Cryptocurrencies have experienced crazy surges recently. Even joke-based Dogecoin and its altcoins are rocking. While Dogecoin is going to the moon, Shiba Inu coin is much likely aiming at Mars.
SHIB is Ethereum based crypto token, and it rose radically in the past several months. This is partly due to Dogecoin’s recent increase since both coins follow the same mascot. Besides, Coinbase, one of the biggest exchanges, announced that it would support SHIB trading soon. So, due to this, investors try to purchase up the token on Uniswap before the US exchange lists it.
A few words about Shiba Inu
SHIB coin is a decentralized crypto token that was created as an alternative to Dogecoin. An anonymous person called “Ryoshi” made it in August 2020
The coin was released with a one quadrillion supply, and 50% was locked in Uniswap. The other 50% was transferred to Ethereum co-founder Vitalik Buterin for safekeeping.
Later, Buterin donated and burned all of his holdings in early May, which caused SHIB’s price drop.
How to Buy Shiba Inu?
However, Coinbase’s news that it would add SHIB coin on its exchange and Elon Musk’s recent Tweet of its Inu puppy pushed the prices again.
Shiba Inu, the Ethereum based Cryptocurrency, is gaining profit and increasing every day.
So, if you want to join the Shiba-lovers community and wonder how to own a Shiba Inu token,
We will provide a step-by-step guideline.
Open an Exchange Account
There are several platforms where you can purchase the Shiba Inu token. Several well-known exchanges offering Shiba Inu are Binance, Crypto.com, Atomic Wallet, Voyager, KuCoin, Coinbase.
SHIB is also approachable through Ethereum-based decentralized exchanges (DEXs) like Uniswap and Sushi.
Making an account on crypto exchanges is pretty straightforward. You need to fill in the general details, like an email address, create a password, verify the identity, birthday, etc.
Use Uniswap or a Centralized Exchange
Basically, there are two general methods to buy SHIB coins: centralized exchanges and decentralized exchanges.
If you use a centralized exchange like Binance or Voyager, you can jump to the next step.
Decentralized exchanges (DEXs) are excellent for coins like Shiba because they support almost every Ethereum-based asset.
The leading decentralized exchange is Uniswap, which is powered by Ethereum’s blockchain. Uniswap maintains over $2 billion locked into its protocols. Thousands of investors use the platform for trading their Ethereum based tokens.
For using a DEX, you will need a software wallet like MetaMask or Coinbase Wallet. These crypto wallets are free to use, and they let you genuinely own your Cryptocurrency, unlike certain centralized exchanges.
Buy a Crypto Wallet
Before buying SHIB tokens, you need to think of where you’d like to store your digital asset. Unless you’re actively trading your crypto, keeping your tokens on an exchange is not recommended. Cryptocurrency exchanges are significant targets for hackers, and several platforms have been hacked in the past so far.
Software wallets are free to download. They give you much better security and protection than crypto exchanges. Additionally, you will have to get a software wallet for interacting with Uniswap. The best options for it are Coinbase Wallet and MetaMask.
The most secure way possible for storing crypto assets is a hardware wallet.
Hardware wallets are physical devices. They keep your Cryptocurrency offline, making it impossible for your funds to be hacked.
Make your purchase
If you are a Voyager user, you’ll need to connect your bank account after verifying your identity. As soon as you do it, then the SHIB, order book, and place your order.
Uniswap doesn’t use order books like other exchanges. Instead of it, Uniswap uses liquidity pools for calculating the crypto asset prices
As soon as you connect your wallet to Uniswap’s website, you can then start swapping your Ethereum tokens for Shiba Inu. If you’re in it for the long term, you might prefer to just hold onto your Ether tokens.
Conclusion: Should you get a Shiba Inu coin?
Overall, The dog-based coin has now rocketed to 15th place on the cryptocurrency list by market cap with a market cap of $11.85 billion.
Overall, Shiba Inu has exploded in October. It rose almost 300% in the month so far.
SHIB might have a bright future ahead, so maybe it’s wise to have a few SHIB coins on your crypto wallet before it’s still affordable.