How to Buy Shiba Inu Coin (SHIB)

The post How to Buy Shiba Inu Coin (SHIB) by Ryan McNamara appeared first on Benzinga. Visit Benzinga to get more great content like this.

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Shiba Inu took the world by storm last year, outperforming just about every other asset on the planet. Following the success of Dogecoin in the first half of the year, Shiba Inu (Dogecoin’s Mascot) has taken over the dog coin scene. For many, Shiba Inu is a historic first venture into the crypto space. If you’re looking to buy Shiba Inu, there are a few important things to know before jumping in snout-first.

Shiba Inu is an Ethereum based cryptocurrency, whereas Dogecoin operates on its own blockchain. SHIB has been listed on eToro, Webull, crypto.com and Coinbase, giving millions of investors access to the token. Here’s Benzinga’s guide on how to buy Shiba Inu tokens.

How to Buy Shiba Inu Coin

Shiba Inu

$0.00002

Buy Shiba Inu

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Our team is diligently working to keep up with trends in the crypto markets. Keep up to date on the latest news and up-and-coming coins.

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Best Exchange for Shiba Inu Coin

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A Fast Trading Experience

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Best For

Copy Trading

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Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

Best For

Copy Trading

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1 Minute Review

eToro, headquartered in Cyprus, England and Israel, has provided forex products and other CFD derivatives to retail clients since 2007. A major eToro plus is its social trading operations, including OpenBook, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features

Best For

• U.S. based cryptocurrency traders
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• Simple user interface

Pros

• Several major cryptocurrencies and altcoins
• Expansive network of social trading features
• Large client base for new traders to imitate

Cons

• Only 29 coins available

Best Crypto Wallets for Shiba Inu

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 great choice hardware wallet for any 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 lets you view your portfolio directly from the wallet. While the Ellipal is usually more expensive than its competitors (for good reason due to all its extra features) it’s currently $30 off, making it competitively priced.

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Binance Tokens

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Binance Tokens

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The Ellipal Titan looks more like a Cybertruck than a crypto wallet. It can handle Bitcoin, Ethereum, ERC tokens and Binance tokens as well.

Best For

• Binance Tokens

Pros

• Touchscreen display
• Ethereum tokens
• Binance Tokens

Cons

• Expensive
• Physically large

Best Software Wallet: ZenGo

The 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 digital assets, including Shiba Inu, Bitcoin, Ethereum and many other altcoins. You can even trade crypto directly from the ZenGo Wallet, as it’s integrated with Changelly, which gives you access to a variety of altcoins. This way, you can swap your Shiba Inu tokens directly from your Wallet.

What is Shiba Inu?

Shiba Inu is a cryptocurrency that’s similarly themed to Dogecoin. However, the Shiba Inu token seeks to do much more than it’s doggy-themed counterpart. Since the token leverages Ethereum’s robust network, the token has created a DeFi ecosystem driven by their decentralized exchange, ShibaSwap.

Shiba Inu tokens are used on Shiba Inu’s “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. All-in-all, there are 3 different tokens native to Shiba Inu’s platform: Shiba Inu (SHIB), Leash (LEASH) and Bone (BONE).

SHIB is the largest token by market capitalization, while BONE and LEASH have higher per-token prices due to the limited supply of these coins. As of October 2021, Shiba Inu has an enormous 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, Shiba Inu token (SHIB) was listed on Uniswap and began trading at essentially no value. On May 8th, Shiba rose over 300% in anticipation of Elon Musk’s Saturday Night Live skit airing later the same day. 

Shiba Inu token, which is the 1st token launched in the Shiba ecosystem, can be bought on Uniswap. 50% of the total supply was put onto the decentralized exchange Uniswap by the Shiba founders, and the rest were sent to Vitalik Buterin – the co-founder of Ethereum. After donating $1 billion in Shiba tokens to India’s Covid relief fund, Buterin burned the rest of his tokens.

Some centralized exchanges have began supporting Shiba Inu Tokens, so you can now trade SHIB on Coinbase and eToro.

Upon launch of the Shibaswap platform, Shiba Inu tokens can now be staked on Shibaswap to “dig” for another cryptocurrency on the platform: bones. Bones is the governance token for ShibaSwap, granting token holders voting rights on the platform.

Their last token is called “leash” and was the most unstable stablecoin in existence. Stablecoins are cryptocurrencies pegged to other values, most commonly the U.S. dollar. Instead of being pegged to the dollar, however, Leash was pegged to the price of DOGE, making it rather unstable. Since then, the Shiba Inu decided to “unleash” Leash tokens from the price of Doge, so it’s currently no longer pegged to Dogecoin’s price. Leash has an extremely small supply of just 107,647 tokens, and each is worth about $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’ll need to use Uniswap to convert your tokens to Ethereum tokens. Once you swap 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 swap back into USD.

Current Crypto Prices

The entire cryptocurrency market has been in a bull run this year. Ethereum has risen well over 100% this year, beating the already high returns of Bitcoin. These tokens are telling of the cryptocurrency markets as a whole; most cryptocurrency prices are highly correlated. To get an idea of where crypto prices are moving, be sure to keep an eye on the cryptocurrency markets.

Bitcoin

BTC

$42,188.00

3.25%

Trade

Ethereum

ETH

$2,981.54

4.22%

Trade

Tether

USDT

$1.00

0.06%

Trade

BNB

$403.61

3.33%

Trade

USD Coin

USDC

$1.00

0.00%

Trade

XRP

$0.84

4.43%

Trade

Terra

LUNA

$93.77

-0.66%

Trade

Cardano

ADA

$0.94

6.01%

Trade

Solana

SOL

$90.10

1.95%

Trade

Avalanche

AVAX

$88.52

2.07%

Trade

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Is Shiba Inu a Good Investment?

Shiba Inu’s recent surge in price is likely due to the hype over SHIB being 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 necessary for mining Shibaswap’s Bone tokens, so if you’re interested in Bone, then you’ll need to buy Shiba Inu. If you’re into dubious speculation, Shiba Inu may be for you.

Frequently Asked Questions

The post How to Buy Shiba Inu Coin (SHIB) by Ryan McNamara appeared first on Benzinga. Visit Benzinga to get more great content like this.

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