The Shiba Inu token (SHIB) is a cryptocurrency developed in August 2020 by a developer group known as “Ryoshi.” An Ethereum-based altcoin features the Japanese Shib Inu dog as its mascot.
As an ERC-20 token, the ecosystem of SHIB consists of ShibSwap, a decentralized exchange. Additionally, Shiba Inu coin also supports an NFT art incubator which invites various artists to contribute their own Shiba Inu art into the NFT market.
Since its inception, 50% of Shiba Inu coin’s total circulating supply of one quadrillion was locked by its founder Ryoshi to create liquidity. The other 50% was sent to the wallet of Ethereum co-founder Vitalik Buterin, most of which have been burned.
In this tutorial, you will learn:
- What is Shiba Inu Coin?
- A brief history of Shiba Inu Coin
- How to buy Shiba Inu Coin
- How to Buy Shiba Inu Coin from Centralized Exchange
- Buying Shiba Inu Token (SHIB) at Binance
- Peer-to-Peer Trading
- How to Buy Shiba Inu Coin from Decentralized Exchange
- How to buy SHIB tokens in ShibaSwap
- Buying Shiba Inu Coin on Mobile Devices
- Buying Shiba Inu coin on Coinbase Mobile App
- Crypto Wallets for Shiba Inu
- 2) FTX
- 3) Coinbase Wallet
- What are the risks of buying SHIB?
Here is a brief history of Shiba Inu Coin:
- Shiba Inu coin was created in August 2020 by the aforementioned “Royshi” group.
- It was initially categorized as a “meme coin,” which are meme-inspired cryptocurrencies created as a joke.
- This meme cryptocurrencies, such as the Shiba Inu coin, have spiked in value over the past year.
- The creator behind the coin attempted to dethrone Dogecoin in the crypto market.
- Vitalik Buterin, the co-founder of Ethereum, donated more than 50 trillion SHIB tokens to a COVID-19 relief fund in India back in May 2021.
- On October 4th, a tweet from Tesla founder Elon Musk regarding the Shiba Inu token pushed the altcoin’s price.
There are four ways you can get SHIB tokens, which are briefly mentioned below.
- Centralized exchange
- Decentralized exchange
- Peer-to-Peer Trading (P2P)
- Digital Currency machine (DCM)
Novice cryptocurrency traders may not know how to buy Shiba Inu coins. The best option is to either use Uniswap or a centralized exchange like Binance.
Let’s have detailed information about each method:
Centralized exchanges refer to exchanges that let users buy and sell cryptocurrencies either using other cryptocurrencies or fiat currencies like the US dollar. These exchanges function like intermediaries or custodians by storing and protecting the trader’s funds.
The steps for buying Shiba Inu coins from any centralized exchange are more or less the same. We will take the example of Binance, one of the most reliable and biggest centralized exchanges in the world.
Buying Shiba Inu coins at Binance is pretty easy. To get started, you will first need to register an account here.
Step1) First register your crypto trading account on the Binance site
First, you should register yourself on a crypto trading exchange like Binance
Step 2) Provide your email id and password.
Enter your email id and password and click on Create Account button.
Step 3) Complete the puzzle verification.
For the additional security measure, Binance asks you for the puzzle verification. All you need to do is just drag and drop your mouse to complete the puzzle.
Step 4) Complete the Binance Account Verification Process
Check your email and enter the verification code by the Binance platform
Step 5) Buy Crypto tokens
Next, go to the Buy Crypto tab on the left-hand side of the Dashboard and click on Cash Balance.
Step 6) On the Buy Crypto Page, enter the desired amount of fiat funds you want to deposit and select the USDT coin first to buy USDT with your fiat currency. Click on the Buy USDT button to complete the process.
1. In this case, we are converting EUR to USDT.
2. Enter the amount Euro you want to buy Tether.
Step 7) Exchanging Tether for Shiba Inu Coins
- Click on the Wallet icon and navigate to the Fiat and Spot tab.
- After clicking it, you will be redirected to a page where you get an overview of your crypto and fiat balances.
Step 8) On the search coin query box, search for Shiba Inu.
You will see that the option for buying Shiba Inu will pop up near the bottom of the page.
Click on the trade drop-down box and select SHIB/USDT.
Step 9) Setting market order
You will be redirected to the Binance marketplace from where you will be able to trade any cryptocurrency listed on the exchange.
Step 10) Scroll down and click on market order and as shown below, click on Buy SHIB to complete the process.
Peer-to-Peer trading is considered an unsafe option for buying cryptocurrencies. It involves going to an online site such as Craigslist and searching for Shiba Inu token sellers. After this, the buyer can negotiate a price with the seller. The two parties then discuss how to transfer the tokens from the seller to the buyer. Though P2P Trading on exchanges like Binance is very safe.
Decentralized Exchanges or DEX are exchanges that facilitate reliable, peer-to-peer cryptocurrencies transactions without the need of a third-party intermediary.
In these cryptocurrency exchanges, the typical third-party entities that would typically oversee the transfer of assets in a centralized exchange are absent. Decentralized exchanges usually prevent price manipulation or fake trading.
Shiba Inu tokens have their decentralized exchange known as ShibaSwap, letting you swap ETH or any other currency for SHIB.
To start using ShibaSwap, you will first need to connect an Ethereum-based wallet. To do this, you should click on the “Connect wallet” in the top right corner. You can choose any of the following wallets.
We are using Metamask for our example.
Step 1) Setting up a wallet
- You first have to download the Metamask wallet here.
- Click on download now to begin the process after selecting your operating system.
- After you sign up and create an account, you will have to fund your wallet with ETH.
- By clicking on the “buy” button on the wallet, you will be redirected to a page where you can purchase ETH with either your debit or credit card.
- Once completed, you’re ready to connect your wallet to Shibaswap.
Step 2) Connect your wallet
On the ShibaSwap website, you will find an option for connecting your wallet. Click on it as shown below.
Step 3) Swap ETH for Shiba Inu tokens
Once your wallet has been connected, you’ll be redirected to the main website again.
Find the “Swap” button and select ETH in the top box and search for the Shiba Inu coin, as shown below.
Next, decide how many SHIb tokens you’ll want to swap your ETH for. Select your desired amount and click on the “swap” button to complete the process. You will shortly receive SHIB tokens in your Metamask wallet.
The process for signing up and buying SHIB tokens on mobile devices is similar to any centralized exchange. You will have to follow similar steps to register for an account and complete your KYC before you can buy SHIB tokens.
Here is a list of some of the best mobile apps to buy SHIB tokens are given below.
Step 1) Create Coinbase account
To create a Coinbase account, you first need to download the Coinbase app on your mobile device and start sign up.
You will require to provide a valid ID and proof of address to start transacting.
Step 2) Adding payment method
Next, go ahead and tap on the payment method box to connect a payment method.
Here, we selected the Credit/Debit Card method. You can select Bank if you want to do a bank transfer.
Step 3) Starting a trade
Navigate to the “buy” tab from the list of options. You will find a list of assets with a search bar on top.
Type “Shiba Inu” to bring up the SHIB token in the result. You then have to tap on it to open up the purchase screen.
Step 4) Entering the amount you want to buy
Input the amount of fiat money you want to spend to buy SHIb tokens. The app will automatically convert that amount into the corresponding number of SHIB tokens. Click on “preview” buy to confirm the details of your purchase.
Step 5) Finalizing purchase
If the inputted details are correct, click “buy now” to complete the purchase. SHIB tokens will then be transferred to your Coinbase wallet.
An overwhelming number of cryptocurrency wallets now support SHIB tokens. Here are some of the best crypto wallets for Shiba Inu tokens based on different wallet types.
Founded in 2014, Paybis is a well-known cryptocurrency exchange and wallet regulated by the Financial Conduct Authority(FCA). It provides a speedy and easy registration process and lets users buy several cryptocurrencies, including the Shiba Inu token. As an exchange with an internal wallet, Paybis provides multiple payment options. These include fiat payments by credit card and debit card and bank transfers, Neteller and Skrill.
FTX is another example of a reliable cryptocurrency exchange and wallet. It provides traders with a myriad of trading choices, including cryptocurrencies, futures, forex, volatility products, and leveraged tokens. FTX supports over 130 alt coins and 10 fiat currencies, suited for both new and experienced crypto investors.
Coinbase wallet is the official wallet provided by the Coinbase exchange. It is described as a self-custody wallet, giving the user total control over their cryptocurrency funds. The wallet also allows storage of non-fungible tokens (ERC721 tokens). Coinbase users can easily access their accounts to the Coinbase wallet for a seamless cryptocurrency trading experience. Apart from the Shiba Inu token, the Coinbase wallet also supports many other cryptocurrencies such as Ethereum, Ethereum Classic, XRP, Stellar Lumens, Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, and almost all ERC-20 tokens.
Here are the important risks of buying Shiba Inu coin.
- SHIB tokens are prone to extreme volatility. At the same time, investors are thrilled when the token skyrockets in value, volatility can swing both ways. Thus investors should be aware that SHIB tokens might crash as hard in value as they have skyrocketed in the past.
- According to Coinbase statistics, the average Shiba Inu investor holds the token for 13 days. If speculators and momentum traders shy away from Shiba Inu tokens in the future, it could be deadly for long-term investors of the coin.
- Additionally, unlike Bitcoin and Ethereum, Shiba Inu tokens do not have any real-world application outside of a cryptocurrency exchange.
- It is only accepted by about a hundred vendors, most of whom are largely obscure.
❓ What to consider when buying the Shiba Inu token?
Before buying the Shiba Inu token, you should be aware of the extreme volatility that the token has experienced this year. The lack of real-world use-cases such as merchant payments is another factor to consider.
⚡ Where to buy Shiba inu coin?
There are four ways you can get SHIB tokens, all of which are briefly mentioned below.
- Centralized exchange like Binance
- Decentralized exchange like ShibaSwap
- Peer-to-Peer Trading (P2P) like Binance P2P
- Digital Currency machine (DCM)
👉 Why is the Shiba Inu coin so popular?
Shiba Inu coins have gained popularity since Dogecoin was released. In Shiba Inu token’s case, its good performance can be attributed to the concept of “Fear of missing out” or “FOMO.”
In other words, cryptocurrency investors that missed out on Dogecoin’s hype are now looking for other cryptocurrencies like Shiba Inu token that fit the bill. Another reason can be the existence of ShibaSwap, a decentralized exchange inside the Shiba ecosystem. This makes SHIB tokens a part of the Ethereum decentralized financial ecosystem. Users can thus gain yield and swap tokens using SHIB, a feature that is not allowed by Dogecoin.
❗ How much Shiba Inu coin should I buy?
It depends on your investment risk appetite. As the Shiba Inu token is still a risky asset, a modest investment of $100 is advised.
🚀 What are the diverse ways to pay for Shiba Inu?
Depending on the exchange and wallet you use, you may be able to purchase Shiba using your debit or credit cards or swap them with other alt coins.
🏅 Is Shiba Inu a Good Investment?
Experts think that Shib Inu token’s huge surge in price can be attributed to its listing on Coinbase, making it a lucrative investment for crypto investors at this point. While it’s true that ShibaSwap offers some exciting products, it doesn’t provide any clear advantages over the likes of SushiSwap or UniSwap.
Shiba tokens are also necessary for mining Shibaswap’s Bone tokens. Thus, Shiba Inu is an alt coin worth your time if you are also interested in dubious speculation.