What is Shiba Inu?
Shiba Inu (SHIB), commonly known as Shiba Token, is a decentralized cryptocurrency established by an anonymous person known as “Ryoshi” in August 2020. Shiba Inu is a Dogecoin-based ERC-20 token on the Ethereum blockchain which means It works on the Ethereum blockchain and makes use of the network’s smart-contract technology. Shiba Inu also portrays itself as “the Dogecoin killer.” Shiba Inu has no smart contract functionality and is not backed by any assets or rights; it is merely a token that may be transferred.
Where to buy Shiba Inu?
Create a Trading Account
Shiba Inu is available through both Voyager and Binance. SHIB is also available on decentralized exchanges (DEXs) based on Ethereum, such as Uniswap and Sushiswap.
All you have to do to open an account with one of these crypto exchanges is supply an email address and create a password. However, you’ll need to authenticate your identity for tax considerations before you start trading. Your Social Security Number, a photo of your driver’s license are some of the information you need to provide for the exchange.
Uniswap or a centralized exchange can be used.
Shiba may be purchased in two ways: centralized exchanges and decentralized exchanges. You can skip to the following stage if you’re utilizing a centralized exchange like Binance or Voyager.
Because they support practically any Ethereum-based asset, decentralized exchanges (DEXs) are ideal for coins like Shiba. Uniswap is the most popular decentralized exchange, and it runs on Ethereum’s blockchain. Uniswap’s protocols are worth over $2 billion, and thousands of investors utilize the site to exchange Ethereum-based tokens.
You’ll need a software wallet like MetaMask or Coinbase Wallet to use a DEX. Unlike other centralized exchanges, these crypto wallets are free to use and allow you to actually own your cryptocurrency.
Invest in a Crypto Wallet (Optional).
Before you go out and get some Shiba Inu tokens, think about where you’ll keep your prized possession. It’s not a good idea to keep your tokens on an exchange unless you’re regularly trading them. Hackers have targeted cryptocurrency exchanges in the past, and several platforms have been compromised.
Software wallets are free to download and offer far more security than cryptocurrency exchanges. To engage with Uniswap, you’ll also need a software wallet, the best of which are Coinbase Wallet and MetaMask.
A hardware wallet is the best option if you want to keep your assets safe. Hardware wallets are actual devices that keep your cryptocurrencies offline, preventing your funds from being stolen.
Make your purchase.
After you’ve verified your identification with Voyager, you’ll need to connect your bank account. After that, locate the SHIB order book and place your order there.
Uniswap does not employ order books in the same way that other exchanges do. Instead, Uniswap calculates the price of crypto assets using liquidity pools. You can swap your Ethereum tokens for Shiba Inu tokens after your wallet is connected to Uniswap’s website. If you’re in it for the long haul, you might want to just hold on to your Ether tokens.
How to buy Shiba Inu on Shibiswap
- Download Metamask and set up Metamask: Metamask is a cryptocurrency wallet that interacts with the Ethereum network through software. It allows users to use a browser extension or a mobile app to access their Ethereum wallet, which can subsequently be used to interact with decentralized applications.
- Go to Shibaswap
- Put some Etherum in your Metamask wallet. Either get it from an exchange or a different wallet where you have Etherum or you can buy directly from the Metanask platform using WYRE. Although this may be more expensive, it is the easiest way to buy crypto on Metamask and definitely our top recommendation for you to go.
- Connect Wallet to Shibaswap: Select Metamask. Also, be sure to choose the account you want to connect with if you have got more than one account on Metamask.
- Click on Swap in the swap token section: Select the token you want to swap your Etherum for. In this case, Shiba Inu. Search Shiba Inu in the search bar provided and select the coin.
- Input the amount of Etherum you’d like to spend and click swap: If you are getting an insufficient funds error message when trying to swap the coins, try changing the gas fee to the slower gas option. If that doesn’t work also then try reducing the amount of Etherum you would like to swap.
- Click on view on explorer: This would open up the Etherscan webpage where you can see your transaction process.
- Adding the Shiba Inu token to Metamask:
- Go back to Etherscan and copy the contract address of Shibaswap.
- Click on Add taken at the bottom of the Metamask Chrome extension Pop Up window.
- Go to the Custom Menu
- Paste the copied address in the Token Contact Address form field. The SHIB Token should come up. Click Next and you should ee yourShib Token in your Assets Menu.
Shiba Inu coin is a newcomer to the cryptocurrency market, so it carries a higher risk than more established cryptocurrencies like Bitcoin and Ethereum. Only invest what you can afford, just like any other investment. Prepare for large swings in volatility because SHIB is a highly speculative asset.