Shiba Inu Crypto: SHIB Price Analysis and Review
Crypto converter Shiba Inu (SHIB)
SHIBShiba Inu
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TRYTurkish LiraShiba Inu (SHIB) is a crypto-currency meme token launched by an anonymous founder or group of individuals under the pseudonym Ryoshi. Shiba was first known as an alternative to Dogecoin, although it has a key difference. SHIB is built on the Ethereum blockchain, so it can run smart contracts and work with decentralized applications (DApps). Dogecoin is based on Litecoin and is limited in use.
Read on to learn more about the Shiba Inu coin and the main ways to buy it.
What is Shiba Inu
Shiba’s maximum supply has been set at 1 quadrillion tokens, which is much higher than other cryptocurrencies. Due to huge issuance of coins Shiba’s price is much lower than most assets with a similar market cap.
One half of the minted Shiba has been locked into Uniswap to reward liquidity providers. The other half is given to Vitalik Buterin (founder of Ethereum).
Buterin donated 20% of the coins to two charities. One was not named, the other is India’s COVID-Crypto Relief relief fund. This gift was one of the largest donations made in cryptocurrencies. The rest of the coins (410 trillion tokens worth $6.5 billion) Buterin burned, sending it to a non-existent address.
Where to buy Shiba Inu
Shiba Inu is a fairly popular coin. Therefore, there are many options for buying it: p2p platform, crypto exchanges and so on. But it is best to buy coin on a crypto exchange. The advantages of this method are:
- Favorable exchange rate;
- Reliability;
- Regulation;
- High liquidity;
- A wide range of deposit and withdrawal methods (bank transfer, payment cards, etc.);
- An option to buy crypto with fiat money: USD, EUR and more
Shiba Inu buying instructions
Step-by-step instructions for profitable purchase of Shiba Inu on the crypto exchange.
Decide on the level of risk
Any investment requires a balanced approach and risk assessment. Here it is important to consider some rules:
- Don’t give in to the hype;
- Explore the features of the coin;
- Read reviews;
- Study the White Paper of the project;
- Do not invest in cryptocurrencies the last money and those that you cannot afford to lose.
Choose a crypto exchange
Trading platforms differ in working conditions (commissions, the possibility to replenish an account, buying with fiat, etc.), so it is important to study these parameters when choosing an exchange.
Register an account
Consider the process of registering and buying Shiba on the example of OKX. This trading platform is characterized by good liquidity, easy registration and user-friendly interface. To use the platform, a new user must create an account.
To register on OKX:
- Open OKX official website;
- Click Sign In in the top right corner;
OKX registration beginning - Enter e-mail, password → click Sign Up;
Registering on the exchange - Enter the six-digit code that the system will send to e-mail. After that, registration will be completed.
Top up your account
To trade on the stock exchange, you need to replenish your account. For this:
- Open Assets → Deposit;
- Specify cryptocurrency (e.g. USDT) and network → click Continue;
Depositing on OKX - Select account → copy USDT address;
Copy address - Insert the address in the sending wallet;
- Complete the transaction in the wallet and check out the account on the exchange.
Buy Shiba Inu (SHIB)
Buying a cryptocurrency on the OKX exchange consists of the following steps:
- Open Trade → Basic trading;
- Select a trading pair SHIB/USDT;
- Specify an order, for example, Market;
- Enter the amount you of payment currency you want to buy SHIB for;
- Click Buy SHIB.
How to sell Shiba Inu
Selling cryptocurrencies includes the same actions as buying. The only difference is after choosing the type of order, you need to enter sell amount and click Sell SHIB.
Where to store SHIB
“Cold” and “hot” crypto wallets are suitable for storing SHIB. For those who do not actively trade on the exchange, cold storage is the best one. You can choose, for example, different Ledger models. Ledger – a hardware crypto wallet for secure long-term storage of cryptocurrencies.
“Hot” crypto wallets are more convenient for daily use. To secure funds in such wallets, you need to set up two-factor authentication, save the recovery password of the wallet in a safe place, and so on. Among the wallets of this type for storing SHIB feature Trust Wallet, MetaMask, Exodus.
Trust Wallet is a reliable and secure crypto wallet for iOS and Android.
MetaMask is a browser-based mobile crypto wallet for ERC-20 tokens that allows you to buy, sell, send and receive SHIB.
Exodus – crypto wallet for 200+ cryptocurrencies. There is a desktop version and apps for iOS and Android.
How to withdraw Shiba Inu to my wallet?
To withdraw SHIB from the OKX exchange to your wallet:
- Open Assets → Withdraw;
Starting withdrawing process of coins from OKX - Select SHIB, transaction network → click Continue;
Specifying the coin and network to withdraw - Enter the address where the coins will be sent (the address of the receiving wallet will be obtained in the next step of the instruction) → specify the number of coins to be withdrawn → click Continue;
Withdrawing SHIB from OKX - Open a crypto wallet, (in our case it is Exodus) → Wallet, select SHIB and press Receive;
Withdrawal to Exodus - Click on the checkbox → click Show Address on ETH;
Shiba ETH Network - Copy the address you get and paste it into the address field on the exchange → click Continue;
Copying the SHIB address in the Exodus wallet - Check out if SHIB coins are in your wallet.
FAQ
- Go to the official website of the OKX exchange;
- Open Trade → Basic trading;
- Select a trading pair SHIB/USDT;
- Specify an order, for example, Market;
- Enter the amount of payment currency you want to buy SHIB for;
- Click Buy SHIB.
