• Mon. Apr 22nd, 2024

What is Shiba Inu Used For?

Shiba Inu

 Shiba Inu

Shiba Inu coin is one of the latest cryptocurrencies in the market that continues to attract investors’ attention. Launched in 2020 by Ryoshi, the coin was based on a dog meme, and many users see it as a “Dogecoin killer.” Moreover, the cryptocurrency is built on the Ethereum blockchain to operate smart contracts — a unique element that makes it useful in various ways.

Shiba Inu’s popularity continues to grow, and as a new investor, you probably want to dive right into this investment and try your luck. However, it is crucial that you learn everything about Shiba Inu before putting up your money in this investment. Luckily, we help you below understand the uses of Shiba Inu to make the best investment decisions. 

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Buying Shiba Inu

Shiba Inu runs as an ERC20 token on the Ethereum blockchain, making it a safe investment asset. However, how do you invest in this crypto for maximum profitability? Besides the decentralized ShibaSwap exchange, investors can buy this coin through centralized exchanges and brokerage firms. 

Regardless of your jurisdiction area, note that there are plenty of crypto exchanges and brokers for buying Shiba Inu. To invest safely, ensure you conduct thorough research and ensure they are overseen by top-tier authorities and are rated safe by users. Most importantly, the platforms should meet your investment needs for maximum experience. Also, learn how to successfully purchase the Shiba crypto from this guide on the best places where you can buy shiba inu

One element that drives investors to a cryptocurrency exchange or broker is the ability to buy Shiba Inu using their preferred payment methods, whether e-wallets like PayPal, bank transfers, or debit/credit cards. The good news is that there are plenty of accepted transaction methods and all you have to do is confirm which one your preferred service provider allows. Plus, ensure you have a cryptocurrency wallet to store your Shiba coins once the purchase is completed. 

Uses Of Shiba Inu

Understanding Shiba Inu helps you get an insight into what it brings into the financial market and make the best investment decision. Here are the uses of this cryptocurrency.

  1. Digital Currency

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Like popular cryptocurrencies, Shiba Inu is used as a digital currency to make online purchases. However, not all businesses and countries will accept this cryptocurrency for transactions, and that is why it is essential to confirm where applicable. Simply put, Shiba Inu is still new in the market, and it is yet to be accepted globally, like popular coins like Bitcoin and Ethereum. 

For instance, you can use Shiba Inu to transact in Canada, the US, Turkey, Australia, and some European countries like Germany, Italy, and more. When it comes to companies that accept the coin for payments, they include Tesla, GameStop, AMC Entertainment Holdings, etc. Such companies are world-renowned, and you can decide to use your Shiba crypto to invest in their shares. 

  1. Decentralized Cryptocurrency Exchange

In 2021, the team behind Shiba Inu launched ShibaSwap — a decentralized cryptocurrency exchange. The main goal of introducing the ShibaSwap exchange is to allow cryptocurrency traders to exchange their cryptos for Shiba coins without going through account registration processes. Since Ethereum is its blockchain wallet, the tokens offered are specifically built on the blockchain. This has contributed to Shiba Inu’s increase in value and a considerable investment asset. 

Investors can also benefit from the ShibaSwap exchange by staking or depositing their cryptocurrencies so that ShibaSwap can use them. By staking your tokens, the exchange will reward you in return. Note that there are only three tokens investors can store their value with on the ShibaSwap exchange, including Shiba (SHIB), Bitcoin ShibaSwap (BONE), and Doge Killer (LEASH).

Another use of ShibaSwap decentralized crypto exchange is that it offers a marketplace for 10,000 exclusive Shiba Inu non-fungible tokens (NFTs) called Shiboshis. You can purchase, construct and trade Shiboshis on this exchange at a low cost. 

Final Thoughts

Buying Shiba Inu has alot of benefits, and it is advisable to invest in it now that its price is still low. For instance, you can store the cryptocurrency in your crypto wallet and monitor market conditions for opportunities for profits. Do not fret about its long-term availability since it is slowly being accepted in global countries as a payment method. Besides, its popularity among investors is skyrocketing, and the fact that it is based on the Ethereum blockchain makes it a potentially lucrative asset that is here to stay. 

Additionally, if you like making online purchases such as investing in stocks, Shiba Inu crypto can be your preferred digital currency. This is as long as it is accepted by the company or platform in which you are making the purchase. Lastly, consider buying Shiba Inu on safe and regulated platforms with a wide array of assets. Portfolio diversification has proven to be one of the best cryptocurrency trading strategies that you should never overlook.

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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.