If you’re looking to get into the sweet waters of meme-con rewards and the abundance of other coins that are out there, don’t rush. Start with the easy options. Take the Shiba Inu currency, which has high yields through the year.
Shiba Inu, a decentralized me token that is completely secure, was made available on Ethereum Blockchain as ERC-20 token. Shiba Inu SHIB (Shiba Inu) is a combination of all the key characteristics of Ethereum and Bitcoin. The rise of meme coins was mostly led by the incredibly popular Dogecoin (DOGE), and Shiba Inu was launched in August 2020 with a mission to be “the Dogecoin killer.”
The Shiba coin’s price, which started at $0.00000001 last year, has seen a significant increase. SHIB’s value has risen more than 2 million% since it was created. Several leading cryptocurrency exchanges announced the listing of a new SHIB token, and now it’s trading on major exchanges like Binance, FTX, OKEx, and WazirX. Coinbase — one of the most popular cryptocurrency trading platforms — also now supports Shiba Inu.
The name of the digital coin relates to the mascot of a Japanese breed of dog called Shiba Inu and hence “SHIB.” So, loyalty, an essential trait of the pet, comes tagged for all its investors. An Elon Musk tweet sparked the increase in Shiba Inu’s price on October 4. The Tesla CEO posted the picture of his pet dog — a Shiba Inu breed — with the caption “Floki Frunkpuppy.” SHIB jumped by more than 40% an hour after the tweet.
Elon Musk’s October 18 tweet triggered a similar rally in support of the Shina Inu token. One hour later, Shiba inu experienced a 21% increase.
Read on to learn everything you need to know about Shiba Inu, including how to buy Shiba Inu coin or leash tokens, trade them, and much more.
Let’s dive in!
In 4 Easy Steps, Shiba Inu Purchase
It’s simple to buy Shib on several of the world’s most popular cryptocurrency exchanges. SHIB purchase is the same as buying other cryptocurrency on an exchange.
It is important to distinguish between decentralized and centralized exchanges. Binance and eToro are centralized exchanges. Uniswap (DEX), SushiSwap or Shibaswap however, are decentralized. User-side, there is a difference in how the platform works, what reputation it has, its security and fees, as well as the accessibility of support.
You can also purchase Shiba using the Atomic Wallet App.
Consider that ShibaSwap has received an audit that revealed centralization risks where a developer had the authority to “withdraw all the ERC20 token boneToken to any arbitrary address” that they wished.
Exchanges also offer different trading pairs and tokens. SHIB tokens for example are offered on many cryptocurrency exchanges.
To make it easier, choose a cryptocurrency exchange which supports fiat currency as well as digital coins.
Follow these easy steps to start buying SHIB:
Step 1. Register and create an account
It is simple to register on an exchange of your choosing. Some personal information will be required, such as your email address and full name.
A KYC (know your Customer) process might be required by some crypto exchanges. Before you are able to trade crypto, the exchange will need your identity verified by submitting an ID and photograph.
While a decentralized exchange might not bother with KYC, it’s more common on regulated exchanges.
Step #2: Fund Your Account
With cryptocurrency exchanges, you can use fiat currencies to fund your account such as USD or EUR to purchase Shiba Inu. There are several ways to fund your account with fiat currency – from bank transfer to wire transfer and credit/debit card purchases. You can check out which deposit method you should use in order to purchase SHIB.
Step #3: Order a SHIP
You will either be given an “instant buy” option or an exchange interface for trading currencies to buy Shiba. You will need to enter the transaction details (e.g. the fiat currency amount and currency that you want to buy). You can have greater control of your orders through the exchange interface, which typically costs less than instant buy.
Step 4: Select a storage
Make sure you plan ahead for your future Shiba Inu coin collection and make safe storage arrangements. To have greater control over your assets, a SHIB-wallet is the most practical option.
Some platforms allow you to create a digital wallet that stores your Shiba Inu coins. If not, don’t despair. Any free cryptocurrency wallet can be used. Just download an app, and you’re good to go. There’s also a third option available. It is possible to keep your Shiba Inu coins safe and sound in a metal wallet.
Because SHIB can be stored in an ERC20 token wallet like MetaMask (browser) or Trezor, (hardware wallet),
Shiba Inu: Key Information to Learn About the Token
The History of Shiba Inu Coin
Dogecoin was the first meme-coin. It was originally created as an homage to Bitcoin in 2013. However, things changed fast for the original meme coin, as it not only clawed its way up the ranks of cryptocurrencies (currently #9 by market cap) but also spawned a whole army of look-alikes, most of them inspired by the same Japanese dog breed – Shiba Inu.
The SHIB token was the most notable of the spinoff army. Ryoshi was the one who created it. His initial value was practically zero.
While Elon Musk, the most prominent meme-coin advocate was getting ready for SNL’s May 8 performance on Saturday Night Live (Saturday Night Live), the Shiba Inu group also did their preparations. The value was pumped to over 300%.
Ryoshi has locked half of the Shiba Inu’s total supply into Uniswap as liquidity. The other half of the Ethereum supply was also sent to Vitalik Buterin (founder and CEO).
After claiming that the Shiba Inu tokens were sent by someone else without his permission or knowledge, he set fire to most of it before donating the remainder to charitable causes. However, the SHIB was not affected by this move.
Shiba Inu has gained popularity in the past few years. The cryptocurrency has more than 950,000 accounts according to CoinMarketCap and ranks #11 at $30 billion market capital as of publication. The maximum amount of SHIB tokens available is one quadrillion. There are approximately 400 trillion tokens.
Shiba Inu’s website says that “SHIB is an experiment in decentralized spontaneous community building.”
Shiba Inu’s Key Features
Shiba inu is an ERC-20 token that was created on Ethereum’s blockchain.
Maximum supply is 1 quadrillion
The current supply of circulating supplies is approximately 400 trillion.
SHIB has three tokens. LEASH, SHIB and BONE.
SHIB is the ecosystem’s fundamental currency; LEASH is the second token, with 107,646 tokens in circulation; and BONE is the third token, with a supply of 250,000,000 tokens.
ShibaSwap, a DEX on the meme coin is also featured.
ShibaSwap has options for traders to “dig,” i.e., provide liquidity, to “bury,” or stake tokens, or to “fetch,” meaning retrieve tokens from Uniswap or SushiSwap.
Shiba Inu Ecosystem
Like we mentioned, Shiba’s ecosystem includes SHIB, LEASH and BONE tokens along with a decentralized Exchange called ShibaSwap. SHIB, the core value token fueling the ecosystem’s growth is its contract number. 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce.
LEASH is useful in connecting to BONE, SHIB and ShibaSwap. Due to the low supply LEASH tokens it is possible for stakers to receive higher rewards. LEASH’s contract number is 0x27c70cd1946795b66be9d954418546998b546634.
The BONE token gives users “full democratic power” in the community. BONE token is used to manage the Shiba Inu ecosystem. It’s a governance token that grants the holder the ability to vote in all major decisions. While you can buy BONE directly, users are able to farm in ShibaSwap.
In hindsight, governance tokens are an essential part of the staking mechanism and support the assets’ decentralized nature. BONE was also the last token released on the DEX. This is because it provides the majority of rewards for ShibaSwap. BONE’s contract number is 0x9813037ee2218799597d83d4a5b6f3b6778218d9.
ShibaSwap – Staking
It is still a question: How can you earn ShibaSwap rewards as a user of ShibaSwap? Follow these simple steps:
Go to the website and find the “BURY” tab in the right corner of the homepage; as the tab specifies, “Shibas love to bury what they find.”
Connect your cryptocurrency wallet to stake tokens and receive rewards
You can click on BURY, and then choose to stake your tokens.
Choose the token you’d like to stake and click for approval.
You can check the fees, choose the speed of the transaction and then sign the contract to start earning rewards.
You can get digging and woofing rewards
It is very similar to stake. The website is very intuitive. Once you have connected your wallet, stake and dig for the return. Double-check all transactions. When you dig, make sure to check which pair is needed for liquidity.
Doggy DAO is the only part of the ecosystem that we haven’t yet discussed. SHIB is based on Ethereum and often emulates the DeFi platforms. Doggy DAO (decentralized autonomous organization) is Shiba Inu’s version of Ether DAO. This organization aims to allow traders to anonymously invest in Shiba Inu, to provide governance for BONE owners and many other purposes.
Is Shiba Inu a Good Investment
You now know how to purchase Shiba Inu. But, it’s still open for discussion whether or not you should buy it. Keep in mind that all cryptocurrency investments are subject to market risks. Every trader must do their research before making any investments.
Shiba Inu stirred the crypto community, and it didn’t rub everyone the right way. There is now much hatred between SHIB advocates and traders, who claim it lacks fundamentals and utility.
The Shiba Inu Coin, as with most alt coins, can be volatile when compared to popular cryptocurrencies such as Bitcoin, Ethereum or Binance. The hype surrounding it online is a major problem. Meme coins are shared because they have this property.
The hype is gone and so the value. Although meme coins are not the most popular choice of long-term investments, they do serve as a great way to boost your portfolio. This was evident by the uptrend that occurred in 2021.
Be aware of both the pros and cons of each investment so you can make an informed decision.
This guide is intended to be an objective introduction for new crypto investors. All information in this content is provided only for informational purposes. CoinStats does not recommend that you buy, hold, or sell any security, financial product or instrument. This guide does not contain investment advice, advice on trading, advice on financial products, or other advice.
Commonly Asked Questions
Will Shiba Iu ever reach 1 cent?
Due to the large supply of the currency, the possibility of Shiba Inu reaching one cent seems unlikely. Shiba Inu’s market capitalization would overshadow all the cryptocurrencies combined if it ever came close to 1 cent.
Is Shiba Inu a Scam
It’s not likely. It’s unlikely. Shiba Inu SHIB is a long-standing company that has amassed billions of dollars. Scam tokens are typically short-lived, and the culprits take off as soon as they collect enough funds from “naive” investors.
Shiba Inu – Should I Invest
Unfortunately there’s no single answer that will work for everybody. DYOR is the best approach in this instance, since it is essential to understand what investments you make. Shiba Inu is favored by traders because of its high returns.
The Shiba Inu currency gained 650% quarter-to date and 27 million% year-to–date. This helped investors to win hugely. However, some experts believe that even if there are rallies ahead for Shiba Inu, they won’t be as massive anymore.
The decision is yours. Research is key. This guide may help you make the best decision.
This guide is intended to give you enough information for informed decisions about your future investments. Are you considering Shiba-Inu as a potential investment? We are glad you’re now convinced.
Now, you can buy Shiba Inu Coin on any exchange that is most suitable for your needs.