Dogecoin copycat Shiba Inu (SHIB) is taking crypto world to storm. Last week the token price was up by 500%, it has now become everyone’s favourite. Crypto exchanges all over the world are welcoming SHIB like their very own token. On this date 10th may 2021 alone, close to 3 major exchanges Binance, kucoin and crypto.com have listed SHIB coin to their respective exchanges.
When Binance announced it would list SHIB in its innovation zone (a high-risk trading feature) today morning, the token’s valuation more than doubled in the space of two hours, climbing from $0.000013 to $0.000032. Binance second announcement was even more surprising - It has announced the upcoming launch of futures based on this DOGE-inspired token.
The Shiba Inu website claims 50% of the SHIB token supply has been irretrievably locked into Uniswap to provide liquidity. The other 50% has been sent to Ethereum co-creator Vitalik Buterin as a “burn” gesture, however, Buterin still has full access to the funds.
How to buy Shiba Inu (SHIB) token?
The quickest and easiest way to buy SHIBA INU tokens or coins is from the top crypto exchanges that are currently trading SHIB. These exchanges are Binance, Huobi Global, OKEx, BitForex, and BiONE. However, unlike other main cryptocurrencies, they cannot be directly purchased with fiats money on every exchange.
So to buy this coin, you first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin, find below a step-by-step guide to buying SHIB.
- Buy ETH from your favorite exchange
- Transfer your ETH coins to a decentralised exchange that is trading SHIB e.g. Uniswap
- Create a wallet where you will store your SHIB tokens after purchase
- Buy SHIB coin and store it in your wallet
When you want to convert your Shiba Inu (SHIB) tokens back to ETH or FIAT, you’ll need to use Uniswap again 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.