Want to jump straight to the answer? You can buy Shiba Inu coin on Crypto.com!
Dogecoin has been going to the moon, but Shiba Inu Coin just might be going to mars. The Ethereum based cryptocurrency token, SHIB, has radically risen in price in the past month. This is likely due to Dogecoin’s recent price surge, as both tokens have the same beloved mascot. What’s more, Coinbase recently announced that it will support Shiba Inu trading soon, so some investors are buying up the token on Uniswap before the coin is listed on the U.S based exchange. Here’s Benzinga’s guide on how to buy Shiba Inu coin.
What is Shiba Inu?
Shiba Inu is a cryptocurrency that’s similarly themed to Dogecoin. However, the Shiba Inu token seeks to do much more than it’s doggy themed counterpart. Since the token leverages Ethereum’s robust network, the token plans to become a vibrant DeFi ecosystem driven by their token.
Shiba Inu tokens will be used on Shiba Inu’s “ShibaSwap” platform, where users can stake their tokens for interest via staking rewards. Also, Shibaswap also has plans to integrate non-fungible tokens (NFTs) into their platform after launch. All-in-all, there will be 3 different tokens native to Shiba Inu’s platform: Shiba Inu (SHIB), Leash (LEASH) and Bone (BONE).
Brief History of Shiba Inu
The first coin, Shiba Inu token (SHIB) was listed on Uniswap and began trading at essentially nothing. On May 8th, Shiba rose over 300% in anticipation of Elon Musk’s Saturday Night Live skit airing later the same day.
Shiba Inu token, which is the 1st token launched in the Shiba ecosystem, can be bought on Uniswap. 50% of the total supply was put onto the decentralized exchange Uniswap by the Shiba founders, and the rest were sent to Vitalik Buterin – Ethereum visionary. After donating $1 billion in Shiba tokens to India’s Covid relief fund, Buterin burned the rest of his tokens.
Upon launch of the Shibaswap platform, Shiba Inu tokens can be staked on Shibaswap to “dig” for another cryptocurrency on the platform: bones. Bones is touted as the “Dogecoin Killer”, and there’s no telling how high the price of a single bone could go.
Their last token is called “leash” and is the most unstable stablecoin currently in existence. Stablecoins are cryptocurrencies pegged to other values, most commonly the U.S. dollar. Instead of being pegged to the dollar, however, Leash is pegged to the price of DOGE, making it rather unstable.
How to Buy Shiba Inu Coin
- Open an Exchange Account
Both Coinbase and Crypto.com offer US customers access to Shiba Inu. SHIB is also avaible through Ethereum-based decentralized exchanges (DEXs) like Uniswap and Sushiswap.
To make an account with one of these crypto exchange, all you need to do is provide an email address and create a password. Before you begin trading, however, you’ll need to verify your identity for tax purposes. Some information you’ll need to provide to the exchange includes your Social Security Number, a photo of your driver’s license and your birthday.
- Use Uniswap’s decentralized exchange.
There are 2 main ways to buy Shiba: Uniswap and Coinbase. If you are using Coinbase, you can skip to the next step.
Decentralized exchanges (DEXs) are great for coins like Shiba, since they support almost every Ethereum-based asset. The leading decentralized exchange is Uniswap, and it’s powered by Ethereum’s blockchain. Uniswap has over $2 billion locked into their protocols, and thousands of investors use the platform to trade their Ethereum based tokens.
To do use a DEX, you’ll need a software wallet like MetaMask or Coinbase Wallet. These crypto wallets are free to use, and they let you truly own your cryptocurrency, unlike certain centralized exchanges.
- Buy a Crypto Wallet (Optional).
Before you get yourself some Shiba Inu tokens, you should consider where you’ll be storing your precious asset. Unless you’re actively trading your crypto, it’s not recommended to store your tokens on an exchange. Cryptocurrency exchanges are large targets for hackers, and several platforms have been hacked in the past.
Software wallets are free to download, and they give you much better protection than crypto exchanges. You’ll need a software wallet to interact with Uniswap, and the best options are Coinbase Wallet and Metamask.
If you want to store your cryptocurrency assets in the most secure way possible, then you should opt for a hardware wallet. Hardware wallets are physical devices that store your cryptocurrency offline, making it impossible for your funds to be hacked.
- Make your purchase.
If you are using Coinbase, you’ll have to connect your bank account after verifying your identity. Once this is done, find the SHIB order book and place your order.
Uniswap doesn’t use order books like other exchanges. Instead, Uniswap uses liquidity pools to calculate the price of crypto assets. Once your wallet is connected to Uniswap’s website, you can swap your Ethereum tokens for Shiba Inu tokens. If you’re in it for the long run, you may want to consider simply holding onto your Ether tokens.
Best Exchange for Shiba Inu Coin
Best Crypto Wallets for Shiba Inu Coin.
Best Hardware Wallet: Ellipal Titan
Since Shiba Inu is an ERC-20 token on Ethereum, you can store your tokens on any Ethereum compatible hardware wallet. Ellipal is a great choice hardware wallet for any Ether tokens, and it also supports Bitcoin, XRP, Cardano, Litecoin and over 7,000 other cryptocurrencies.
The Ellipal Titan is a sleek hardware wallet with a touchscreen interface that lets you view your portfolio directly from the wallet. While the Ellipal is usually more expensive than its competitors (for good reason due to all its extra features) it’s currently $30 off, making it competitively priced.
Best Software Wallet: Coinbase Wallet
Coinbase Wallet is a mobile app made by Coinbase that lets you take control of your cryptocurrency. The wallet is an all-in-one place to store your crypto assets and NFTs. You can even trade crypto directly from Coinbase Wallet, as it’s integrated with decentralized exchanges on Ethereum. This way, you can swap your Shiba Inu tokens through DEXs directly from your Coinbase Wallet.
Trade, Sell or Convert your Shiba Inu Tokens
When you want to convert your Shiba Inu tokens you’ll need to use Uniswap to convert your tokens to Ethereum tokens. Once you swap your Shiba Inu for Ethereum, the tokens will be credited to your Ethereum wallet connected to Uniswap, and you can send these tokens to any exchange that supports Ethereum to swap back into USD.
Novice retail investors are naturally pulled towards investments with low prices. Dogecoin is already closer to $1 than it is $0, but Shiba Inu can be bought for less than a penny. Don’t be fooled though – what really matters is the market capitalization of each asset.
Current Crypto Prices
The entire cryptocurrency market has been in a bull run this year. Ethereum has risen well over 100% this year, beating the already high returns of Bitcoin. These tokens are telling of the cryptocurrency markets as a whole; most cryptocurrency prices are highly correlated. To get an idea of where crypto prices are moving, be sure to keep an eye on the cryptocurrency markets.
Is Shiba Inu a Good Investment?
Shiba Inu’s recent surge in price is likely due to the hype over SHIB being listed on Coinbase Pro more than anything else. Although ShibaSwap offers some interesting products, the company has yet to make its product available to its community. Shiba tokens will be necessary for getting Shibaswap’s Bone tokens, so if you’re interested in Bone, then you’ll need to buy Shiba Inu. If you’re into speculation, Shiba Inu may be for you.
Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.
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