Shiba Inu (SHIB) cryptocurrency is an evolution of the popular “doge” meme among cryptocurrency enthusiasts. While Dogecoin inspired SHIB, it uses a different framework that allows for more complex transactions.
Shiba Inu can be found on a variety of popular cryptocurrency platforms, as well as decentralized exchanges where you can trade SHIB for other cryptocurrencies.
The staking process can also be used to obtain SHIB (though this requires you to have some of this cryptocurrency, to begin with). Shiba Inu could theoretically be used as payment for goods or services.
Before deciding whether or not to invest in Shiba Inu, it’s a good idea to understand how they work.
History of SHIB
The first coin, Shiba Inu token (SHIB), was listed on Uniswap and began trading at almost no value. It increased gradually. Shiba had increased by more than 300% by May 8th, 2021, in anticipation of Elon Musk’s Saturday Night Live skit that night.
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Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Shiba Inu token, the first token released in the Shiba ecosystem, is available on Uniswap. The Shiba founders sent 50% of the total supply to the decentralized exchange Uniswap, with the remainder going to Ethereum co-founder Vitalik Buterin. After donating $1 billion in Shiba tokens to India’s Covid relief fund, Buterin burned the remainder of his Shiba tokens.
Some centralized exchanges now support Shiba Inu Tokens, including Binance, Robinhood, OKX, Uphold, and eToro.
Following the launch of the Shibaswap platform, Shiba Inu tokens can now be staked to “dig” for another cryptocurrency on the platform: bones. Bones, ShibaSwap’s governance token, grants token holders voting rights on the platform.
Their final token, “leash,” was the most volatile stablecoin ever created. Stablecoins are cryptocurrencies tied to other currencies, most commonly the US dollar. Leash, on the other hand, was tied to the price of DOGE rather than the dollar, which made it quite volatile. Since then, the Shiba Inu has decided to “unleash” Leash tokens from the Dogecoin price, so they are no longer tied to the price of Dogecoin. Leash has a very limited supply of only 107,647 tokens, each of which is currently worth approximately $1,900.
What is Shiba Inu?
Shiba Inu coin (SHIB) is a well-known cryptocurrency exchange. The underdog’s viral success in the market can be attributed to Dogecoin’s explosive price performance and the die-hard following the project created around the Shiba Inu theme.
Shib token, dogecoin’s main market competitor and spinoff, has sparked significant speculation from crypto investors hoping to ride the next doggy-themed wave and make quick returns like many early dogecoin investors did at the start of the year.
While it has many similarities to dogecoin, such as the Shiba Inu theme, extremely large supply, and low price, shiba inu coin aims to provide significantly more utility to its holders than dogecoin currently does.
To begin, the project launched its own decentralized exchange, ShibaSwap, similar to Uniswap or Balancer, where crypto holders can exchange SHIB for a variety of other listed tokens. Shiba inu coin also includes two additional ERC-20 tokens, BONE and LEASH, which provide additional utility to holders such as governance and a store of value.
The Shiba Inu coin ecosystem’s three tokens can all be used to generate interest by staking or providing liquidity on the ShibaSwap platform, making it a popular DeFi token as well.
How to buy Shiba Inu
Step 1: Find an exchange
Shiba Inu is a well-known cryptocurrency that can be purchased on the majority of centralized exchanges, including Binance, Coinbase, Kraken, and Gemini. If you don’t already have cryptocurrency, you’ll almost certainly have to buy SHIB in cash through one of these exchanges.
If you own cryptocurrency, you will have more options for purchasing Shiba Inu. While SHIB and other cryptocurrencies can be traded on some centralized exchanges, they are also available on many decentralized exchanges such as Uniswap. Shiba Swap is even its own decentralized exchange.
There are several options for Ethereum owners who want to purchase SHIB. For example, the popular MetaMask wallet allows you to convert ETH to SHIB directly.
Be aware of the costs involved in purchasing Shiba Inu, regardless of the method you use. While some cryptocurrency exchanges charge trading fees, decentralized exchanges on the Ethereum blockchain charge network fees, which can be quite high at times.
Step 2: Choose how to store Shiba Inu
Many exchanges include built-in wallets for SHIB, but you may prefer to keep it in a third-party wallet.
You can choose between a ‘hot’ and a ‘cold’ wallet if your exchange allows transfers out (for which they may charge a fee).
A cold wallet is a physical storage device, such as a hard drive or flash drive, that is not connected to the internet. A virtual wallet that is stored online is known as a hot wallet.
The former is more secure against hackers, but it is only accessible to you. If you lost your access keys, there would be no one to help you recover your crypto. Because it is online, it is less secure against hackers, but the wallet provider may be able to assist you if you lose your access codes and are unable to access your wallet.
The choice between the two is a matter of weighing convenience versus security.
Step 3: Choose a payment method
Bank transfers are the most common and least expensive way to buy cryptocurrency. Many exchanges accept debit and credit cards, but for a fee of around 3.99%, which could have been invested.
There are two compelling reasons to avoid purchasing cryptocurrency with a credit card. To begin, taking on debt to fund a volatile investment such as cryptocurrency is generally a bad idea. Second, your card company will classify the payment as a cash advance rather than a regular purchase, and you will be charged a higher interest rate from the time the transaction occurs.
Few exchanges accept PayPal, and those that do charge fees.
Step 4: Buy Shiba Inu
You’ll be able to see how much SHIB you’re getting and at what price once you’ve made your decision. This holds true for both centralized and decentralized platforms. Consider the transaction costs as well.
You will be able to submit your transaction if everything appears to be in order. Within a few minutes, the SHIB will be deposited into your account or crypto wallet, and your payment will be deducted from your balance.
Where to buy Shiba Inu
Binance
Binance has the world’s highest trade volume of any cryptocurrency exchange. It is a large and sometimes complicated website that offers a massive selection of cryptocurrency as well as a plethora of powerful tools. Binance will benefit you the most as an advanced trader. However, there is plenty of assistance available for newcomers.
Shiba Inu Coin UK is available for purchase with a credit card. The fee for credit card transactions has been reduced from 3% to 1%. First, you must sign up and be verified. You can also open an account, fund it with fiat currency, buy some stablecoins, and then use them to buy SHIB. Using the Binance P2P exchange, you can trade 500+ different cryptocurrencies with other Binance users.
Binance, as a large exchange, can afford to set tighter crypto spreads than, say, broker eToro. It does, however, charge a small commission on trades (0.1%) on a sliding scale. Remember that Binance is not regulated by the Financial Conduct Authority in the United Kingdom. What it does offer in terms of security is the Binance Secure Asset Fund for Users, a discretionary fund for compensating customers who have been duped or hacked. Binance’s Project Shield, which has been in operation since December 2021, aims to verify the legitimacy of new crypto tokens that enter the market.
The Binance Trust Wallet is a free cryptocurrency wallet provided by Binance. There is also a cryptocurrency app for smartphones (4.3/5 from 570k Google Play reviews). To make things easier on yourself, select the ‘Binance Lite’ option on the smartphone app. Binance, like eToro and Coinbase, offers excellent online customer service. Customers, on the other hand, complain that the verification process is time-consuming – and they don’t expect any social trading bonuses like eToro.
eToro
Shiba Inu UK can be purchased for as little as $10 from the well-known cryptocurrency broker eToro. But it’s not just SHIB; for as little as $10, you can get Bitcoin, Ethereum, Dogecoin, and 46 other popular cryptocurrencies. eToro offers a diverse range of stocks, 250 ETFs, commodities, and indices, but cryptocurrency is where eToro really shines. This is because this broker is governed by the strict FCA of the United Kingdom (as well as by CySEC, FinCEN and ASIC overseas). Regulation in the crypto sector is uncommon, indicating that you are dealing with a legitimate company.
Certainly, eToro has amassed a sizable following since its inception in 2006, with 23 million investors worldwide. eToro is especially friendly to newcomers. The user interface is straightforward. If you get stuck, a good ticket help system will come in handy. Best of all, for cryptocurrency newcomers, eToro offers two distinct tools: CopyTrader and Crypto Smart Portfolios.
Using CopyTrader, you can delegate difficult decisions to any of eToro’s 660+ crypto traders. Simply allocate funds, choose a trader, and the software will match their real-time trades with your funds. You can examine various statistics about each trader. You can copy multiple traders at once. CopyTrader also allows you to unsubscribe at any time.
Investing in one of eToro’s eight cryptocurrency Smart Portfolios is another way to get expert advice. These are the crypto sector strategic positions of eToro analysts. Each one focuses on a different strategic theme, such as AI analysis, diversification, or a specific sub-sector. Smart Portfolios can save you time while lowering your investment risk. You will need a $1,000 minimum investment, and keep in mind that you will only be leaving the position once (you cannot trade your position in bits as you can with ETFs, for example).
If you just want to buy Shiba Inu Coin UK, the eToro process is simple. You sign up. You have been validated. GBP can be deposited using PayPal, a bank transfer, or a credit/debit card. You spend the money in your account to purchase cryptocurrency. eToro will then keep it for you at no extra charge until you sell it. You can transfer cryptocurrency to your free eToro Money crypto wallet using eToro (regulated by the Gibraltar Financial Services Commission). This wallet includes an unlosable key and allows you to send/receive/exchange cryptocurrency as well as stake cryptocurrency for rewards with eToro.
If you want to buy Shiba Inu Coin UK on the go, use eToro’s smartphone app. In the United Kingdom, it is the most popular trading app.
Is Shiba Inu a good investment?
The price increase in Shiba Inu in 2021 was most likely caused by the excitement surrounding SHIB’s Coinbase listing. Although ShibaSwap has some interesting products, the protocol lacks clear advantages over other projects such as Uniswap or SushiSwap. Shiba tokens are required for mining Shibaswap’s Bone tokens, so if you want Bone, you’ll need to purchase Shiba Inu. A Shiba Inu may be right for you if you enjoy speculative speculation.
