu, an offspring of that Dogecoin “meme”, kept close behind its sibling coin in this journey, but Dogecoin’s launch into skies might just as well have soared Shiba Inu coins beyond the clouds, beyond all layers of the atmosphere, perhaps even beyond our galaxy.
Shiba Inu (SHIB), a cryptocurrency token based on Ethereum, has experienced a dizzying rise in value recently, most likely due to the rise in value of Dogecoin with which it shares several common traits.
The beloved Doge meme mascot, for example, but also a fiercely loyal fanbase who wish to get their favorite dog breed (or meme, or both) a long way.
It sounds silly, but it works, and Shiba Inu has reached its place among the top 20 crypto coins of 2021.
Together with Coinbase’s announcement that it plans to support Shiba Inu trading, a number of investors have hurried to get their hands on the token on Uniswap before this penny cryptocurrency gets listed on the U.S-based exchange.
You’re still not among those investors? Better hurry! The time frame is narrow.
What Is Shiba Inu?
Shiba Inu is a penny cryptocurrency that features a huge number of tokens, displays meme-like viralness, and bears the face of the beloved Doge meme.
Here the similarities with Dogecoin end, though, since Shiba Inu leverages Ethereum’s stable network rather than its own custom blockchain.
Shiba Inu has gone as far as to create its own DeFi ecosystem driven by a specialized and decentralized exchange, ShibaSwap.
This is the place where users can stake their Shiba Inu tokens for mutual benefit, such as interest via staking rewards and increased stability of this penny cryptocoin.
ShibaSwap is still in development and plans to include non-fungible tokens (NFTs) into its offer as soon as possible.
Three types of coins circulate on the Shiba Inu’s native platform, and these are Shiba Inu (SHIB), Leash (LEASH), and Bone (BONE).
SHIB is the largest coin when it comes to market capitalization, while both LEASH and BONE have higher individual token prices due to a limited supply.
While SHIB is a type of penny crypto with the token current value of $0.00001, LEASH and BONE are not, as their values (as of October 2021) stand at $1,500 and $1.58 respectively.
A Short History of Shiba Inu
Listed on Uniswap somewhere in August 2020, Shiba Inu coins started virtually worthless.
On May 8th, though, Shiba Inu rose more than 300% due to Elon Musk’s guest appearance on Saturday Night Live, which featured Shiba Inu’s image, and the memecoin value’s predictions made by him.
The SHIB token is currently offered on Uniswap. One-half of the total supply of the coin was put onto this decentralized exchange by the founders of Shiba Inu, while the rest was sent to Vitalik Buterin, the co-founder of Etherum.
He proceeded to donate $1 billion Shiba tokens to India’s COVID-19 relief fund and burn the rest of the tokens he received.
As of the launch of the ShibaSwap platform, Shiba Inu tokens can be staked to “dig” for another sort of altcoin on the platform, which is Bones.
Bones serves as a governance token for the platform, providing token holders with voting rights on ShibaSwap.
The last token introduced is Leash and was known for being the least stable stablecoin on the market.
Stablecoins are usually pegged to stable currencies such as $USD, however, Leash was pegged to the price of Dogecoin, which is instability embodied in a cryptocurrency.
The company has since “unleashed” Leash tokens from the price of Doge and fixed the supply of Leash tokens to precisely 107,647 which explains its current individual token value of $1500.
The rest of Shiba Inu’s history is just being written. The following weeks and months will determine whether a billionaire’s influence and meme value can keep propelling the value of SHIB, LEASH, and BONE or whether the rocket will start losing fuel.
For now, at least, the future seems bright. Very bright.
Let’s cut to the chase now and see how exactly can you as a user buy Shiba Inu coins.
Shiba Inu Price History
How to Buy Shiba Inu Coin (Step by Step)
1. Open an Exchange Account
Shiba Inu isn’t really a common cryptocoin on centralized exchanges and if you don’t already have an account registered on Binance, Coinbase, eToro, or Voyager, you’ll have to go through the process of opening a new exchange account with either of these three.
The alternative way is to go via Ethereum-based decentralized exchanges such as Sushi and Uniswap.
It isn’t much trouble, though. All you need is a functioning email address and a unique password, duh.
The only real effort that you have to put in the process is verifying your identity before you start trading.
This is done for tax purposes, and some sensitive information that has to be put in includes your Social Security Number, a scanned or photographed driver’s license, and your date of birth.
2. Use Uniswap/Sushi or a Centralized Exchange to Buy SHIB
The two main ways of buying Shiba Inu coins are through centralized and decentralized exchanges.
Decentralized exchanges in general support pretty much every Ethereum-based altcoin, Shiba Inu included.
Uniswap is commonly considered to be the most popular Ethereum blockchain-powered decentralized exchange, so that’s why we use it here as an example.
With more than $2 billion integrated into its protocols by thousands of investors, it sort of makes sense, doesn’t it?
Using a decentralized exchange requires a dedicated software wallet, e.g. Coinbase Wallet or MetaMask.
They are free to use and allow direct ownership over your cryptocurrency, which can’t be said for your centralized exchange accounts.
If you still opt for centralized exchanges, feel free to skip the third step.
3. Get a Crypto Wallet (optional)
Before you buy Shiba Inu, you’ll have to have a place to store them in, and this isn’t that simple for cryptocurrency.
As mentioned before, you’ll need either a crypto wallet or a centralized exchange account for that.
An additional reason for going with crypto wallets is safety, as there have been (and there will be in the future) accounts of centralized cryptocurrencies getting hacked. A digital wallet, unlike in real life, is much more secure.
Anyway, most crypto wallets are free to download and very useful. We’ve already mentioned Coinbase Wallet and MetaMask, but pick whichever one you like. You will need them to interact with decentralized exchanges.
For maximum safety, optionally you can store your crypto assets within a hardware wallet. These are physical devices that keep your funds offline, eliminating the possibility of getting hacked.
4. Buy Shiba Inu
Finally, you’re ready to buy Shiba Inu coin. If you’ve opted for Voyager, however, you’ll have to link your bank account in addition to verifying your identity.
All that is left to do from this point onwards is to find the SHIB order book and commit an order.
Uniswap’s approach to order books is quite a bit different from other exchanges. Uniswap instead relies on liquidity pools to calculate the exact price of various tokens.
Your connected wallet can then swap Ethereum tokens for Shiba Inu ones.
Long runners and determined hodlers can always choose to hold onto their Ether tokens. Either way, this is it.
You’ve bought yourself some Shiba Inu coins and you’re free to do with them as you please!
Best Exchanges for Shiba Inu
- Binance. This platform is one of the best place to buy Shiba coin easily, as well as many other cryptocurrencies.
- eToro. An Israeli-based company that specializes in crypto and ForEx, it supports Shiba Inu as well as more conventional coins.
- Webull. Aimed at more casual traders, Webull has support for 11 crypto coins only, but it does support Shiba Inu coins. Well-suited for those who trade primarily via mobile devices.
- Coinbase. This U.S-based company benefits from being located in the most financially regulated market in the world. With extensive support for all sorts of cryptocurrency, Coinbase is a no-brainer choice.
- Crypto.com. Supporting a whopping number of 91 cryptocurrencies, Crypto.com is even bigger than Coinbase when it comes to the list of supported altcoins. The chances are you’ll find what you need here without having to go elsewhere.
Managing and Trading Your Shiba Inu Coin
When you go to convert Shiba Inu coin, you’ll have to use Uniswap, or whatever exchange you opted for, to convert to Ethereum tokens first.
Once your Shiba Inu coins have been swapped for Ethereum, this exchange will be tracked in your wallet, so you can send these Ethereum tokens to whichever exchange supports swapping Ethereum back into $USD.
Of course, you can exchange Shiba Inu for other tokens or choose to hodl them for that potential chance of Shiba Inu growing astronomically in value as Bitcoin did before.
Keep in mind that most outcomes for penny crypto coins are short-term “gambles” as they are simply too dynamic and unreliable for most traders.
Should You Invest in Shiba Inu?
This question has no simple or determined answer. Even much more stable cryptocoins have undeterminable fates on the crypto markets, let alone Shiba Inu, “the meme coin”.
The recent spike in price can be attributed to SHIB being listed on Coinbase, while the previous surges in the price of Shiba Inu and Dogecoin can be attributed to some big names like Elon Musk giving them serious or half-serious support.
On the other hand, marketing and publicity work their magic. What has started as a mere meme has grown in substance to emerge as a dominating new force.
Does the joke end in laughter or uncomfortable silence? Only time can tell. But, let’s repeat it again, the near future shows nothing but growth for Shiba Inu and the likes.
Is Shiba Inu a Scam?
While there can be no guarantees, everything points out that Shiba Inu is not a scam and has real potential.
In spite of a number of traders and investors deeming Shiba Inu to be “nothing more than memecoin” that has accrued value through market fiddling and hurries towards a bubble burst, this token has shown resilience and has already invested into utility and out-branching an ecosystem of its own.
ShibaSwap, a decentralized exchange, was built around SHIB, and it already contained more than 1$ billion of total value locked just 24 hours from its release.
Can Shiba Inu Climb to 1$ or Even 1 Cent?
First of all, Shiba Inu will never reach the value of one U.S. dollar. Why is that? That’s because there are hundreds of TRILLIONS of tokens in supply.
Such an enormous supply means extremely low individual token value, and if each token rose to the value of $1 the total funding required to sustain it would be higher than the GDP of the whole world. Tough luck.
Even a price tag of one cent is borderline impossible. To put things into perspective, if Shiba Inu’s tokens rose to the value of 1 cent, its total worth would surpass that of every other cryptocurrency–combined. Which is pretty unlikely.
Regardless of various opinions, laughs, and memes, Shiba Inu has managed to establish its place among the valid, lucrative, and prospective altcoins out there.
Whether someone likes this fact or not holds little sway over the projected growth of Shiba Inu. Buying it is a worthy investment.
And now you know how to buy Shiba Inu (SHIB), along with a few helpful tips and advice. Good luck, trader, and good fortunes ahead!