The shiba inu coin, or SHIB, is an ERC-20 token that fuels the Shiba ecosystem. Comprising three separate tokens – SHIB, BONE and LEASH – that users can stake, swap or deposit into liquidity pools on the ShibaSwap decentralized exchange to earn interest and rewards. Crypto deposits provide a compromise between instant purchases that are typically very expensive and bank transfers that are cheap but slow. As noted above, following the launch of Shiba Inu, Ryoshi transferred half of the token’s total supply to Buterin, while the other half was locked in liqui exchange reddit Uniswap, a decentralized exchange.
How to Buy Shiba Inu token (Step-by-Step Guide)
Coinbase is a fully regulated US-based cryptocurrency exchange that was launched in 2012. It offers crypto brokerage, trading, staking, custody, e-commerce solutions, and a Visa debit for users to easily spend their account balances offline. You can buy, sell and trade $SHIB coin any time and pay using a variety of methods including PayPal, SWIFT bank transfers, and debit/credit cards. Ordinarily, a meme coin offers owners little to no utility compared with more established cryptocurrencies such as bitcoin and ether.
It is recommended for users who are buying crypto for the first time and is simple and easy to use. Unlike Dogecoin (DOGE), Shiba Inu is trying to build a larger ecosystem. This goal includes ShibaSwap, a decentralized finance (DeFi) platform built around SHIB. ShibaSwap gained over $1 billion in Total Value Locked (TVL) within 24 hours of its release.
Robinhood is well suited for big investors with portfolios in stocks, exchange-traded funds (ETFs), bonds, cryptocurrencies and commodities. Shiba Inu tokens ($SHIB) can be bought off a centralized exchange such as Coinbase or exchanged from another token on a decentralized exchange such as UniSwap. The tokens are easily accessible due to the popularity of the project and the meteoric rise of the value of the $SHIB tokens over 2021. The procedure to buy tokens through a Decentralized Exchange (DEX) varies slightly from using a centralized exchange because the latter has to comply with global KYC regulations. Every platform that accepts fiat funds transfer has to comply but DEXes don’t support fiat to crypto swaps. The price of DOGE rallied at the beginning of the year which helped draw the focus onto other similar cryptocurrencies including the Shiba Inu coin (SHIB).
Can I Buy SHIB on Coinbase?
The main difference between Dogecoin and Shiba Inu is that SHIB is built using the Ethereum blockchain, enabling it to support more complex financial transactions than DOGE. We believe everyone should be able to make financial decisions with confidence. Shiba Inu is known particularly for its Japanese dog mascot and high volatility. It was created as a solution to Dogecoin’s inefficiencies, but it still doesn’t have red green refactor much use case. Either way, some retailers and companies accept it as a means of payment.
Using a Centralized Exchange (CEX) to buy Shiba Inu token
Since release SHIB now trades on the ecosystem’s proprietary DEX, ShibaSwap.
- You will notice that now you have the $SHIB token listed on the Metamask wallet dashboard screen as shown below.
- On Kraken you can buy, sell and trade $SHIB, you can stake other coins and tokens.
- SHIB is a decentralized, community-led currency held by millions across the globe.
- Doing your research before buying any cryptocurrency, especially meme tokens, is important.
- On the Swap app page, you will need to link your Ethereum wallet to UniSwap.
- Whatever blockchain-related product or service that you need, Binance probably has it.
Her work has been published on sites like the crypto exchange Bybit. mariadb development services After six years of personal experience investing in crypto, she prefers BTC, ETH, and SOL. Shiba Inu is unlikely to reach 1 cent — expert price predictions for SHIB do not expect the token to rise to that level. Reaching 1 cent would require a massive gain that values the total market capitalization of Shiba Inu to become greater than all cryptocurrencies combined.
Whether you’re an experienced crypto enthusiast or a newcomer looking to dip your toes into the crypto waters, here’s a step-by-step guide on how to buy Shiba Inu (SHIB). Click the Confirm Swap button which will send an authorization request to your Metamask wallet. Next, click the Sign Transaction tab on your wallet request to commit to the swap transaction. For simplicity purposes, we will focus on the Shiba Inu token in this step-by-step guide, however, the same process could apply to the other two in some instances. Buying SHIB is a simple and straightforward process depending on the channels you use. However, BONE and LEASH tokens may be harder to acquire as they are not as widely supported as SHIB.
Choose Metamask or any of the other supported wallets that you prefer. On the Swap app page, you will need to link your Ethereum wallet to UniSwap. Click either of the two Connect wallet buttons found on this page to load up the available wallet options to which you can connect. Choose the amount you want to spend in your purchase from the available options or specify a custom amount by clicking on the Custom button and entering an amount you are looking to spend. Once you do, Coinbase will automatically close the asset selection box and take you back to the original screen to select the number of SHIB tokens you wish to buy. The first step is to access the Coinbase homepage and log in using your username and password.
As a result, all ERC tokens will inherit these qualities including SHIB, BONE, and LEASH. Shiba Inu may have started out as an experiment with the hope to replace DOGE, but the community behind the asset has been working to give the token some real-world utility. Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. Andrey Sergeenkov is a freelance writer whose work has appeared in many cryptocurrency publications, including CoinDesk, Coinmarketcap, Cointelegraph and Hackermoon. If you decide to buy Shiba Inu, the process is similar to how you might purchase other cryptocurrencies.
