What Platform Is Shiba Inu On

Shiba Inu (SHIB) cryptocurrency is an development of the “doge” meme that has been persistently popular amid crypto enthusiasts. While SHIB shares some inspiration with

Dogecoin
, information technology operates using a different framework that tin can support more circuitous transactions.

Y’all tin purchase Shiba Inu on many of the popular cryptocurrency platforms, and it is also available on decentralized exchanges where y’all can trade SHIB for other cryptocurrencies.

SHIB can besides be acquired through a process known as

staking

(though this requires y’all to have some of this cryptocurrency, to begin with). And theoretically, you lot could receive Shiba Inu every bit payment for goods or services.

Earlier deciding whether to invest in Shiba Inu, it’southward helpful to accept at least a basic understanding of how it works.

What is Shiba Inu?

Shiba Inu launched tardily in 2020, simply it was relatively lightly traded earlier the spring of 2021, when the crypto market was on an upward swing, bringing many digital avails to all-time highs. Such as with other cryptocurrencies in 2022, SHIB’s shine has faded as investors flee risky investments.

Like crypto stalwart Dogecoin, Shiba Inu was inspired past the popular “Doge” meme — a widely circulated picture of a shiba inu canis familiaris. And information technology’s 1 of the largest among several other crypto projects that take used the dog as a mascot.

Dogecoin vs. Shiba Inu

The main difference betwixt Dogecoin and Shiba Inu is that SHIB is built using the

Ethereum

blockchain, enabling information technology to back up more complex financial transactions than DOGE.

Shiba Inu is a proof-of-stake

blockchain
. This ways it does not back up crypto mining similar Dogecoin, which is congenital on a proof-of-work blockchain similar to Bitcoin. While the technical details of this can be complex, the consequence for most everyday users is that you can “stake” SHIB and earn more tokens equally a reward.

SHIB does not shy away from its meme heritage as it seeks to occupy the gap between utility and irreverence. For instance, SHIB’s “whitepaper,” which lays out its mechanics and economics, is called a “woofpaper.” When you stake Shiba Inu, you’re “burying” it. And when you lend it out to assist power a decentralized commutation, y’all’re “digging.”

Shiba Inu’s economy likewise includes ii companion tokens, “Leash” and “Bone,” which are comparatively rarer than SHIB and assistance incentivize people to keep its underlying network running.

You lot decide: Is SHIB a skillful investment?

SHIB has lost a substantial portion of its value in recent months. As a result, its total marketplace capitalization, which exceeded $40 billion at its tiptop, was below $five billion by mid-June of 2022. Meet the current SHIB price and its history below.

Cryptocurrency is famously volatile, and SHIB is no dissimilar. While its cost has climbed rapidly in the past, information technology has likewise fallen precipitously.

If you decide to invest in SHIB, you’re betting that more people will be interested in using products congenital using its applied science — driving up demand. You may also believe that SHIB’s community of users will attract people abroad from more buttoned-up cryptocurrencies. Neither of these scenarios is a sure bet.

If you make up one’s mind to purchase Shiba Inu, the process is similar to how you might buy other cryptocurrencies.

How to purchase SHIB

You can buy SHIB in four steps.

1. Decide where to buy SHIB

Shiba Inu is ane of the more popular cryptocurrencies, and it is for sale on about centralized exchanges, such every bit Coinbase, Kraken and Gemini. If you don’t already own cryptocurrency, you’ll likely take to purchase SHIB in cash through one of these exchanges.

If y’all own cryptocurrency, you’ll have more options for buying Shiba Inu. While some centralized exchanges allow trades involving SHIB and other cryptocurrencies, it is available through many decentralized exchanges such as Uniswap. Shiba Inu even has its own decentralized commutation, known as ShibaSwap.

Owners of Ethereum have many options if they want to acquire SHIB. For example, the popular MetaMask wallet allows yous to convert ETH to SHIB direct.

Whatever method you choose to purchase Shiba Inu, be aware of the costs you’ll incur. While some cryptocurrency marketplaces can impose trading fees, decentralized exchanges require you to pay network fees on the Ethereum blockchain, which tin sometimes be high.

ii. Fund your account

If yous’re using a centralized exchange, you’ll need to deposit fiat currency or another cryptocurrency into your account.

With

fiat currency

such equally U.S. dollars, exchanges tend to offer banking company transfers, debit card and credit menu transactions. Withal, be careful using a credit card, as high-interest rates can worsen your losses in the upshot of a marketplace downturn. Also, pay attention to the fees your commutation charges for moving money into your account.

If you desire to use some other cryptocurrency, check if your commutation offers conversion to SHIB from other digital assets y’all own. This is true for both centralized and decentralized exchanges. Not every exchange will provide the crypto-to-crypto trading pair you desire to use.

3. Brand your purchase

Once y’all make up one’s mind on your purchase, you’ll take a take chances to review how much SHIB you’re getting and at what price. This is similar on both centralized and decentralized platforms. You’ll also want to wait over the transaction costs.

If everything looks good to you, yous’ll be able to submit your transaction. Inside a few minutes, the SHIB volition be deposited into your account or your crypto wallet, and your payment will exist deducted from your balance.

4. Shop your SHIB safely

You have 2 master options when storing cryptocurrencies, such as SHIB. If y’all use an exchange, yous can leave it there. Storing your crypto on an commutation tin can be convenient and easier for beginners, but crypto exchanges tin besides be targets for hackers considering of the corporeality of value they hold.

You can as well continue SHIB in your cryptocurrency wallet, where yous control the information that enables yous to spend or trade crypto. Wallets require slightly more technical expertise, but they place the security in your command. If yous’re picking a wallet, use one that supports SHIB, as non all crypto wallets work with every cryptocurrency.

Disclosure: The author owned Shiba Inu, Dogecoin and Ethereum at the time of publication. The editor owned Ethereum at the time of publication.