THIS ARTICLE IS NOW OUTDATED. THE PLACE TO BUY SHIB AND OTHER TOKENS IS NOW https://shibaswap.com
You now know about $SHIB, a decentralized coin living on the Ethereum network. $SHIB is particularly interesting for a few reasons:
It has a HUGE supply.
When $SHIB was created, it emitted, literally, ALL the possible tokens. That is 1,000,000,000,000,000 or in other words, 1 quadrillion tokens (1e+15). A little more than half, was given away to Vitalik Buterin, one of the Ethereum creators. What does that mean? That, unless Vitalik takes this away, there is no risk of rug-pulling for $SHIB.
Almost all of the available $SHIB is sold now.
Even with this huge numbers, $SHIB is almost all sold.
Less than 6% of all the supply is up for grabs, and with current prices, you will be able to get millions, or even billions of $SHIB with a few dollars.
It could be a perfect tool for learning about trading today.
The extremely low price per token means that you can trade big numbers of $SHIB tokens to learn the ropes. The somewhat stable behavior (except for the big pump it had weeks ago) will let you understand highs, lows, when people buy and when people usually sell.
SHIBASWAP, a swap service based on $SHIB, is releasing soon.
The $SHIB community is pretty excited with this release, so expect high activity (and probably higher prices) when this goes live.
We will have a nice article when this happens, so don’t forget to check back then!
So, are you convinced now?
If you want to start trading or holding $SHIB, you can do it now. There are many ways to do that, so this guide might be a bit generic, but we hope it will guide you if you know little about crypto currencies
Step 0 : Get a wallet!
If you don’t have a crypto wallet, get one now. The easiest way is to use Metamask. This will let you trade from your personal computer (note the emphasis in “personal”) easily, by integrating into the browser. Just get your own if you don’t have one now.
A fair warning. If you are not familiar with crypto wallets, be sure to research this well. Keep your 12 secret words safely stored, and never share them with anyone!
Step 1: Buy some ETH
Since today $SHIB lives on Ethereum, the best way to buy $SHIB will be buying Ethereum first. There are many ways to to that. Some of them are:
- Open a Binance or Coinbase account, get some ETH, and transfer them to your metamask wallet.
- Buy directly on a site like https://1inch.exchange
- Exchange some of your current cryptocurrencies for ETH.
Please note that, depending on the country or platform, you might have to go through some identification process to be able to trade. In any way, is no worse than opening a bank account.
Step 2: Convert your ETH to $SHIB
In this case we will use 1inch exchange. But you are free to use whatever you like.
When you enter to 1inch the first time, you will see a Connect Wallet button. Use this to connect to Metamask.
Now you are ready to buy, just choose the right amount of ETH, see how many $SHIB you can get, check the Estimated Fee value, and press SWAP Token:
It your ETH is enough to pay for the $SHIB and the Fee, you will be ready to go. Confirm your Swap, and be ready to approve any notification in Metamask.
There are a number of things you should know.
ETH fees are unavoidable. Sometimes they can be crazy high! If you want to learn to trade crypto currencies in the Ethereum network, you need to learn how to get the best ETH gas prices. Do some research, and learn when the prices are lower.
As a friendly advice. If the fee seems to low, careful. You might end losing the fee completely with a failed transaction. I once did a very expensive transaction for 80 dollars, when the price should be around $190. Thinking I was getting a great deal, I tried to run it. Result: Failed transaction and $80 dollars lost!
Beware of “airdrops” and fakes!
There are plenty of scams out there, particularly in Telegram. Most of them are bots that will ask you to send ETH to an address. If you see an offer of an airdrop, check with the official sources first.
There are also fake $SHIB versions online, like the one in BSC currently. You can find the fake here: https://bscscan.com/token/0xf09a100c32d780f0a48754e43533f9fb374e85f9
Just compare the 500+ holders (meaning, people that has the coin) with the 8500+ that holds the real $SHIB today. 500 people got scammed by buying a fake $SHIB.
There is also a fake $SHIB twitter accounts, that claim to be official. If you want to follow the official account, follow @shibtoken.
Ready to start?
$SHIB is a perfect coin for newbies, and for the more seasoned trader, a coin with lots of potential, due to its low price and the ecosystem that is rapidly evolving. Get a bag of $SHIB and follow us at @shibinformer.