“How do I buy Shiba Inu coin” is a hot issue as crypto investors try to purchase the latest “Dogecoin super-killer.” Shiba’s popularity on social media exploded following Binance the world’s most popular cryptocurrency exchange, officially recognized Shiba Inu the day of May 10 , when it added the coin to their list of accepted coins.
On the day before the listing of $SHIB by Binance It was trading at $0.000014. On the 10th of May, SHIB skyrocketed to an all-time highest of $0.000037. That’s an increase of 164%! If you had the courage to put one hundred dollars (75 millions tokens) to SHIB on May 9 you’d have earned $1,725 on the following day.
What exactly is Shiba Inu Coin?
Shiba Inu coin can be described as an ERC-20 token which is a fancy way to say that it operates in Ethereum. Ethereum blockchain and makes use of the blockchain’s smart-contract technology.
After having read through Shiba Inu’s 22,220-page paper (the fan of puns refers to it as”woofpaper”) “woofpaper”), the meme token’s purpose is to protect one of the fundamental tenets of cryptocurrency that is decentralization. Decentralization stops the authoritative institutions (e.g. banks and government bodies) from having control.
“We believe through the power of collective decentralization, we can build something stronger than a centralized team could create,” SHIB’s founder Ryoshi (psuedonym) stated. “A community-run token is nothing without the united individuals who give it purpose.”
The paper also explains the reason SHIB operates on Ethereum and explains that it’s a secure and well-established blockchain that allows SHIB remain unaffected by the moderating forces.
The woofpaper also revealed that half of the SHIB token supply was transferred to the wallet of Vitalik Buterin (Buterin is the Ethereum’s creator). You’re probably thinking, “Why the hell would they do that?” The reason behind the gifting of Buterin Shiba tokens was not stated in the paper however, according to celebrity net worth the gift is likely to be an advertising stunt. Benzinga believes that the Shiba team gave Buterin the tokens to help make SHIB more valuable. The two theories may be right.
The problem with Buterin’s huge SHIB stake is, if he chooses to dispose of his SHIB tokens SHIB’s value will go through an extreme drop — which is exactly what occurred. On May 12th, Buterin announced that he sold $1 billion worth of SHIB tokens to benefit charitable causes. While the shocking move was in support of a worthy cause, it was a bit of a shock to SHIB token owners.
On May 16th, to SHIB holders their delight, Buterin announced that he destroyed 90 percent of all his Shiba Inu coins and was planning to give the remainder to charities. The burning of tokens raises the scarcity of them and, as a result the price is bound to increase. After a rough week, there is finally some hope for Shiba Inu coin , the cryptocurrency that’s been called “the Dogecoin killer.”
Where can I buy Shiba Inu coin
There are several platforms through which you can purchase Shiba Inu, including Binance, Crypto.com, Atomic Wallet and KuCoin.
You can also purchase SHIB through Uniswap (via Trust Wallet) that will require you to exchange Ethereum to SHIB. For this article we will concentrate on KuCoin.
How can I buy Shiba Inu coin
The most efficient method of purchasing Shiba Inu coin is via the KuCoin exchange. Before you can purchase on Shiba Inu it is necessary to buy something known as USDT (Tether). It might sound complicated, but I’m confident that the procedure is simple. Once you’ve set up an KuCoin account Here’s how you can buy Shiba Inu.
1. Sign into your KuCoin account.
2. 2. Click the “Buy Crypto” on the left-hand side and then click on “Credit/Debit Card. “
3. In the section “I Want to Spend,” enter the amount in USDT you’d like.
4. In the section “I Want to Buy,” click on the drop-down menu then choose USDT.
5. After that, you can select your preferred option for payment (e.g. MasterCard or Visa) and payment method.
6. Click the “Disclaimer” button and click “Confirm.” Follow the instructions to complete the payment procedure.
Swapping USDT for Shiba Inu
1. After about a minute or two You should see your USDT on the Main Account. Main Account that you can find through Main Account > Assets.
2. Click”Transfer” or “Transfer” button next to USDT in order to transfer USDT onto the account you have set up for your Trade Account.
4. Then, visit Your trading accountand verify that your USDT is in there.
5. Hit “Markets”to get going on the process of swapping USDT to Shiba Inu.
6. To the right on the far right, type “SHIB” into the search bar.
7. Select for the button for thetrading pair.
8. After this you might be asked to enter your trading password.
9. After you’ve confirmed your password for trading After that, click Marketon the lower-right quadrant.
10. Within the “Buy SHIB” section, click the button to 100 to ensure that your entire USDT is exchanged for SHIB. If you would like to put your own amount then you can do that by entering it into the Amountfield.
11. Click on “Buy SHIB.”
Follow the instructions in order to make the payment and voila! You now have a Shiba Inu Coin!
As with all investments make sure you only invest the amount you are able to be able to. SHIB is an extremely volatile investment, so be ready for a variety of volatility swings.