Shiba Inu is Rising Tremendously in Popularity
A meme coin, which started out as a parody of Bitcoin Revolution, has become tremendously popular over the last two months, this year. Statistical surveys by Shibainuartfound that there were approximately 1.139, 997 stakeholders towards the end of April 2022. By May, the number had gone up to 1,169,694.
Acceptance by Crypto Exchanges
It is not only individual investors, who are expressing an interest in owning the meme coin. Even reputed cryptocurrency exchanges are listing the coin and inviting people to trade with it. One of them is Rain, located in the Middle East. Another is StealthEX, which is a non-custodial trading platform. It has also offered support for LEASH, a DOGE Killer. Thus, users may exchange LEASH with any of the exchange's other 400 cryptocurrency assets.
Shiba Inu (SHIB) is favored by Voyager, Binance, Kraken, Coinbase, Kucoin, Crypto.com, and Huobi, too. It is also possible to use the Robinhood App to trade SBIH. Currently, SHIB is trading anywhere between $0.000011 and $0.000014.If you want to trade SHIB or any crypto check Bitcoin smart.
Pay with SBIH
What is thrilling Shiba Inu's fans, is the fact that it is being accepted as legitimate payment for purchasing various goods. BitPay, linked to Unfranchise, a product brokerage company, is making this possible. Therefore, investors may purchase jewelry from Continental, a St. Louis Park-based jewelry store, without hesitation. Another store supporting SBIH is Gucci, the fashion house. Thus, investors may engage in shopping, wherever BitPay has a hold.
The Uniqueness of SBIH
Three tokens - LEASH, SBIH, and BONE make up the Shiba Inu ecosystem. The most important one is SBIH. It is possible to use it for trading and a medium of exchange. The most limited token is LEASH, with 10,107,646 coins in circulation. It awards validators of transactions, staking rewards. BONE consists of 250 million units, useful for voting on diverse proposals.
These tokens do not operate on their own blockchain, but on the Ethereum platform. Therefore, smart contracts are very much in vogue, permitting investors to earn from them, via lending and staking. The trading platform is decentralized, and is known as ShibaSwap.
Purchasing and Storing Shiba Inu
If purchasing from Binance U.S., there are several ways to do it. The investor could transfer money from his/her bank account, for buying Stablecoins. In turn, the Stablecoins can be exchanged for SBIH. Another way is for the investor to trade his/her existing digital currencies for Shiba Inu, on the Binance U.S. exchange. A third way is to bring the investor's debit card/credit card into play, for the purchase. Both, Visa and Mastercard, work well.
Now, not all states have friendly cryptocurrency laws in place. In such a scenario, the investor may approach the other cryptocurrency exchanges mentioned earlier. KuCoin offers SBIH as part of a trading pair. The USDT may then be exchanged for SBIH. If the exchange is trustworthy and secure, there is nothing to worry about.
Once the investor has made the selection of a reliable digital currency exchange, he/she may open an account there. It is time to make the first deposit. Towards this end, it is important to enter the SHIB symbol on the trading platform, and give an indication of the amount to be invested. It would be best to keep the first investment reasonably small, such that losses do not affect it.
The next step is storing the tokens. One way is to opt for a hardware wallet. This wallet takes care of the private keys to the assets too. It ensures that personal data is not exposed to outsiders. Ledger and Trezor are two dependable hardware wallets, which support the storage of SBIH.
Another way to store the tokens is via a cold wallet or cold storage. Since it is not possible to access this kind of wallet even with an Internet connection, Shiba Inu coins remain safe. A paper wallet suffices for storing crypto on paper. It leads to the generation of a public key and a private key.
Investors may also download hot wallets or desktop wallets, for storing the virtual currency. Mobile wallets are also available. An example is Exodus.
Finally, some cryptocurrency exchanges permit the safe storage of SBIH investments. If the exchange is reliable and trustworthy, the investor has nothing to worry about.