What is the Shiba Inu coin?
The Shiba Inu coin or SHIB was created by an anonymous person ‘Ryoshi’. It is a memecoin with the Shiba Inu dog breed as its mascot. It was built with an intention to be an ethereum-based competitor of Dogecoin. SHIB is part of the group of dog-themed cryptocurrencies.
Shiba Inu supporters call it the ‘Dogecoin Killer’. SHIB was created in abundance with a supply of 1 quadrillion supply. 50% of the coins were locked on the Uniswap platform for providing liquidity and the remaining 50% were transferred in the wallet of Vitalik Buterin for safekeeping. Vitalik Buterin burned most of his tokens by sending them to a dead wallet and removing them from the supply.
The Shiba Inu coin ecosystem has a native decentralized exchange named ShibaSwap. SHIB comes in the category of ERC-20 tokens. ERC-20 tokens are the standard tokens used to create and issue smart contracts on the Ethereum network. SHIB is in the process of transitioning to the Proof-of-Stake consensus.
The Shiba Inu network also supports an NFT art incubator. The incubator aims to look beyond the conventional art forms and finds ways to honor creativity. It specially invites dog-based artists globally to bring their art into the NFT art world.
The Shiba inu network also offers the BONE and LEASH ERC_20 tokens. These tokens also provide additional utility to the holders, such as governance and a value store. SHIB, BONE and LEASH can be used to generate rewards through staking or liquidity-providing practices. The preferred platform for doing so would be Shibaswap as it is made by and for the Shiba network only. This makes SHIB a hot DeFi token.
Where can I buy Shiba Inu coin?
With the viral success of Shiba Inu at the start of 2021, many ways have opened up for traders to buy the SHIB token.
Here are some ways through which interested parties can purchase the SHIB coin.
Shiba Inu has come to be known as a popular meme-based cryptocurrency. Many leading centralized exchanges have made SHIB available on their platform.
Some centralized exchanges that offer SHIB are:
- Huobi Global
- Coinbase Pro
The process of signing up on these platforms is simple and more or less the same no matter which centralised exchange you opt for.
The process is as follows:
- Create an exchange account or login if you already have one.
- Complete your identity verification by submitting the KYC documents required for trading cryptocurrencies. This verification can take a few minutes to complete.
- Buy cryptocurrency on the exchange. You can buy SHIB directly if a fiat currency and SHIB pair is available. Then pay through debit card, credit card, bank transfer or any other option made available by the exchange. If a direct pair is not available then you’ll have to buy another cryptocurrency and then exchange it for SHIB.
- Enter the amount you wish to spend on the purchase and choose your payment method and then complete the transactions.
- After doing so your account will be credited with SHIB coins in a time period that would be dependent on the exchange you have chosen.
There are mainly two decentralized exchanges on which you can buy Shiba Inu coins. Decentralized exchanges are platforms that allow for direct peer-to-peer transactions eliminating the need for any intermediary.
The two DEXs on which you can buy SHIB are:
Go to the Uniswap website and click on “launch app” and then collect your wallet. Uniswap supports the following wallets:
- Fortmatic wallet
- Portis wallet
- Wallet Connect
- Coinbase Wallet
After connecting the wallet, you need to search for SHIB coins on the portal. If the token list has SHIB on it then you are good to go. But if not then you will have to import the token. While importing, make sure that you are importing the real Shiba Inu token and not a fake one.
Once you are done with searching/importing the correct Shiba Inu coin, you can swap your ether and complete the transaction cycle. Your new SHIB coins will be transferred to your wallet after a few minutes.
ShibaSwap is the domestic decentralised exchange of the Shiba Inu network. For using ShibaSwap you need to have an ethereum-based wallet. ShibaSwap supports the following wallets:
- Wallet Connect
- Coinbase Wallet
Metamask is the most commonly used wallet for SHIB. For instance, if you go with Metamask then you’ll need to download the wallet on your device, create an account and then set a password. After this you can buy ETH through debit or credit card. Now you are all set to swap ETH for SHIB in your wallet.
Go to ShibaSwap and swap ETH for as many SHIB coins as you want. One you are happy with the fees and have chosen the right amount of SHIB you can complete the transaction. Your SHIB coins will be transferred to your Metamask wallet.
You can open the mobile-friendly version of the exchange you want to use or download the mobile app of that exchange. Then you will have to create an account and pass all the KYC verifications just like in the case of centralized exchanges. You will have to set a password and then write the seed/recovery phrase somewhere safe because you’ll need it to recover your account in case our device gets lost or stolen.
Some leading mobile apps for buying Shiba Inu are:
- Huobi Global
- MEXC Global
Now you can buy SHIB from an ATM
Buying SHIB has now become easier than ever. For buying Shib Inu coins from an ATM, you need to have a SHIB wallet in your mobile phone.
Here’s how you can buy Shiba Inu from an ATM:
- Go to your nearest Cloud Coin DCM
- Feed in your phone number
- Scan your wallet that supports SHIB
- Insert cash
Now you know all the ways through which you can buy Shiba Inu coins. Now you no longer have to wonder ‘Where can I buy Shiba Inu coin? What do I need to buy SHIB?’
What to do after buying SHIB?
- Hold: You can hold your SHIB in a secure wallet and hope for it to increase in value over time.
- Earn: You can stake your coins and earn rewards in return. This is a great way to gain some profits through your cryptocurrency that would otherwise be sitting idle in your trading account or wallet.
- Trade: Or you can trade your SHIB coin for any other cryptocurrency of fiat money or any exchange that offers SHIB pairs.
Is Shiba Inu risky?
Yes, SHIB is a risky investment. All cryptocurrencies are extremely volatile and its recent gains in October 2021 make it prone to a price fall. The SHIB coin also has very limited utility and its popularity is just a result of the social hype that its supporters have created. As this cryptocurrency is an ERC-20 token, it may be able to execute smart contracts in the future but it has very limited utility for now. Shiba Inu NFTs are now available but that doesn’t help much to make a solid use case among its competitors.
No matter which cryptocurrency you choose to go for, always do your own research before investing anywhere. Make sure to use reputable platforms and secure networks so that the chances of hacks and frauds are minimized.