Shiba Inu ($SHIB) Coin, a Dogecoin fork, may find its way to Mars.
SHIB, an Ethereum-based cryptocurrency token, has recently experienced a rollercoaster ride.
Dogecoin’s recent price increase is most likely to blame, as both coins share a beloved mascot.
Furthermore, Coinbase has announced that it will offer Shiba Inu trading shortly, thus some investors are purchasing the token on Uniswap before the coin is published on the U.S. based platform.
Here’s how to get Shiba Inu coin!
? What is Shiba Inu ($SHIB)?
Shiba Inu ($SHIB), a cryptocurrency with a similar design to Dogecoin, also has a similar value structure.
In comparison, the Shiba Inu token is significantly more ambitious than its dog-themed counterpart.
A DeFi ecosystem has been formed around ShibaSwap, the token’s decentralized exchange, which takes advantage of Ethereum’s strong network.
Stake your Shiba Inu tokens for interest using the “Staking Rewards” platform, wherein users can earn interest by staking them.
The ShibaSwap platform will soon include support for non-fungible tokens (NFTs), as well. Shiba Inu’s platform now has three native tokens: Shiba Inu ($SHIB), Bone ($BONE), and Leash ($LEASH).
While SHIB has the highest market capitalization, BONE and LEASH have greater per-token pricing because to their finite supply.
? A Short History of the Shiba Inu ($SHIB)
Shiba Inu token (SHIB) was the first cryptocurrency to be published on Uniswap, where it began trading for practically nothing. After Elon Musk’s SNL parody aired that night, Shiba’s value soared by nearly 300% on May 8.
This is the first token to be released in the Shiba ecosystem, and it can be purchased on Uniswap.
The Shiba creators allocated 50% of the whole supply to the decentralized exchange Uniswap, with the remaining 50% going to Ethereum visionary Vitalik Buterin.
Shiba tokens worth $1 billion were donated to the India Covid disaster fund, and Buterin then destroyed the remaining tokens.
Some centralized exchanges currently support these tokens, such as Coinbase and eToro.
You can stake Shiba Inu tokens on Shibaswap to “dig” for another crypto on the platform: bones, thanks to the establishment of the Shibaswap platform.
ShibaSwap’s governance token, Bones, gives token holders a say in platform decisions.
The most volatile stablecoin is Leash, which is their final token.
In the cryptocurrency world, stablecoins refer to cryptocurrencies that are tied to another currency, most often the US dollar, in order to maintain their value.
Leash, on the other hand, was tied to the price of DOGE rather than the dollar, making it very volatile.
Leash tokens have since been “unleashed” from the Dogecoin price, and are therefore no longer linked to the Dogecoin price.
There are only 107,647 Leash tokens in circulation. Each one values at around $780 at the time of writing this article.
? Buying Shiba Inu ($SHIB) Coin: A Quick Guide
1. Open a Trading Account on the Exchange
Shiba Inu is available to customers of eToro, Voyager, and Coinbase. Uniswap and Sushi are two other Ethereum DEXs where you can buy SHIB.
However, before you start trading, you’ll have to prove your identity to the government for tax considerations.
Your Social Security Number, a photo of your driver’s license, and your birthday are among the pieces of personal information the exchange will require from you.
2. Purchase a Cryptocurrency Wallet
Think about where you’ll keep your valuable Shiba Inu tokens before you buy any.
It’s not a good idea to keep your crypto on an exchange unless you’re actively trading it.
Hackers target cryptocurrency exchanges.
There is no cost to using a software wallet, and they provide considerably better security than crypto exchanges do. There are two software wallets you should use with Uniswap: Coinbase Wallet or MetaMask.
A hardware wallet is best if you want to keep your cryptocurrency valuables safe.
In contrast to software wallets, hardware wallets keep your cryptocurrencies in a real device, making it virtually impossible to steal your funds.
3. Purchase Shiba Inu ($SHIB)
After you’ve verified your identification with Voyager, you’ll need to link your bank account. Once you’ve done that, head over to the SHIB order book and get started on your purchase.
Uniswap doesn’t use order books in the same manner as they are by other exchanges.
Uniswap, on the other hand, calculates the value of crypto assets by using liquidity pools.
You can exchange your Ethereum tokens with Shiba Inu tokens by connecting your wallet to the Uniswap website.
Consider simply keeping your Ether tokens if you’re planning on investing for the long term.
? Is Shiba Inu ($SHIB) a Good Investment?
More than anything else, the current price increase in Shiba Inu is attributable to the excitement surrounding the fact that coinbase lists SHIB on its platform.
ShibaSwap has several interesting products, but the protocol doesn’t offer many advantages over competing projects.
When it comes to mining the Shibaswap Bone Token, you’ll need Shiba tokens, which are required for Shibaswap Shiba. Shiba Inu may be right for you if you like wild speculation.
❓ You Might Ask
1. How many Shib coins are there?
SHIB, in contrast to Bitcoin, has a circulating supply of one quadrillion units. There are around 500 trillion meme coins in circulation at the moment.
2. Will Shiba Inu hit a penny?
To get one penny, Shiba Un would have to burn through 99.9% of their existing coin supply. So that aspect alone makes it extremely difficult for Shiba Inu to get to even a single penny.
3. Is Shiba Inu burning coins?
While the Shiba Inu team initially had a supply of 1 quadrillion SHIB, it distributed 50% of that to Buterin who then burnt the rest in a “dead wallet.” The token’s creators recently announced on Twitter that they “have developed a burn method to reduce” the token’s supply.