How To Buy Shiba Inu (SHIB)?

After Safemoon, another hype token has surfaced, called Shiba Inu. This was an Uniswap-only token, but is now also available with larger platforms, such as Binance and Bybit.

The fact that the token is available with Binance does not mean it is wise to buy Shiba Inu. Binance has listed the token in the so-called Innovation Zone, which you can only access if you fill out a questionnaire.

Do your research on this token before investing in Shiba Inu. There is a lot of hype surrounding these tokens, so never invest more than you can afford to lose. Buying Shiba Inu is a lot more risky than, for example, buying Bitcoin. You can lose your money investing in these tokens.

Fun fact: the creators of Shiba sent 50% of all tokens to the wallet of Vitalik Buterin (creator of Ethereum). Making him the biggest Shiba holder. Shiba Inu has been branded as the “Dogecoin killer” due to its potential to surpass Dogecoin in value and popularity, despite both being considered meme coins.

Step-by-step guide to buy Shiba Inu in 2024

We chose to use the Binance platform instead of Uniswap, because it is a lot easier. Currently there is only a SHIB/USDT market, so to buy Shiba Inu you need USDT.

• Make sure you have an account with Binance (register an account here and always receive a 20% discount on the fees).
• Make sure you own Tether (USDT), you can use the following methods (depending on your situation):
  • Deposit your local fiat currency and buy USDT.
  • Convert a crypto from your portfolio into USDT.
• When you own USDT, search the SHIB/USDT market.
• The easiest way is to select a Market order (see image).
• Then enter the number of USDT.
• Click on Buy SHIB.

If you have chosen a market order, your order will be processed immediately and you will have your SHIB in your wallet within seconds.

If you have chosen a limit order, you have to wait a while until your set SHIB price is reached.

Buying Shiba Inu is straightforward and it can be done through several cryptocurrency exchanges that listed SHIB. As with any investment, it’s important to use a reputable exchange and secure storage methods for your digital assets.

Understanding Shiba Inu (SHIB)

Shiba Inu operates on the Ethereum blockchain, which is a key differentiator from Dogecoin’s Scrypt technology. This means SHIB benefits from the robust security and smart contract capabilities of Ethereum, allowing for a wide range of decentralized finance (DeFi) applications, including non-fungible tokens (NFTs), gaming, and more.

The Shiba Inu ecosystem consists of several components, including the ShibaSwap decentralized exchange, the LEASH and BONE tokens, and the ShibArmy, a vibrant community of supporters and developers.

Tokenomics of SHIB

Shiba Inu’s initial total supply was one quadrillion tokens. In a strategic move, half of the supply was locked in Uniswap for liquidity, and the other half was sent to Ethereum co-founder Vitalik Buterin for safekeeping.

In a surprising twist, Buterin burned 90% of his SHIB tokens, effectively removing them from circulation, and donated the rest to charity. This action not only reduced the total supply of SHIB but also garnered significant media attention, boosting its popularity.

Why buy Shiba Inu?

Investors looking to buy Shiba Inu are drawn by its potential for high returns, given its low entry price and the explosive growth of meme coins. The vibrant community and ongoing development within the Shiba Inu ecosystem provide a sense of participation and potential influence over the project’s direction.

Additionally, the Ethereum-based infrastructure of SHIB opens up possibilities for utility beyond being a mere currency, including in DeFi and digital collectibles.

However, like all cryptocurrencies, SHIB carries risks. Its value can be highly volatile, and its price is influenced by social media trends and market sentiment. Investors should do their due diligence and consider their risk tolerance before deciding to buy Shiba Inu.

The Future of Shiba Inu

The future of Shiba Inu is uncertain and subject to the volatile nature of the cryptocurrency market. However, the project continues to evolve, with plans to expand its ecosystem and introduce new functionalities that could increase the token’s utility and value. The ShibArmy remains a formidable force in promoting and supporting Shiba Inu, suggesting that this meme coin could have staying power.

Shiba Inu stands out in the crowded cryptocurrency market with its unique blend of meme culture, robust technology, and an engaged community. While buying Shiba Inu could offer potential high returns, it’s important for investors to approach with caution and be prepared for volatility. As the cryptocurrency landscape continues to evolve, Shiba Inu will likely remain a topic of interest and speculation for the foreseeable future.

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