It can be said without any doubt that the world of cryptocurrency has taken off in the last few years like never before. Today, new cryptocurrencies, online exchanges, wallets, and other crypto services are becoming widely accessible and easier for the average internet user to become familiar with.
The latest addition to the vast collection of available cryptocurrencies, Shiba Inu on Binance US, has caught the attention of many crypto traders and investors. In fact, this hype was mostly created by the announcement that Shiba Inu, or SHIB, trading will commence in June on Coinbase Pro. However, the cryptocurrency was never introduced on the Coinbase platform.
Nevertheless, on May 10, the largest crypto exchange in the world, Binance, launched Shiba Inu by adding it to its supported cryptocurrencies list. Not only did the social media hype surrounding SHIB skyrocket after this event, but it also caused the value of Shiba Inu to increase by a whopping 164% in just a single day.
While no one can say for sure when the value will skyrocket again, many people are currently scrambling to buy Shiba Inu. This article will outline how to buy Shiba Inu on Binance US, explaining what Shiba Inu is, where you can buy it, how you can buy it, and what all the tremendous hype is all about.
What is Shiba Inu Coin?
As you may or may not already know, Shiba Inu coin is a cryptocurrency that runs on the Ethereum blockchain (otherwise referred to as an ERC-20 token). Importantly, the Shiba Inu coin utilizes the smart contract technology that the Ethereum network is known for.
The authors and developers of Shiba Inu wrote out a 22-page long white paper within which they stated that the main purpose of the Shiba Inu crypto token is to preserve a central facet of the cryptocurrency sphere: decentralization. Like almost all other cryptocurrencies and crypto services, Shiba Inu partakes in decentralized finance, which simply means that third-party institutions have no meditative role to play in the transactions of these currencies.
Shiba Inu’s mission is to preserve the transparent and decentralized nature of cryptocurrency trading. Therefore, the cryptocurrency can be thought of as collectively decentralized or a community-run crypto token.
Shiba Inu’s white paper also explains why a community-run, decentralized crypto token like SHIB must run on the Ethereum network. The blockchain that powers Ethereum is known for being secure, fast, and highly well established. Moreover, the Ethereum blockchain allows all transactions and trades of Shiba Inu to remain entirely independent of third-party moderating forces.
There have been a few important developments surrounding the Shiba Inu crypto coin that are essential for anyone looking to buy SHIB to know. These developments also serve as important lessons for traders and investors when it comes to new crypto tokens, and especially about the publicity that surrounds them.
What is interesting to note is that 50% of SHIB’s supply of tokens was sent to the crypto wallet of Ethereum’s founder Vitalik Buterin. This fact was revealed in the Shiba Inu white paper and, upon its release, many crypto traders and investors wondered what the reason behind this was. While some believe it was merely a publicity stunt to pull more attention towards the new cryptocurrency, others believe that this was done to keep the supply of Shiba Inu scarce to avoid letting its value drop due to inflation.
However, as many people are likely aware, this event seemed to stick a spanner in the workings of Shiba Inu very early. On May 12, only 2 days after SHIB was made available for trading on Binance US, Buterin announced that he had decided to sell $1 billion worth of SHIB tokens and donate the amount to charity. Interestingly, although Buterin’s actions were clearly for a good cause, many SHIB holders and traders were very unnerved by this event as it could have diminished the value of SHIB by a large degree.
However, on May 16, Buterin announced that instead of donating all his SHIB tokens, he had decided to burn 90% of them and donate just 10% to charity. This news came to the delight of many SHIB holders, as it meant that there would be a scarcity of Shiba Inu following Buterin’s actions. Scarcity means the value of the crypto is highly likely to go up, which is exactly the trend that SHIB holders saw.
Where to Buy Shiba Inu
While Binance US was the very first platform to make Shiba Inu available, there are now multiple online platforms where you can buy SHIB. Some of these are crypto.com, KuCoin, and Atomic Wallet. Moreover, you can also buy Shiba Inu coin on Uniswap via Trust Wallet, where you are required to exchange Ether (the native cryptocurrency of the Ethereum network) for SHIB.
While it is possible to buy SHIB on any one of the online platforms mentioned above, this article will only guide you on how to buy Shiba Inu on Binance US.
How to Buy Shiba Inu on Binance US
Please note that this article does not provide any financial advice, and all information regarding buying cryptocurrency is strictly for educational purposes.
The first step to buying SHIB on Binance US is to create a Binance account. If you do not have a Binance US account, head over to Binance and create an account by selecting ‘Register Now’ from the site’s home page.
If you already have a Binance account, log in and select ‘Buy Crypto’ from the toolbar on the top-left-hand corner of the Binance homepage. From the drop-down menu that appears, select the method by which you would like to purchase your SHIB tokens.
While you can use a credit/debit card, bank transfer (P2P trading), or even a third-party payment to purchase Shiba Inu, due to credit/debit cards being the most common payment method, this article will only explain how to buy SHIB using a credit or debit card.
Once you select ‘Credit/Debit Card’ from the drop-down menu, you will be redirected to a page where you will be prompted to enter the details of your purchase. From the drop-down menu under currency, select the currency you will be paying in (depending on your country of residence). Residents of the United States will choose US Dollar here, for example.
Next, from the drop-down menu below the currency selection, choose the cryptocurrency coin you would like to purchase. Since you will be buying Shiba Inu on Binance US, from this drop-down menu, you will need to select the coin that will let you buy SHIB.
It is very important to note here that there are actually two different coins that you can purchase to buy SHIB. The first one of these is called BUSD, which will show up in the relevant drop-down menu. This coin can be converted into the SHIB coin once purchased.
The other one of these coins is called USDT, also known as Tether US. This coin will show up in the relevant drop-down menu and, after being purchased, can also be converted to SHIB.
Moreover, if you have BNB, the native cryptocurrency of the Binance exchange, in your wallet, you can convert it to BUSD rather than directly purchasing BUSD with fiat currency using a card or bank transfer. For this reason, many traders and investors who already use the Binance exchange would opt for BUSD over Tether US.
Once you have finalized all your selections, click the yellow icon that reads ‘Buy BUSD’/‘Buy USDT’. Within a matter of seconds, your chosen cryptocurrency (BUSD or USDT) will be sent to your crypto wallet.
To view and manage the cryptocurrency in your wallet, select ‘Wallet’ from the toolbar at the top of the Binance site, and from the drop-down menu that appears, select ‘Fiat and Spot’.
Once your BUSD is safely in your wallet, head over to the Binance trading interface and use your BUSD to buy the amount of SHIB you need. While this is more or less a straightforward task, the Binance trading interface can be rather confusing for those who have never used it before.
While there is no denying the massive popularity of Shiba Inu right now, as with all cryptocurrencies, it is very difficult to predict what the future trends of SHIB look like. Regardless, given the current trend of buying Shiba Inu on Binance US, it is highly likely that investing in SHIB will pay off in the near future.