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What is Shiba Inu Token?

Shiba Inu (SHIB) Token Review

Essentially, Shiba Inu is a Japanese dog breed name, depicted in the symbol of Dogecoin, a cryptocurrency, based on the Doge meme. Shiba Inu token was launched less than a year ago as an experiment in decentralized spontaneous community building but became sharply popular worldwide.

In this post we’re going to explore everything about the Shiba Inu token, how it works and how to buy and store it. Without further ado, let’s dive into this incredible Shiba Inu phenomenon together! Bow-wow!

Shiba Inu (SHIB) Token is a decentralized ERC-20 meme cryptocurrency token with a dog breed name launched by an anonymous Ryoshi. Shiba token is based on Dogecoin and runs on the Ethereum blockchain.

A Brief History

When Shiba Inu was launched, it branded itself the ‘Dogecoin Killer’ as a rival and an alternative to Dogecoin. The Shibatoken website says: “Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).” The Shiba Inu mascot is based on the Shiba puppy and looks rather similar to Dogecoin.

Let’s look at some amusing facts concerning the Shiba Inu token and crypto celebrities:

Vitalik Buterin: Shiba Inu Coin Burn

On May 17th, 2021 SHIB Informer tweeted that Ethereum co-founder Vitalik Buterin burned 90% of his Shiba Inu (SHIB) coins, equal to $6,7 billion, given to him by Shiba Inu’s creators. Buterin said, “I’ve decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing large-scale loss of life) but with a more long-term orientation”. He also posted a message asking crypto projects not to send him any tokens without consent. In May 2021 Vitalik Buterin donated 50 trillion Shiba tokens to the India COVID-Crypto Relief Fund.

Elon Musk on Shiba Inu

On May 7th, 2021 Tesla and SpaceX founder Elon Musk had replied to Hiro Mizuno’s tweet about trading Shiba coins for the short term by the tweet stating he would like to own a Shiba pup. That made the Shiba Inu market cap rise from 0,0000001 to 12728232033,46 in four days.

How does the SHIBA INU token work?

Shiba Inu token (SHIB) is a fungible ERC-20 token. Non-fungible tokens (NFTs) are based on the ERC-721 token standard. Based on Ethereum’s blockchain, Shiba Inu can use smart contracts to make decentralized financial products.

Decentralized finance is a blockchain-based finance form (DeFi) that does not rely on intermediaries like banks, exchanges, or brokers to offer financial instruments, and instead uses blockchain smart contracts, mostly Ethereum. Shiba Inu plans to enter the DeFi space through its Artist Incubator. The decentralized program will use the Ethereum network to let artists sell NFTs on the auction, changing the 3rd party with smart contracts.

When Shiba launches its DeFi ecosystem, users would be able to stake their Shiba Inu tokens to “dig” for bones, and the only way to mine tokens will be through staking SHIB tokens on its platform.

SHIB token’s main use is long term investment and online tipping because its low price makes it feel like that penny in your pocket you’re never going to use anyway.

The Shiba Inu is a meme token that does not have any fundamentals such as smart contract utility or supported assets or rights. It is simply a transferable token, but yes, the Shiba Inu token is legit. It is officially listed on many trading platforms, and holders can buy, store and sell it.

Where is the Shiba Inu token available?

SHIB token is listed on several crypto exchanges, but unlike other leading cryptocurrencies, it can not be purchased with fiat money. To buy this token you need firstly to buy other digital currency available for fiat purchase (Bitcoin, Ethereum etc.) at any large exchange and then transfer to the exchange that offers to trade this coin.

Binance

Binance is the leading cryptocurrency exchange famous for its crypto to crypto exchange services. Purchasing Shiba Inu on Binance, please note that Binance doesn’t support SHIB purchasing in the following states: New York, Vermont, Texas, Connecticut, Idaho, Louisiana and Hawaii.

Once you finish the KYC process, you will be asked to add a payment method. Here you can choose a bank transfer or a credit/debit card.

Since Shiba Inu is an altcoin you need to transfer your coins to an exchange where SHIB can be traded.

Once finished you will need to purchase BUSD, USDT, BTC or ETH deposit from coinbase to the exchange depending on the available market pairs. After the deposit is confirmed you may then purchase SHIB on the chosen exchange.

Robinhood

Change.org, the world’s largest petition platform, published a new petition for the Shiba Inu cryptocurrency coin to be listed on Robinhood, the stock trading app for buying and selling cryptocurrencies. The petition was created by user Tristan Luke with a current goal of 150,000 signatures.

Although Robinhood currently has seven digital assets available for trading on its platform: Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Bitcoin SV, Dogecoin and Litecoin, and the petition has already reached about 130 000 signatures, it is still unclear if Robinhood will list Shiba Inu on its platform.

How to Buy SHIBA INU Token?

#1. Buy SHIBA INU on Guarda

Guarda Wallet is a non-custodial cryptocurrency wallet that supports over 50 major blockchains, thousands of tokens and dozens of stablecoins, including Bitcoin BTC, Bitcoin cash BCH, Bitcoin SV BSV, Ethereum ETH, NFTs, Ethereum-based tokens (ERC20, ERC721), and the others. You can choose among several types of Guarda wallet: web wallet, desktop wallet, a mobile wallet for Android and IOS

How to Create an Account?

Step 1: Go to the Guarda wallet website

Step 2: Choose a wallet type and create a new wallet and a secure password. Never use personal information for your password. Use a password generator for better security.

Step 3: After entering the password, write it down in a very safe place and press “I’ve written it down”.

Step 4: Download backup. Note: never lose your backup because, otherwise, you won’t be able to access your cryptocurrencies.

Step 5: To buy crypto, log into your wallet and select “Buy” in the right panel. Choose the type and the amount of cryptocurrency you are going to buy. After doing that, press “Buy”. Bought coins will appear in your account.

#2. Buy SHIBA INU on ShibaSwap

ShibaSwap is the Shiba Inu decentralized crypto exchange that allows users to swap Shiba Inu tokens to other cryptos, or vice-versa.

#3. Buy SHIBA INU with Ethereum

One of the ways to buy SHIB tokens is to buy Ethereum (ETH) and convert it into Shiba Inu. To make this you’ll need to have a crypto exchange account and a crypto wallet.

Where to Store SHIBA INU?

Before purchasing Shiba Inu tokens, you should consider where to store your assets. it’s not recommended to store your tokens on a cryptocurrency exchange, because they are large targets for hackers.

Here’s the great news! In June, we at Guarda started supporting the Shiba Inu token (see the tweet). Choose the most suitable wallet type and store your assets in a safe place!

Conclusion

Launched as a joke, the Shiba Inu token now grew into a serious virtual currency with a puppy-faced mascot. SHIB token’s future seems hazy because its hype depends on social but non-economic factors, however, it has every chance to shake the crypto universe again and again.