Shiba Inu Coin logo

How to Buy and Store Shiba Inu Coin

The world of cryptocurrencies has something to surprise even experienced users. And newcomers can find intriguing surprises at every turn. One such curiosity is the Shiba Inu coin, featuring a dog of the same breed as its mascot. But don’t confuse it with Dogecoin, which also features a dog theme. Shiba Inu is a relatively new coin that is rapidly increasing in value and attracting investors’ attention.

Earlier we wrote about – Coinbase – A Reliable Crypto Wallet for Storing Cryptocurrencies and Buying NFTs.

What Is Shiba Inu Coin (SHIB)?

Shiba Inu is a digital coin based on Ethereum, hosted on the decentralized exchange ShibaSwap. It was introduced in 2020 and is the newest of the many “dog” coins. What makes it different from the others? The main technical difference is that it’s a cryptocurrency based on Ethereum, the same technology behind Bitcoin. Ethereum’s advantages have enabled ShibaSwap to achieve a high level of decentralization. The platform was developed by experts from various fields. The developers aim to make it the most popular and the largest trading volume network.

Other differences from the numerous cryptocurrencies are more related to style and marketing. The eccentricity, the anonymous author Ryoshi, connections with Vitalik Buterin, and mentions by Elon Musk have all boosted the token’s recognition and price. What else could elevate Shiba Inu to the top? The Shiba art movement invites artists from all over the world to join. There’s also a fundraising campaign to rescue real Shiba Inu dogs.

While such a strategy might seem somewhat quirky, it works. The coin’s developers called the project a “Meme Coin” and its white paper the “Woof paper.” Despite its playful tone, the currency remains afloat, and its value has been rising lately.

Shiba Inu – Technical Description of the Coin

The Shiba Inu coin consists of three tokens:

  • Shiba Inu (SHIB): The main currency of the system, which gave it its name, with a supply of 1 quadrillion tokens.
  • Leash (LEASH): The second currency, with a supply of 107,646 tokens.
  • Bone (BONE): The latest currency in this ecosystem, with a supply of 250 million tokens.

These figures are very approximate, as coins are periodically “burned,” and new ones are “minted.”

Shiba Inu Coin

Shiba Inu Cryptocurrency – Pros and Cons

Despite experiencing several ups and downs, this meme coin retains a multitude of loyal supporters, and new users are continuously joining due to a number of undeniable advantages, such as:

  • Support for NFTs.
  • Based on the reliable Ethereum blockchain, which guarantees the token’s security and reliability.
  • The project is effectively managed by the community, providing it with immense support.
  • A well-coordinated development team working on creating the world’s best decentralized ecosystem.
  • Growing market capitalization.
  • Bright design and marketing campaigns that attract new users.
Shiba Inu - Charts

Disadvantages of the Shiba Inu Meme Coin:

  • Relatively high transaction fees on exchanges when withdrawing funds.
  • Dependence on expert opinions and actions of influencers in the crypto industry, as well as on advertising and trends.
  • Limited number of exchanges where Shiba Inu is traded.
  • No verified information about the token’s creator, although this is fairly standard in the crypto world.
  • Limited practical application possibilities.

Where to Buy Shiba Inu Coins?

It’s important to note that this cryptocurrency cannot be mined traditionally. It can be bought or earned as a reward for completing various tasks on so-called “faucets.” The most obvious place to obtain Shiba Inu is ShibaSwap. This is a decentralized exchange (DEX) created for the Shiba Inu ecosystem (SHIB). Here you can:

  • Swap one cryptocurrency for another.
  • Engage in farming – add your funds to liquidity pools and earn rewards in tokens.
  • Earn through staking – lock your SHIB, LEASH, or BONE tokens to earn rewards.
  • Track your earnings, staking, and farming with the Bonefolio tool.
  • Create NFTs and trade non-fungible tokens.

Additionally, Shiba Inu can be purchased on several other exchanges, such as the popular Binance, OKEx, Coinbase, Kucoin, etc. The coins can only be bought with USDT and BUSD.

Shiba Inu Coin - Wallet

How to Store Shiba Inu Coin

Since Shiba Inu is built on Ethereum, it can be stored in any Ethereum-compatible wallets. You can use popular mobile wallets like MetaMask or Trust Wallet, web or desktop versions, hardware solutions, or even paper wallets. It all depends on the owner’s preferences. For secure long-term storage, hardware wallets are the best choice. If you plan to earn through staking or other means, more mobile solutions like mobile apps are preferable.

Shiba Inu: What to Expect Next – Video

To learn more about the Shiba Inu coin and its future prospects, watch this video: 

Shiba Inu Coin – Features and Forecasts

Conclusion

Shiba Inu Coin is not just a fun meme coin known for its vibrant style and quirky history. It is also a full-fledged cryptocurrency that can be used as a means of payment or as an investment vehicle. Its stylish design makes it even more enjoyable to use.

Frequently Asked Questions About Shiba Inu Coin

Why is Shiba Inu Coin called the Dogecoin Killer?

Shiba Inu earned this nickname due to the similarities between the two coins and the rivalry between them.

How does Shiba Inu Coin work?

Like many other cryptocurrencies, Shiba Inu operates on the Ethereum blockchain as an ERC-20 token.

How can Shiba Inu be stored?

As an Ethereum-based crypto, Shiba Inu can be stored in any cryptocurrency wallets that support Ethereum.

What is ShibaSwap?

ShibaSwap is a decentralized exchange designed specifically for the Shiba Inu ecosystem. Here, you can swap cryptocurrencies, stake SHIB, LEASH, and BONE tokens, and earn rewards.

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Steve Davey is the chief editor and author of the English-language section at our portal. With a keen eye for compelling topics in American media, Steve not only shares his insights but also occasionally translates them for our audience. His expertise in uncovering engaging stories and his editorial skills contribute significantly to the richness of our content.

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