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About SHIBA INU Coin
The SHIBA INU is a meme cryptocurrency that was founded by an anonymous individual in the name Ryoshi in August 2020. The coin bears the name of a Japanese dog SHIBA INU and is an Ethereum-based token (ERC-20) which was created as a Dogecoin alternative, the first meme-based cryptocurrency.
As of now, SHIB (the main currency of the SHIBA INU project) is transitioning to a PoS (Proof of Stake) consensus mechanism now and comprises of its decentralized exchange called ShibaSwap, and an NFT incubator for creative artists to invite artists to integrate their Shiba Inu tokens into the NFT market.
Apart from its native currency SHIB, the ERC-20 powered SHIBA INU ecosystem supports 2 more tokens called the LEASH and the BONE.
How to Buy SHIB Coin
The most reliable way to buy a SHIBA INU token is from a reliable cryptocurrency exchange or a brokerage firm that supports crypto trading. But before selecting any exchange or broker, traders should consider the trading fees that can be in the range of 0.1% to 1% per trade or more. The SHIBA INU coin can also be purchased with the USDT, USDC, Dogecoin, or fiat currencies via their proprietary platform called ShibaSwap.
After the SHIBA coins are purchased from any cryptocurrency exchange or broker, they are required to be stored safely in a wallet. Some cryptocurrency exchanges allow traders to download the wallet from the exchange itself or install it separately on their devices. Traders can also store their SHIB tokens in the cryptocurrency exchange from where they have purchased the tokens but storing them in a crypto wallet always provides a safe platform for crypto coins, be it Bitcoin, Ethereum, Dogecoin, or SHIB.
Traders can consider the following steps for purchasing SHIBA INU coins from any cryptocurrency exchange:
- Register an account with any reliable cryptocurrency exchange and complete the KYC procedures. If already registered, traders should click on the ‘Sign-in’ or ‘log-in’ button to log into his account.
- Click on the “Buy Crypto” button and click on the payment mode; traders can use Debit or credit card, or bank transfer to buy SHIB Coin. Traders can also select any options from USDC, USDT, etc., and input how much of those coins they are willing to spend to buy the SHIBA INU coins.
- Traders are required to enter the crypto wallet address where they want to receive their SHIB tokens at the time of registration or purchase.
- Next, traders are required to input how many SHIB tokens they want to purchase
- The final step is to check the “Disclaimer” box and click on the “Submit” button to end the process and purchase the coins.
List of Exchanges Which Allow SHIBA INU
There is an extensive list of cryptocurrency exchanges that allow the purchase or exchange of SHIB tokens. Some of the most popular centralized cryptocurrency exchanges are KuCoin, Coinbase Pro, Binance, Gemini, Huobi Global, etc. You can also get Shiba Inu price prediction for the next 5 years by experts.
Process to Buy / Exchange SHIBA INU
After the SHIB tokens are purchased from any cryptocurrency exchanges using USDT or any method, it can take upto 1 to 5 business days for the funds to be credited into the trader’s wallet. After the SHIB tokens are purchased and if traders want to swap their balance to any currency, traders can complete this process by navigating to the “Markets” section of the crypto exchange and then clicking on any of the preferred pairs like SHIB/USD or SHIB /other currency pair and then clicking on the “Trade” option.
Popular Trading Pair of SHIBA INU
The most popular trading pair with SHIBA INU is the US dollar SHIB/USDT. Other pairs include SHIB/EUR, SHIB/BTC, etc.
Conclusion
Like all other cryptocurrencies, SHIBA INU also has its downsides. The most prominent negative aspect of the coin is its extreme volatility that renders the coin risky to invest in. Traders should be aware of the facts and figures before investing in the SHIBA INU tokens.
