Dogecoin has been going to the moon, but Shiba Inu just might be going to mars. The Ethereum based cryptocurrency token has risen over 300% in price in the past 24 hours. This is likely due to Dogecoin’s recent price surge, as both tokens have the same beloved mascot.
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 plans to become a vibrant DeFi ecosystem driven by their token.
Shiba Inu tokens will be used on Shiba Inu’s “ShibaSwap” platform, where users can stake their tokens for interest via staking rewards. Also, Shibaswap also has plans to integrate non-fungible tokens (NFTs) into their platform after launch. All-in-all, there will be 3 different tokens native to Shiba Inu’s platform: Shiba Inu (SHIB), Leash (LEASH) and Bone (BONE).
Brief History of Shiba Inu
The first coin, Shiba Inu token (SHIB) was listed on Uniswap and began trading at essentially nothing. 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 burned in honor of Vitalik Buterin – Ethereum visionary. This type of offering is known as an initial DEX offering (IDO) where the founders release the token via a decentralized exchange.
Upon launch of the Shibaswap platform, Shiba Inu tokens can be staked on Shibaswap to “dig” for another cryptocurrency on the platform: bones. Bones is touted as the “Dogecoin Killer”, and there’s no telling how high the price of a single bone could go.
Their last token is called “leash” and is the most unstable stablecoin currently in existence. Stablecoins are cryptocurrencies pegged to other values, most commonly the U.S. dollar. Instead of being pegged to the dollar, however, Leash is pegged to the price of DOGE, making it rather unstable.
Step 1: Buy Ethereum
You’ll need Ethereum to purchase Shiba Inu tokens on Uniswap’s exchange. Uniswap is a decentralized exchange (DEX) on Ethereum’s network, where cryptocurrencies are bought and sold for ETH and other Ethereum-based tokens. If you already have an account with a cryptocurrency exchange, then you can purchase Ether tokens on there. If you don’t already have a cryptocurrency exchange account, Kraken, Coinbase, eToro and Gemini are good options.
To make an account with these crypto exchanges, all you need to do is provide an email address and create a password. Before you begin trading, however, you’ll need to verify your identity for tax purposes. Some information you’ll need to provide to the exchange includes your Social Security number, a photo of your driver’s license and your birthday.
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Step 2: Use Uniswap’s decentralized exchange.
You’ll need to use a decentralized exchange to buy Shiba Inu tokens. The leading decentralized exchange is Uniswap, and it’s powered by Ethereum’s blockchain. Uniswap has over $2 billion locked into their protocols, and thousands of investors use the platform to convert their Ethereum based tokens.
To do so, you’ll need a software wallet like Metamask or Coinbase Wallet. These crypto wallets are free to use, and they let you truly own your cryptocurrency, unlike exchanges like Robinhood.
Step 3: Choose a crypto wallet.
Before you get yourself some Shiba Inu tokens, you should consider where you’ll be storing your precious asset. Unless you’re actively trading your crypto, it’s not recommended to store your tokens on an exchange. Cryptocurrency exchanges are large 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. You’ll 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 in the most secure way possible, then 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.
Best Hardware Wallet: Ledger
Since Shiba Inu is an ERC-20 token on Ethereum, you can store your tokens on any Ethereum compatible hardware wallet. Ledger is a great choice hardware wallet for any Ether tokens, and it also supports Bitcoin, XRP, Cardano and Litecoin.
Ledger has been making hardware wallets since 2014 and has been a go-to choice for crypto investors. The Ledger Nano S is the best choice for cost-conscious investors, coming in at just over $50 on Amazon. The Ledger Nano X is Ledger’s premium wallet and costs $119 when it’s in stock, but it’s currently sold out.
Best Software Wallet: Coinbase Wallet
Coinbase Wallet is a mobile app made by Coinbase that lets you take control of your cryptocurrency. The wallet is an all-in-one place to store your crypto assets and NFTs. You can even trade crypto directly from Coinbase Wallet, as it’s integrated with decentralized exchanges on Ethereum. This way, you can swap your Shiba Inu tokens through DEXs directly from your Coinbase Wallet.
Step 4: Make your purchase.
Uniswap doesn’t use order books like other exchanges. Instead, Uniswap uses liquidity pools to calculate the price of crypto assets. Once your wallet is connected to Uniswap’s website, you can swap your Ethereum tokens for Shiba Inu tokens. If you’re in it for the long run, you may want to consider simply holding onto your Ether tokens.
Bonus section: Novice retail investors are naturally pulled towards investments with low prices. Dogecoin is already closer to $1 than it is $0, but Shiba Inu can be bought for less than a penny. Don’t be fooled though – what really matters is the market capitalization of each asset.
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.
Is Shiba Inu a Good Investment?
Shiba Inu’s recent surge in price is likely due to the hype over Dogecoin more than anything else. Although ShibaSwap offers some interesting products, the company has yet to make its product available to its community. Shiba tokens will be necessary for getting Shibaswap’s Bone tokens, so if you’re interested in Bone, then you’ll need to buy Shiba Inu. If you’re into speculation, Shiba Inu may be for you.
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