Gate.io Blog What Is SHIB Coin and How to Buy SHIB?

What Is SHIB Coin and How to Buy SHIB?

17 May 10:33

SHIB, also known as a “meme coin,” is an ERC-20 token that started as an experiment to create a spontaneous decentralized community. The token has experienced rapid growth over the last few months, joining the list of top 30 cryptocurrencies by market capitalization, according to CoinMarketCap.com. Dubbed the “Dogecoin killer,” SHIB was created to ensure fair distribution of tokens, which saw the founders putting away 50% of the total SHIB supply in Uniswap and the remainder burned in honor of Ethereum co-founder Vitalis Buterin.

With a similar theme as Dogecoin, SHIB is the first cryptocurrency token to be listed and incentivized on ShibaSwap- the Shiba Inu project’s own decentralized exchange. SHIB price has rallied over the last few days, rising over 300% in price 24 hours. The rise is attributed to its counterpart Dogecoin’s recent price surge, because the two tokens have similar themed-mascot logos.

Users can stake their tokens for interest via staking rewards. ShibaSwap also plans to integrate non-fungible tokens (NFTs) into their platform after launch.

1.How to buy SHIB on gate.io

Gate.io was the first mainstream blockchain platform to offer audited proof of 100% collateral and is now SHIB’s largest trading platform globally. Because SHIB cannot be directly purchased by fiat money, Gate.io has made it easy to buy the token by providing other cryptocurrencies you can purchase and use to purchase SHIB.For example SHIB-USDT. The following are the steps you can use to buy SHIB on Gate.io:

Create your account on Gate.io

The verification process is easy on Gate.io once you create an account.

Buy SHIB on Gate.io

The first step is to fund your Gate.io account with other mainstream cryptocurrencies such as BTC. Once your account is funded, you can go to the exchange and purchase SHIB. Now you’re free to trade your SHIB-USDT on Gate.io.

2.Another way to buy SHIB

Before you start buying SHIB, you’ll need to connect a supported crypto wallet to UniSwap or 11nch, such as Metamask, TrustWallet, or Coinbase wallet. The wallet must have funds of a supported cryptocurrency, and you should ensure that you have correctly imported the SHIB token address for the swap.

Step 1: Buy ETH

You’ll need Ethereum to swap into SHIB on the decentralized exchange, Uniswap, hosted on the Ethereum network. Uniswap allows for the buying and sale of Ethereum-based cryptocurrencies. However, if you already have an account with a cryptocurrency exchange, then you purchase ETH there. If you don’t have a crypto exchange yet, you may consider Gate.io for an account.

Creating an account on Gate.io is easy, as all you need is an email address. However, you will need to verify your identity for tax purposes before you’re allowed to trade.

Step 2: Use Uniswap

Uniswap is the leading decentralized exchange (DEX) and is powered by the Ethereum blockchain. It’s what you’ll need to buy SHIB. With over $2 billion locked into their protocol, Uniswap is a sure DEX for liquidity’s sake as most investors use the platform to convert their Ethereum-supported tokens.

Step 3: Buy your SHIB

While other exchanges use their order books to calculate crypto asset prices, Uniswap uses liquidity pools. You can swap your ETH with SHIB once your wallet is connected to the Uniswap platform. You may decide to hold your SHIB after the swap if you believe the price volatility will favor you.

Conclusion

As ShibaSwap plans to become a vibrant DeFi ecosystem, its native crypto coin SHIB continues to rally in price in what is seen as an influence from its related counterpart, Dogecoin. SHIB leverages the robust Ethereum ecosystem and is expected to continue growing based on its new expansion plans.

*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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