DOGE has been a crazy culture hit and there are a bunch of such culture-based coins taking over the world. Like you there are many folks who wanted to know how to buy SHIB. We have listed here a couple of ways — centralized and decentralized exchange options.
What is Shiba Inu
SHIB is an experiment in decentralized spontaneous community building. SHIB token is our first token and allows users to hold Billions or even Trillions of them.
How to buy SHIB on Uniswap
Uniswap is a decentralized exchange. That means you can buy directly using your Metamask or other Ethereum wallet. You would need Ethereum or USDT to start with on your wallet. We will explain with Metamask wallet
Step 1: Buy ETH or USDT on Coinbase
For any decentralized swap that you have to do, you would need Ethereum to perform this transaction. If you are already a Metamask user and have Ethereum/USDT in your wallet — you can skip step 1 and 2.
You can read about how to initially buy your Ethereum on Coinbase from this article.
Step 2: Transfer it to Metamask
Transfer the purchased Ethereum to your Metamask wallet. Make sure to use the right Ethereum address. Sending funds to the wrong address could lead to a loss of funds.
Step 3: Head to Uniswap
Head to app.uniswap.org. The good thing about this link is we have selected SHIB as the right token. This would be tricky because there are multiple tokens created with the same name. Searching for them could lead to a wrong SHIB. We have got the link from Coinmarketcap for Uniswap and added it.
The screen would like the above screenshot. You would need to enter the amount of Ethereum you would like to buy SHIB for. Do not give a total number as you will need some for paying the fees. This fee could change depending on the traffic on the Ethereum platform. Could vary between $25 to $250 depending on the peak usage of the blockchain.
Step 4: Swap for SHIB
In this example, I am providing ETH worth $500. This could be any number depending on your balance. The beauty of Uniswap’s latest version is that you can see the value in USD and the output coins and their value in USD. It is common to fluctuate a few dollars as you can see $517 converting to $507 — this is because of fees you pay for Uniswap, change in the price of SHIB while you are buying, etc.,
One thing to observe here is “Get a better price on v2” — This is a message shown on Uniswap latest version V3 — because the V2 is still active and many users are providing liquidity there. More the liquidity, better stability — so the prices could be lower on V2. They are kind enough to show it on this interface and help us go to V2 directly by clicking on that button. Nothing changes, you just get a better rate. I clicked on it and see the following screen
Click on that Big Blue Swap button to trigger your transaction. This should bring up confirmation popup as shown beside.
When confirmed, it shows your Metamask popup. This popup will show you the 0.125ETH plus the fees that could be relevant. In this screenshot, as you can see the current GAS fees is 131$ and it has added it up in Total.
Once you confirm on the Metamask popup, it will process the transaction and swap your Ethereum for SHIB tokens. This could take some time ranging from 1–10 minutes again depending on the amount of traffic on Ethereum blockchain. Once the transaction is completed, your balance of SHIB will increase appropriately.
Step 5: Celebrate the purchase
You’ve done it. You’ve bought SHIB and you will see it on your Ethereum address.
To check your balance, a simple way is to take your Metamask address and use Zerion to visualize your portfolio. It’s a beautifully built platform.
All you have to do is to go to https://app.zerion.io and paste your address in top search bar. It will show all your token balances.
P.S: This is not an investment advice!
This post was originally published at https://vamshi.medium.com/how-to-buy-shib-token-or-shiba-inu-coin-37ca92dce6ea