As crypto investors hurry to acquire the new “Dogecoin killer,” “How to Buy Shiba Inu” is a trendy question. Shiba Inu’s social media buzz exploded when Binance, the world’s biggest cryptocurrency exchange, added it to its list of supported currencies on May 10.
$SHIB was trading at roughly $0.000014 the day before Binance introduced it. SHIB reached an all-time high of $0.000037 on May 10. That’s a rise of 164 percent! If you had invested $1,050 (75 million tokens) in SHIB on May 9, you would have earned a profit of $1,725 the following day.
As of Oct. 5, the “Dogecoin killer” is once again surging, and many daring crypto investors are trying to get their hands on Shiba Inu. Stay with us and we’ll teach you how to acquire Shiba Inu, a Dogecoin competitor, in the simplest and most effective method possible.
What is a Shiba Inu?
Shiba Inu currency is an ERC-20 token, which means it operates on Ethereum’s blockchain and makes use of the network’s smart-contract functionality.
After reading Shiba Inu coin’s 22-page white paper (which the pun-loving author refers to as a “woofpaper”), it becomes clear that the meme token’s major objective is to protect one of cryptocurrency’s fundamental tenets: decentralization. Decentralization precludes monopolistic control by authoritative entities (such as banks and government agencies).
“We think that by harnessing the potential of collective decentralization, we can develop something much more powerful than a centralized team could,” stated SHIB creator Ryoshi (psuedonym). “Without the unified people who give it meaning, a community-run token is nothing.”
SHIB operates on Ethereum because it is a safe, well-established blockchain that allows it to stay independent of moderating influences, according to the whitepaper.
Surprisingly, the whitepaper disclosed that half of SHIB’s token supply was delivered to Vitalik Buterin’s wallet (Buterin is the creator of Ethereum). “Why the heck would they do that?” you’re presumably thinking. The reason for giving Buterin Shiba tokens was not stated in the woofpaper, but it was most likely a PR gimmick, according to Celebrity Net Worth. Buterin, according to Benzinga, was given the coins by Shiba’s team in order to make SHIB more rare. It’s possible that both hypotheses are correct.
Buterin’s massive SHIB holdings have the drawback of causing SHIB’s price to drop if he chooses to sell his tokens, which is precisely what occurred. Buterin said on May 12 that he has sold $1 billion in SHIB tokens for charity. SHIB token holders were unsettled by Buterin’s stunning deed, despite the fact that it was for a good purpose.
Buterin revealed on May 16 that he had destroyed 90% of his Shiba Inu coins and intended to give the remaining 10% to charity, much to the pleasure of SHIB holders. Because burning tokens increases scarcity, the price is expected to rise. After a turbulent week, Shiba Inu coin, nicknamed “the Dogecoin killer,” has finally found some optimism.
Where can I get a Shiba Inu?
Binance, Crypto.com, Atomic Wallet, and KuCoin are just a few of the exchanges where you may purchase Shiba Inu.
You may also purchase SHIB on Uniswap (through Trust Wallet) by exchanging Ethereum for SHIB. We’ll concentrate on KuCoin in this lesson.
How to Purchase a Shiba Inu
The KuCoin exchange is the most convenient method to purchase Shiba Inu coins. You’ll need to buy something called USDT before you can get your hands on Shiba Inu (Tether). I understand that this may seem to be a difficult procedure, but trust me when I say that it is not. Here’s how to purchase Shiba Inu once you’ve created a KuCoin account.
- Log in to your KuCoin wallet.
- In the top-left corner, select “Buy Crypto,” then “Credit/Debit Card.”
- Enter the amount of USDT you want to buy under “I Want to Spend.”
- Select USDT from the drop-down option under “I Want to Buy.”
- Choose your payment type (Visa/MasterCard, for example) and payment channel.
- Click “Confirm” after checking the “Disclaimer” box. To complete the payment procedure, follow the steps.
Switching from USDT to Shiba Inu
- Your USDT should appear in your Main Account within a minute or two, which you can discover by heading to Assets > Main Account.
- To transfer USDT to your Trading Account, click the “Transfer” option next to USDT.
- Next, check your Trading Account to see whether your USDT is there.
- Select “Markets” to begin converting USDT to Shiba Inu.
- In the search field on the far right, put “SHIB.”
- Select the SHIB-USDT trading pair from the drop-down menu.
- You may be asked to enter your trade password at this stage.
- In the lower-right quadrant, select Market once you’ve validated your trading password.
- Click the 100 percent button in the “Buy SHIB” area to guarantee that all of your USDT is converted to SHIB. You may enter a custom amount in the Amount section if you wish.
- Select “Buy SHIB” from the drop-down menu.
To finish the transaction, just follow the directions, and voilà, you now possess a Shiba Inu coin!
In New York and other crypto-unfriendly states, where can I get Shiba Inu?
Unfortunately, certain cryptocurrencies are tough to get if you reside in New York or other crypto-unfriendly jurisdictions. New Yorkers may now buy Shiba Inu on Coinbase, despite the fact that the dog-inspired coin was previously unavailable on the site.
New Yorkers will be able to buy Shiba Inus on Gemini’s site as well.
Always use care while purchasing cryptocurrency. It’s a dangerous asset class.