How to buy, sell and invest in Shiba Inu?
In 2021, Shiba Inu became a famous meme coin. Siba Inu (Dogecoin's mascot) flew around the dog coin scene after Dogecoin's triumph in the first six months of 21. For many, Shiba Inu represents a watershed moment in cryptocurrencies. If that's you, we suggest you learn some things you need to know before you start investing.
This cryptocurrency is developed based on Ethereum, with Dogecoin having its own blockchain. SHIB was only listed on Coinbase, giving it access to many people who want to invest. Many speculate that it was the listing on Coinbase that was the deciding factor in Shiba Inu's recent price rise. I have been wondering where to invest and how to buy Shiba Inu cryptocurrency. Follow this guide to learn more.
What is Shiba Inu coin?
Shiba Inu is an alternative Ethereum-based cryptocurrency created in 2020. The coin has created the DeFi ecosystem, which relies on the decentralized ShibaSwap exchange that uses the robust Ethereum network. Shiba Inu tokens can be used on Shiba Inu's "ShibaSwap" platform, which allows users to put their tokens up for sale for a certain percentage through participation incentives.
ShibaSwap also recently launched its NFT platform where users can purchase Shibatoshis, an NFT with a Shiba Inu theme. Overall, the Shiba Inu platform includes three native tokens, Leash (LEASH), Shiba Inu (SHIB), and Bone (BONE).
SHIB is the most valuable token in terms of market capitalization, while LEASH and BONE have a higher price per token due to their limited availability. Shiba Inu has a market value of nearly $20 billion as of October 2021, making it the 11th most valuable cryptocurrency by market capitalization.
Shiba Inu: a brief history
The original coin, the Shiba Inu token (SHIB), was listed on the Uniswap exchange and debuted with almost minimal value. On May 8, Shiba's value jumped nearly 300% ahead of Elon Musk's parody of the Saturday Night Live show, which aired the same day.
The Shiba Inu token, the first token in the Shiba atmosphere, can be purchased on Uniswap. Shiba's creators transferred half of the stock to the decentralized exchange Uniswap and the rest to Vitalik Buterin, co-founder of Ethereum. Buterin burned the remaining Shiba tokens after donating $1 billion to the Covid India relief fund.
Several centralized exchanges, including eToro and Coinbase, currently support Shiba Inu tokens. Shibaswap tokens can be floated on the platform to search for any other cryptocurrency on the site: bones, once the Shibaswap platform is introduced. ShibaSwap's governing token, Bones, gives token holders voting rights on the platform.
Its latest token, leash, has become the world's most unstable stable coin. Stable currencies are cryptocurrencies pegged to other currencies, the most common of which is the U.S. dollar. Leash, on the other hand, is pegged to the value of the DOGE price rather than the dollar, making it somewhat volatile.
Shiba Inu has since decided to free Leash tokens from being pegged to the Dogecoin price, meaning they are no longer pegged to it. The minimum Leash amount is only 107,647 tokens, which are now valued at over $1,900 each.
Where can I purchase Shiba Inu?
You can purchase Shiba coins directly with a credit or debit card on Coinbase, Binance, Kucoin, Voyager, and more. All major cryptocurrency platforms offer Shiba Inu. You can easily invest and buy Shiba Inu on Capital Crypto platform via credit card, bank transfer, Apple Pay, Skrill, iDeal, Multibanko, Giropay, Przelewy24, ApplePay, Trustly and 2c2p.
The payment service Skrill also offers Shiba coins.
Shiba can be purchased in two ways: on decentralized and centralized exchanges.
Uniswap's prominence comes from the fact that it supports all Ethereum-based assets through decentralized exchanges, which are ideal for cryptocurrencies like Shiba Inu. Uniswap's protocols are worth over two billion dollars, and tons of investors use this platform to exchange Ethereum-based tokens. Once on Uniswap, select your base currency (whatever your wallet has or ETH) and fill out the rest of the required fields with your SHIB contract address.
To use DEX, you will need a wallet such as Coinbase or MetaMask Wallet. Unlike other centralized exchanges, these crypto wallets are free to use and allow you to control your bitcoin.
Until two years ago, there were problems with buying this cryptocurrency all over the world, but now that the major cryptocurrency platforms accept it, there are no more obstacles to do so.
If you live in the United States, the SEC's KYC rules require you to provide proof of identity. This involves having a social security number, a driver's license and proof of basic income. The SEC has been tightening the rules for a while now, and many exchanges are going further by requiring additional procedures.
How to mine Shiba Inu coin on Android?
Mining Shiba Inu tokens on mobile devices such as Android phones is not possible. However, if you want to mine on desktops, you need to visit unMineable.com and click the "Download" button on the homepage to mine Shiba Inu coins on Android.
How to sell Shiba coins?
You can use CoinBasse, Binance or Capital Crypto platforms to sell Shiba coins. First, you need to transfer the assets to the desired coin exchange platform and sell or exchange for any other asset.
Should I invest in Shiba Inu?
It is likely that the recent rise in the price of Shiba Inu is due to the hype surrounding the SHIB offering on Coinbase. While ShibaSwap has some attractive elements, it lacks favorable proof-of-stake compared to the efforts of competitors like SushiSwap or UniSwap.
Shibaswap Bone tokens can only be mined with Shiba tokens from Shibaswap, so if you want Bone, you'll have to buy Shibaswap Inu. The coin might be right for you if you like speculative fiction.