With many cryptocurrencies in the blockchain, it can be difficult to distinguish one from the other and even how to buy it. Do you want to invest in Shiba Inu? Our guide introduces you to this crypto and how you can own it –find out!
What is Shiba Inu?
Shiba Inu is a decentralized digital coin operating on the Ethereum blockchain. Most investors find this crypto with a theme similar to Dogecoin. This token is decentralized finance that uses smart-contract technology in its transactions through ShibaSwap. For instance, you can exchange FTM to Shiba using ShibaSwap.
Shiba Inu is accessible in three different tokens; SHIB (Shiba Inu), Leash (LEASH), and Bone (BONE). This token has the largest market capitalization and ranks 11th as per the cryptocurrency market cap.
How to Buy Shiba Inu
Many platforms allow buying of Shiba Inu, including KuCoin, Binance, Atomic Wallet, and Crypto.com. Uniswap is also a wallet you can trust to purchase this token, though it requires swapping Ethereum for Shib. However, you must check how many confirmations for Ethereum to complete the transaction.
So, how can you buy Shiba Inu?
First, sign up for an exchange account -Coinbase, Voyager, eToro, and Ethereum DEXs like Uniswap are some of the exchange wallets that are compatible with Shiba Inu. You need an email address and a password so that you can own these coins. Note that some exchange wallets might require more information to own an account.
After getting an account, you can buy the tokens through centralized like eToro) or decentralized exchanges like Uniswap. However, you need a software wallet like Coinbase wallet if you opt for decentralized exchange sites.
You can purchase a crypto wallet if you want to stake your coins for long. Traders can choose software or hardware wallets to store their assets. Finally, buy your tokens following the process availed by your exchange site. The process is straightforward on most sites; you will:
- Log in to your account if you have one or find an exchange site that doesn’t require this step.
- Click buy crypto and select SHIB
- Enter the amount you wish to spend on your purchase.
- Choose a payment method from the drop-menu
- Confirm the action and wait for the next steps to be validated.
Note that exchange sites like KuCoin require you to purchase USDT, then choose the SHIB trading pair before you can get Shiba Inu. Coinbase users can also get these assets by purchasing XLM. Next, transfer it to Kucoin and proceed with the steps.
How to Covert Shiba Inu to other cryptocurrencies
If you want to swap Shiba Inu for other digital coins, you can do so by:
- Find a crypto exchange that allows SHIB trading
- You can sign up or use the site without membership.
- Fund the wallet or exchange platform with your Shiba Inu tokens.
- Click the swap/exchange icon indicating the tokens you want
- Provide the essential details –an account (email address) and a password.
- Confirm if you want to complete the transaction.
- It will take some minutes before you can receive your new tokens in your wallet.
Like any other crypto, Shiba Inu is speculative –trade carefully!