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Even with Dogecoin not moving, Shiba Inu appreciated rapidly in price in October. Even though the two cryptocurrencies share the same dog-themed mascot, the coins work very differently. Shiba Inu is a cryptocurrency based on Ethereum, while Dogecoin runs on its own blockchain. Shiba was recently listed on Coinbase, allowing millions of investors to invest in the token. Some investors believe that this Coinbase listing has, at least in part, caused Shiba Inu’s recent price appreciation. Here is Benzinga’s guide on how to buy parts shiba inus.
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How to buy Shiba Inu parts?
1. Open an account on an exchange
To create an account with one of these crypto exchanges, all you need to do is provide an email address and create a password. Before you start trading, however, you will need to verify your identity for tax purposes. Some information you will need to provide at the exchange includes your social security number, a photo of your driver’s license, and your birthday.
2. Use Uniswap or a centralized exchange.
There are 2 main ways to buy Shiba: centralized exchanges and decentralized exchanges. If you are using a centralized exchange like eToroyou can go to the next step.
Decentralized exchanges (DEXs) are great for coins like Shiba, as they support almost any Ethereum-based asset. The main decentralized exchange is Uniswap, and it is powered by the Ethereum blockchain. Uniswap has over $2 billion locked up in its protocols, and thousands of investors use the platform to trade their Ethereum-based tokens.
To use a DEX, you will need a software wallet like MetaMask or Coinbase Wallet. These crypto wallets are free and allow you to truly own your cryptocurrency, unlike some centralized exchanges.
3. Buy a crypto wallet (optional).
Before you get Shiba Inu tokens, you need to figure out where you’re going to store your valuable asset. Unless you are actively trading your crypto, storing your tokens on an exchange is not recommended. The exchanges of cryptocurrency are major targets for hackers, and several platforms have been hacked in the past.
Software wallets are free to download and they give you much better protection than crypto exchanges. Additionally, you will need a software wallet to interact with Uniswap, and the best options are Coinbase Wallet and MetaMask.
If you want to store your cryptocurrency assets as securely as possible, you should opt for a hardware wallet. Hardware wallets are physical devices that store your cryptocurrency offline, making it impossible for your funds to be hacked.
4. Make your purchase.
If you use eToro, you will need to connect your bank account after verifying your identity. Once done, find the SHIB order book and place your order.
Uniswap does not use order books like other exchanges. Instead, Uniswap uses liquidity pools to calculate the price of crypto assets. Once your wallet is connected to the Uniswap website, you can exchange your Ethereum tokens for Shiba Inu tokens. If you’re in it for the long haul, you might want to consider just holding onto your Ether tokens.
Best Shiba Inu Wallets
Best Hardware Wallet: Ellipal Titan
Since Shiba Inu is an ERC-20 token on Ethereum, you can store your tokens on any Ethereum compatible hardware wallet. Ellipal is a hardware wallet of choice for all Ether tokens, and it also supports Bitcoin, XRP, Cardano, Litecoin and over 7,000 other cryptocurrencies.
The Ellipal Titan is a sleek hardware wallet with a touchscreen interface that allows you to view your wallet directly from the wallet. While the Ellipal is generally more expensive than its competition (for good reason due to all its extra features), it’s currently $30 off, making it competitively priced.
The best software wallet: ZenGo
ZenGo Wallet is a mobile app that lets you take control of your cryptocurrency. The wallet is an all-in-one place to store your crypto and NFT assets. You can even trade crypto directly from the ZenGo wallet, as it is integrated with decentralized exchanges on Ethereum. This way, you can trade your Shiba Inu tokens via DEXs directly from your wallet.
The most versatile: Exodus Wallet
Exodus lets you manage multiple assets at once, ensuring you can see your entire crypto portfolio in one place. The wallet is noncustodial and encrypted on your device, ensuring your privacy.
The Exodus Wallet is free, offers 24/7 support, and you are not even prompted to enter any personal information. You can also stake cryptocurrencies to earn up to 1.25% per year.
You are also free to play or trade in the FTX Exchange app through your wallet. If you are new to crypto or want to save some money, this is the kind of wallet you need to try. This is especially true if you want to invest in Shiba Inu, using the coin as a stepping stone to even larger investments.
What is Shiba Inu?
Shiba Inu is a cryptocurrency that has the same theme as Dogecoin. However, the Shiba Inu token seeks to do a lot more than its dog-themed counterpart. Since the token leverages Ethereum’s robust network, the token has created an ecosystem Challenge powered by their decentralized exchange, ShibaSwap.
Shiba Inu tokens are used on the Shiba Inu “ShibaSwap” platform, where users can stake their tokens for interest via staking rewards. Also, ShibaSwap recently released its NFT platform, where users can collect Shiba Inu themed NFTs called Shibatoshis. Overall, there are 3 different tokens native to the Shiba Inu platform: Shiba Inu (SHIB), Leash (LEASH), and Bone (OS).
SHIB is the largest token by market capitalization, while BONE and LEASH have higher prices per token due to the limited supply of these coins. As of October 2021, Shiba Inu had a huge market cap of over $20 billion, ranking it as the 11th most valuable cryptocurrency by market cap.
Brief History of Shiba Inu
The first coin, the Shiba Inu Token (SHIB) was listed on Uniswap and started trading at virtually no value. On May 8, Shiba surged more than 300% in anticipation of Elon Musk’s Saturday Night Live skit airing later that day.
The Shiba Inu token, which is the 1st token launched in the Shiba ecosystem, can be purchased on Uniswap. 50% of the total supply was placed on the decentralized exchange Uniswap by the founders of Shiba, and the rest was sent to Vitalik Buterin – the co-founder of Ethereum. After donating $1 billion worth of Shiba tokens to India’s Covid relief fund, Buterin burned the rest of his tokens.
Upon Shibaswap launch, Shiba Inu tokens can now be staked on Shibaswap to “dig” for another cryptocurrency on the platform: bones. Bones is the governance token of ShibaSwap, granting token holders the right to vote.
Their latest token is called “leash” and was the most unstable stablecoin in existence. Stablecoins are cryptocurrencies pegged to other values, most commonly the US dollar. Instead of being pegged to the dollar, however, Leash has been pegged to the price of DOGE, which makes it rather unstable. Since then, the Shiba Inu has decided to “liberate” the Leash tokens from the Doge price, so it is no longer tied to the Dogecoin price. Leash has an extremely low supply of just 107,647 tokens, and each is worth around $1,900 at the time of writing.
Trade, sell or convert your Shiba Inu tokens
When you want to convert your Shiba Inu tokens, you need to use Uniswap to convert your tokens to Ethereum tokens. Once you have exchanged your Shiba Inu for Ethereum, the tokens will be credited to your Ethereum wallet connected to Uniswap, and you can send these tokens to any exchange that supports Ethereum to exchange them for USD.
Current Crypto Prices
The entire cryptocurrency market has seen bullish growth this year. Ethereum has risen more than 100% this year, beating Bitcoin’s already strong returns. These tokens speak to the cryptocurrency markets as a whole; most cryptocurrency prices are highly correlated. To get an idea of how cryptocurrency prices are moving, be sure to keep an eye on the cryptocurrency markets.
Is Shiba Inu a good investment?
The recent spike in Shiba Inu prices is likely due to the hype surrounding SHIB listed on Coinbase more than anything else. Although ShibaSwap offers some interesting products, the protocol doesn’t have many clear advantages over other projects, like Uniswap or SushiSwap. Shiba Tokens are required to extract Bone Tokens from Shibaswap, so if you are interested in Bone, you will need to purchase Shiba Inu. If you like dodgy speculation, Shiba Inu may be for you.
Frequently Asked Questions
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How to buy Shiba Inu parts?
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