How to Buy Shiba Inu on Uniswap

In the last decade or so, cryptocurrency tokens and services have skyrocketed in both demand and accessibility. Today, new crypto tokens, exchanges, wallets, and online platforms are popping up all over the place to compete with one another within the crypto sphere. Consequently, many of these services have become much easier for the average person to use.

More recently, a crypto token known as Shiba Inu, or SHIB, started rising in popularity as many traders and investors scrambled to acquire as much as they could.

While the hype was initially created on social media following Coinbase’s announcement that SHIB trading will commence on the platform in June 2020, Shiba Inu never made it to the Coinbase exchange in the end.

However, this was not enough of a blow for Shiba Inu’s value, because in May of the same year, Binance US, the largest crypto exchange in the world, commenced Shiba Inu trading and added the token to its list of supported currencies.

As a result of traders scrambling to acquire SHIB, the value of the cryptocurrency ended up increasing by 164% in a single day.

Today, Shiba Inu is available for purchase on a number of platforms and websites. You can buy Shiba Inu on Uniswap, Binance US, and crypto.com. This article will serve as a short guide on Shiba Inu, outlining what it is and how you can buy SHIB on Uniswap, one of the leading cryptocurrency platforms today.

What is Shiba Inu?

Shiba Inu coin is a cryptocurrency token that runs on the Ethereum Virtual Machine, the name for the technology that powers the Ethereum Blockchain.

Not only does this make Shiba Inu one of many ERC-20 tokens, but it means that SHIB utilizes the innovative technology that sets the Ethereum network apart from other platforms: smart contract technology.

Following the rising popularity of Tesla’s Dogecoin, in August 2020, Shiba Inu was created initially as a meme coin with the nickname ‘the dogecoin killer’.

However, the founder of the SHIB crypto-token, who goes by the pseudonym Ryoshi, clearly wanted to develop Shiba Inu into more than just a meme. He, and the other developers, wanted SHIB to compete with the most popular crypto tokens of the day.

In the 22-page long Whitepaper published by the developers of Shiba Inu, it was stated that SHIB’s main purpose was to preserve that central aspect of cryptocurrency exchanges that make them revolutionary. That is decentralization.

Running on the Ethereum Blockchain means that exchanges in SHIB are purely peer-to-peer and that the platform itself does not act like a third-party regulator that mediates the exchange.

In other words, all transactions and trades taking place on the Ethereum Blockchain are entirely community-run and, hence, entirely transparent.

Since there is no mediative third party involved in transactions occurring on the Ethereum Blockchain, this means that SHIB trading is entirely transparent. Further, this means that the cryptocurrency itself can be thought of as collectively decentralized as it is purely a community-run token.

For the creators and developers of SHIB, this community network is the most important aspect of cryptocurrency, and Shiba Inu’s main purpose is to preserve this essential facet of the crypto sphere.

What is Uniswap?

The majority of crypto trading that takes place in the world today is done on platforms that are run by a single central authority. This includes Bina

nce and Coinbase. In both these cases, the central authority that regulates the trades happening on the exchange is the company that operates the exchange.

Accordingly, users are required to place funds under the control of this central authority if they wish to partake in trading.

Uniswap is different. For one thing, it is an entirely decentralized crypto exchange that runs on the Ethereum Blockchain. Instead of being owned, operated, and regulated by a single central authority, Uniswap makes use of a relatively newer crypto trading model known as automated liquidity protocol (ALP).

This protocol works by providing incentives to traders to become liquidity providers, in which case traders will pool their money together to create a fund that is used to execute all trades occurring on the platform.

In this way, users can execute a trade without having to wait for an opposite party. Trades can be executed immediately by liquidity providers at a known price.

Created in 2018 on the Ethereum Blockchain, today Uniswap is the second-largest crypto platform by market cap, making it compatible with all ERC-20 tokens and various crypto infrastructures such as MetaMask and MyEtherWallet services.

How to Buy SHIB on Uniswap

As mentioned, Uniswap is compatible with both MetaMask and Ethereum wallets, which means you can buy SHIB on Uniswap using any of these two wallets. In the following step-by-step guide, we will explain how to buy Shiba Inu on Uniswap using a MetaMask wallet.

Step One

To buy Shiba Inu on Uniswap, you will first need to buy Ether or US Dollar Tether coin (USDT). Therefore the first step is to buy either Ether or USDT from Coinbase. If you are a MetaMask user already and have either one of these two tokens in your wallet, you can skip step one and step two.

Step Two

Next, transfer your Ether or USDT to your MetaMask wallet

Step Three

Head on over to Uniswap and launch the app. On the ‘Swap’ page select SHIB as the token you would like to receive. However, since Uniswap is an open-source exchange, there are many different tokens under the same name. To ensure that you select the correct SHIB, do a quick search on Coinmarketcap for SHIB on Uniswap and follow the provided link.

Step Four

Select the token you would like to swap for SHIB and specify the amount of that token you would like to provide. Upon doing so, you should see the value in U.S dollars of your input currency.

Step Five

Click on the big blue button that reads ‘Swap’. You will be redirected to a confirmation page where the details of your exchange will be given. Make sure everything is in order and then click the big blue button that reads ‘Confirm Swap’.

Once you confirm the swap on the MetaMask popup, your transaction will be processed and you should receive your SHIB tokens within 10 minutes.

Conclusion

Due to the massive hype currently surrounding Shiba Inu, crypto traders are scrambling to get their hands on this crypto-token, causing its exchange value to increase substantially. Today, you can easily buy Shiba Inu on Uniswap, as well as other platforms. Lastly, given the ever-increasing value that SHIB is seeing today, it is easy to see how your investment in SHIB will pay off in the near future.  

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