How To Buy Shiba Inu Coin, The Self-Proclaimed “Dogecoin-Killer”

How To Buy Shiba Inu Coin, The Self-Proclaimed “Dogecoin-Killer”

pinterest pin for shiba inu coin
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If you’re reading this, it’s probably because you saw recent crazy headlines like how someone put $17 into Shiba Inu Coin in October 2020 and in May 2021 that $17 is worth over $6 million.

Or you heard your friend invest in it early and got the 20,000% returns in a few months and you want some of those returns too, after all, you have student-loans to pay or a wedding to save for.

What is Shiba Inu coin?

And how can you get some?

Keep reading as we discuss all of this.

Long story short, shiba inu coin is a form of digital currency that people can send back and forth between each other instead of actual money.

You cannot mine it like you can with bitcoin or dogecoin.

With shiba inu coin the only way to get more right now is to buy it.

How To Buy Shiba Inu Coin?

Step 1: Download Coinbase App + Coinbase Wallet

picture showing coinbase app and coinbase wallet app

I had already downloaded coinbase app months before I downloaded coinbase wallet.

So how I understand it is, after you download coinbase app, download the coinbase wallet too.

You’re going to need both.

By the way, if you can’t access coinbase for whatever reason, you can do all of what I’m about to mention on metamask as well.

It doesn’t have to be with coinbase apps.

In fact, there are countless apps you can use to buy shiba inu, because to my understanding, most of the cryptocurrency wallets allow a browser section where you can buy shiba inu coins.

Step 2: Connect Your Bank Account

Connect your bank account or debit card to both your coinbase app and your coinbase wallet.

I only say this because I had some friends who tried to connect a bank or debit card to their coinbase wallet and it didn’t work.

Step 3: Transfer What You’re Willing To Lose

picture showing some coins in coinbase wallet
picture showing some coins in coinbase wallet

After connecting your bank to coinbase app, transfer only as much as you’re willing to lose.

Not only that, but coinbase app only allows you to transfer over up to $25,000 per day.

So if you are a big baller and REALLY wanted to transfer over say $100,000 in one day, you can make an AnchorUSD account, another wallet/exchange, and repeat roughly the same steps to linking a bank account and transferring over $25,000 into ethereum and then transferring over the ethereum to your coinbase wallet to combine with your other $25,000 to make a $50,000 purchase.

Regardless of how much money you put in, you want to buy ethereum.

“Wait, ethereum?” you ask. “I thought we were buying shiba inu coin?”

Well, yes, we are, but we have to buy ethereum first to convert into shiba inu coin.

You can’t just buy shiba inu coin directly unless you’re using binance app, from what I heard.

But because I live in New York, where Binance app is blocked, I can only vouch for buying it via coinbase, and via coinbase requires this round-about way of doing it.

“But what the heck is ethereum? And why do we need to buy it first?”

Ethereum is kind of like the foundation for all things cryptocurrency related, much more than bitcoin.

Whereas bitcoin is your meat and potatoes digital gold brick, all it does is store value and can be used as digital currency, think of ethereum as clay.

It can be cryptocurrency and used like money.

It can be used as the foundation to be made into video games that pay you money when you win in the game.

Ethereum has also been used as the foundation for NFT’s, non-fungible tokens, which for the sake of this article we won’t dive deeper just yet.

Ethereum is made up of code.

It’s the source code that all alt-dog coins (such as shiba inu coin) are based off of.

Other alt (alternative) dog coins such as kishu inu, akita inu, shabasu inu, hokkaidu inu, and hoge, are based on the ethereum code because of the malleability for the code to be many things and do many things as opposed to the code that makes up bitcoin or dogecoin.

Step 4: Convert Ethereum To Shiba Inu Coin

google search for uniswap in browser
google search for uniswap in browser

Once you bought ethereum, you’re going to want to go to the browser tab in your coinbase wallet.

On the coinbase wallet, it looks like 4 squares at the bottom middle of the screen.

On your metamask wallet, it just says “browser” on the left side when you click on trying to look for settings or options.

Back to coinbase wallet.

Once you’ve clicked on the 4 squares tab to enter browser mode, search for “uniswap.”

uniswap after googling
uniswap

You should see a website that’s uniswap.org.

On uniswap.org, scroll down until you see “use uniswap.”

use uniswap
use uniswap

Click on that.

It will bring you to a page where you can link your coinbase wallet to your uniswap without you needing to make a uniswap account.

Remember to keep in mind how much ethereum you have.

In the “select a token” section, click on that and search for shiba inu coin.

Once you type in “shiba” and search, shiba inu coin should pop up. Click on it.

Now here’s where you need to pay attention to a few things.

In the corner, you’ll see the gears symbol for settings.

setting the slippage to 3%
setting the slippage to 3%

Click on it, and in the percentage field, set the slippage to 3%.

It is recommended that you put in 3-7% to make the trade happen.

Anything less than 3% and there’s a chance your trade doesn’t happen because the system didn’t find the numbers to match up.

How I understand slippage percentage is let’s say you’re trying to buy 1 million shiba inu coins for a certain price of ethereum.

trying to buy 1 million shiba coins
trying to buy 1 million shiba coins

If you set the slippage to 1% or lower, it will try its hardest to buy you shiba inu coins that are trading for that specific slippage rate, meaning within 1% or lower of your prices to make it happen.

Sometimes for alt-coins because the trading volume isn’t as much as the bigger coins, the results in bad deals or bad trades where you end up overpaying for gas fees just so the ethereum network could try to make the deal happen.

I had a friend try to buy $1 worth of shiba inu but because their slippage was set to 1%, it kept costing them 100% higher gas fees.

Once I told them they had to set their slippage to 3-7% as suggested by the shiba inu or other dog coin websites, the gas price lowered and they were able to put in more money for principle.

Just be prepared for your numbers to vary within that 3-7% radius.

It is recommended that instead of putting in however much ethereum you have to exchange for shiba inu coins, you should put a clean even amount of numbers into the shiba inu quantity field.

Why?

Because the more even the number, the easier it is for the uniswap system to fulfill your order.

For example in the picture, I am putting in 1 million shiba inu coins, which cost around $30 in ethereum around the time of this article.

But here’s the kicker.

It costed about $200-300 worth of gas fees to buy that $30 worth of shiba inu coin.

high gas fees to buy
high gas fees to buy

What is “gas fee?”

It’s one part the bane of anyone’s existence if they’re buying or selling stuff that’s ethereum related.

You see, because bitcoin doesn’t have a gas fee, if for whatever reason the whole world decided to start randomly selling and buying bitcoin like crazy, all of that volume trading will create congestion and traffic in the bitcoin code over the internet, thus slowing down transactions for everyone.

Think of ethereum gas fees as the surge pricing when you’re trying to find an Uber during a busy Friday night in a crowded party area.

The ethereum gas fee makes sure that only the people who REALLY need or want to make the transactions are paying for it, same as trying to get an Uber.

If you can walk home but were just lazy and ordered an Uber, if the surge pricing made the ride go from $5 to $50, maybe you would rethink ordering that Uber.

But if for whatever reason you were in an emergency, you might be willing to pay that $50 to go somewhere faster.

The same goes for gas fees.

If you wanted to invest $100 into shiba inu coins, sorry to say, right now you can’t.

Gas fees at the time of this writing in May 2021 went from an average of $20 anytime I checked it, to now $200-300.

So if you wanted to put $100 into shiba inu coins, you’d need around $400 to be safe, and only $100 of that $400 would go toward the principle of the coins, the rest will go away as gas money for the conversation of ethereum to shiba inu coins.

Why is gas fee even a thing?

I think it’s to help the ethereum network not get bogged down by unnecessary transactions or frenetic trading of people who don’t usually pay commissions on their trades, like Robinhood stock traders.

The cool thing about gas fee is that it allows you to set the price.

The lower the gas fee you set, the slower the transaction happens.

The slower the transaction, the chance of it not being fulfilled and it ends up cancelling.

The more gas fee or gas money you pay, the faster your transaction happens and the more likely it is to be fulfilled.

From what I noticed, uniswap automatically fulfills at at fast gas speed and gas fee.

If you find that the gas fee is too high, you can always come back at a different time to check it out.

I used to buy my dog coins at night because that was when gas was cheap, when people on east coast america or night time west coast were asleep or going to sleep, or people in Asia were on their lunch breaks, but ever since shiba inu coin entered prominent chinese swap exchanges, more than 10% of the ethereum gas fees used in the world was now for shiba inu coins, driving up the price of gas considerably and thus making sure that less of your principle ends up in your preferred dog coin.

Which isn’t always ideal.

This is why, if you’re going to buy shiba inu coins, see if you can put in more than $1000.

Because if the gas fee is $200-300 regardless of whether you put in $1 or $1000 (I checked), then the more you put in, the more principle you can get for your money besides the gas fee.

So when my friends said they had $100 or $1000 to put into shiba inu, I told them straight up “You’re going to need more money than that. The gas fees alone will kill you.”

Read more on gas fees from these 2 articles:

From ethereum.org

From investopedia.com

Step 5: Gloat To Your Friends

However much money you did put in, once you bought some shiba inu coins, you can now gloat to your friends that if Shiba Inu coin ever went up to $1 you’d be a multi-millionaire or multi-billionaire.

But to be honest, based on some armchair math, if shiba inu coin currently has a circulating supply of 400 trillion coins, if it goes to a dollar per coin, that would mean shiba inu’s market cap would be worth more than $400 trillion dollars.

That level of money is astronomical considering its market cap would be worth more than the GDP of majority of the world’s countries combined.

So I wouldn’t trust anyone saying that shiba inu coin is going to $1 or 50 cents.

If it goes up to just a penny per coin, you’d be pretty rich anyways assuming you got it at a decent price.

Summary

Download coinbase wallet and link to coinbase app.

Link bank account.

Transfer money over and buy ethereum.

Go to browser.

Open up uniswap in browser and link coinbase wallet.

Put in how much shiba inu coin you want.

Put slippage to 3-7% in settings to allow the trade to happen (1% is too tight and trades sometimes don’t happen).

Assess miner fee/gas fee.

If you can afford it, click swap.

Enjoy your shiba inu coins.

If you can’t afford or don’t want to afford the gas fees, come back at a later time. Maybe it will be cheaper.

Only buy what you can afford to lose if it all goes to zero dollars tomorrow.

If you find all of this too difficult and want to buy some dogecoin instead (much easier) read my article on the 3 simple steps to buy dogecoin.

Disclaimer: I am not a financial professional. This is meant to be for entertainment purposes only. None of this is meant to constitute financial advice and you should probably seek “real” financial advice from a “real” financial advisor before you do anything with your money.Don’t take my word on any of the numbers, info, etc. Do your own research.


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If you find all of this too difficult and want to buy some dogecoin instead (much easier) read my article on the 3 simple steps to buy dogecoin.


Jack The Dreamer

I'm a dreamer. But you know what? All the best people are. And if you're one too, join the revolution! My blog is about being financially independent and working towards that goal each and every single day so that we can all start living the life we've always dreamed of! Jack the Dreamer, over and out!

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