“How to buy Shiba Inu coin” is a question trending among crypto enthusiasts ever since Binance legitimized Shiba Inu on its platform. Shiba Inu is a new “Dogecoin Killer” that had its popularity skyrocketing the day Binance made the announcement.
Shiba Inu was trading at $0.000014 when the prices shot up to $0.000037, i.e., by 164% just after that announcement.
Though this happened in May 2021, the coin makes such amazing changes in prices every now and then. This is why every crypto enthusiast needs to know how to buy/sell Shiba Inu coins when the opportunity appears again.
What is the Shiba Inu (SHIB) coin?
Shiba Inu or SHIB is a meme crypto coin named after a dog breed. So, it’s a part of the group of dog-themed cryptocurrencies. The coin is an Ethereum-compatible alternative to Dogecoin (DOGE). As per the Shiba Inu website, SHIB champions itself as “Dogecoin Killer.”
Shiba Inu is an ERC-20 token, transitioning into a Proof of stake consensus mechanism. The SHIB ecosystem has a decentralized exchange called ShibaSwap. It also has an NFT art incubator for dog-inspired artists worldwide to bring their SHIB into the market.
Who are the Founders of the Shiba Inu Coin?
The Shiba Inu coin was created by the anonymous creator called “Ryoshi.”
The Shiba Inu WoofPaper lists the following three reasons for creating SHIB:
- “We started from zero, with zero.”
- “The brilliant minds behind SHIB had never collaborated before.”
- “We love Shiba Inu dogs.”
Also Read: How to Buy SafeMoon on Trust Wallet?
What Makes SHIB Unique?
The website of the Shiba Inu coin invites all the dog-inspired artists worldwide. This was to start and support the “artistic Shiba movement” as they were trying to enter the NFT market.
Shiba Inu used Amazon’s smile to create a campaign to rescue Shiba Inu dogs via the Shiba Inu Rescue Association.
How Many SHIB Coins are in Circulation?
At the moment of writing more than 550 Trillion SHIB coins are in circulation. Shiba Inu brought a quadrillion coin into circulation. They locked half of the token in Uniswap’s decentralized exchange for liquidity. The remaining half of the token was sent to Ethereum co-founder Vitalik Buterin’s wallet. And that half is apparently burned.
Where Can you Buy the Shiba Inu Coin?
The Shiba Inu coins are now available on some crypto exchange platforms like Binance, Coinbase, and Uniswap (V2) via Trust Wallet.
How to Buy Shiba Inu Coins on Trust Wallet?
The process of buying the Shiba Inu coin involves three major steps. You start by installing Trust wallet on your phone. Then you buy or transfer ETH to Trust Wallet, and finally, you swap ETH for SHIB.
Steps to buying Shiba Inu coins on Trust Wallet:
Step 1: Download and install the Trust Wallet application on your device.
Step 2: Select “Create A New Wallet,” accept their terms & policies and hit “continue.”
Step 3: Save the 12-word recovery phrase in order with you somewhere, and then tap on “Next.” Enter the recovery phrase you just saved, and the wallet will be successfully created.
Step 4: Enable DApps on your Trust Wallet. The steps are Settings → preferences → DApp Browser → Enable.
Step 5: To make the process simple, hit the options icon present in the top right corner of the home screen. Enable only Ethereum and Shiba Inu coins and disable all other cryptos. Now the home screen will have only these two on the screen for your convenience.
Step 6: Select Ethereum and either buy ETH by clicking on “Buy Ethereum.” Or, transfer ETH if you have it in your other wallet by clicking on receive.
Step 7: Now click on the DApp Browser icon present at the bottom. Find and select Uniswap Exchange.
Step 8: Select swap from the tabs present at the top.
Step 9: Select ETH from the first search bar as the crypto you wish to exchange for SHIB.
Step 10: Select SHIB in the second search bar as the token you wish to swap for.
Step 11: Enter the amount. Either enter the amount of ETH you wish to spend or the amount on SHIB you wish to buy. You just have to enter the amount before either of the cryptos you have chosen. You’ll also see the dollar value of the amount you have entered in both the crypto subscripts.
Step 12: Hit confirm to make the transaction final.
Once the transaction is successfully carried out, your purchased Shiba Inu coins will be reflected in your wallet.
Also Read: How to Backup Trust Wallet?
What to do if During the Swap, I Can not Find the Shiba Inu Coin in the Search?
Visit the website coinmarket.com and visit the Shiba Inu page there. Under Contracts, you’ll find an address with ETH. Copy that contract address and paste it in the search bar on the swap page of Uniswap.
How to sell Shiba Inu Coins on Trust Wallet?
The steps to sell the Shiba Inu coin are exactly the same as buying one. Except, in the swapping step, you first select SHIB and then ETH.
Steps to Sell Shiba Inu coins on Trust Wallet:
Step 1: Open Trust Wallet App.
Step 2: Select DApp Browser.
Step 3: Find and select Uniswap Browser.
Step 4: Select the “Swap” tab.
Step 5: Select “SHIB” from the first search bar.
Step 6: Select “ETH” from the second search bar.
Step 7: Enter the amount before either of the cryptos.
Step 8: Hit confirm.
The transaction will be successful in a few moments, and you’ll find ETH credited to your wallet.
Frequently Asked Questions
What is ShibaSwap?
ShibaSwap is a decentralized peer-to-peer exchange platform similar to Uniswap. It allows users to trade SHIB and other cryptos without involving any intermediary company. The users can provide liquidity and stake tokens to earn interest using the SHIB token and two other ERC-20 tokens existing in the Shiba ecosystem.
What is the SHIB coin used for?
The SHIB coin is used as a transaction method on exchanges for now. However, the coin has the potential to have many other uses.