Shiba Inu is the most mentioned cryptocurrency on social media. After Dogecoin hit a new all-time high in 2021, Shiba Inu took its place and delivered massive returns to investors in 2021. Shiba Inu coin is one of the popular meme coins after Dogecoin. Shiba Inu coin is available to buy and sell on Trust wallet.
Shiba Inu coin was launched in August 2020. Shiba Inu coin is an ERC20 token that exists on the Ethereum blockchain. Shiba Inu coin has a supply of 1,000,000,000,000,000 which is 1 Quadrillion. Out of this 50% of the supply was sent to Vitalik Buterin's address. Vitalik Buterin donated 10% of his Shiba Inu to the Covid Relief fund in India and the remaining 450 trillion coins are burnt forever. The current circulating supply of Shiba Inu coin is just below 550 trillion.
Shiba Inu coin went mostly unnoticed until May 2021. And also in the last year, Shiba Inu has returned over 1280 times to its investors. If you have invested $100 in Shiba Inu in March 2021, it would have been worth over $128,000 in March 2022.
At the time of writing, the price of the Shiba Inu coin stands at $0.00002292 with a market cap of $12.585 billion. Shiba Inu coin is down 73.4% from its all-time high price of $0.00008616 in October 2021.
Shiba Inu coin is listed in many popular cryptocurrency exchanges like Binance, Coinbase, Kucoin, Huobi, and Crypto.com. Binance and Coinbase have the highest 24h trading volumes of Shiba Inu. Shiba Inu is also available on decentralized exchanges like Uniswap, 1inch, and Sushiswap. As Trust wallet is a Dapp browser, we can buy Shiba Inu directly from the Trust wallet app.
Creating wallet on Trust Wallet
Trust wallet is a non-custodial wallet, which means you can own private keys for your wallet. Trust Wallet is essentially an Ethereum wallet, but it also supports many other cryptocurrencies and blockchains. Trust wallet supports Ethereum, Binance Smart Chain, Polygon, Avalanche, and many other chains and decentralized applications on those blockchains.
Trust wallet is also a cryptocurrency wallet that supports many blockchains. So Trust wallet can be used to hold multiple cryptocurrencies in one app. Now, let's create a cryptocurrency wallet using the Trust wallet. Follow the steps below.
- Create a new wallet if you did not create a wallet before. Just click on 'Create a new wallet' and accept the terms of service
- Set up a passcode for your wallet
- Now you will be shown 12 words which you have to write down and store safely. Do not lose them and do not give it to anybody or you will lose all your funds. police surface exist congress dove bench picnic swift piece aware client muscle
- Now verify your secret phrase and click 'Done'. You have successfully created a cryptocurrency wallet
- Select the button on the top-right corner and add whatever cryptocurrency/token you want from the available list
- Search 'SHIB' and add it. It will be shown as Shiba Inu ERC20
- Now you will be able to see the SHIBA INU ticker in your wallet
We have set up the Trust wallet and now let's see how to buy Shiba Inu coins directly from the Trust wallet app.
Buying Shiba Inu Coin on Trust Wallet app
Trust wallet has a DApp browser. So we can interact with decentralized exchanges like Uniswap or Sushiswap to buy Shiba Inu coins or any other coins. Just follow what you see below
1. Firstly you should definitely have some Ethereum(ETH) in your wallet to buy Shiba Inu coin and also pay transaction fees. You can obtain ETH from another wallet, a friend, or an exchange like Coinbase, Binance, or Kucoin.
2. Now you have ETH in your wallet, let's go forward and buy Shiba Inu coin
3. Go to the 'DApps' tab in your Trust wallet, enter the Uniswap exchange link which is https://app.uniswap.org/ or select the Uniswap Exchange under the DeFi category
4. Connect your wallet and you will be able to see a Swap dashboard. You will be also able to see your ETH balance there.
5. As we swap from ETH to SHIB, select ETH on the top bar and SHIB on the bottom bar. To do that, search or type SHIB, click on 'Import'. Or you can just copy and paste this SHIB contract address, 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce, and click 'Import'. Either way, you end up as shown below
6. Enter the amount of ETH you want to convert to SHIB, or enter the amount of SHIB you want to buy. You cannot enter the maximum amount of ETH as you need some ETH to pay transaction fees
7. Click on 'Swap' and check the details once again, and Confirm swap
8. Now, you will get a prompt, which is a Smart Contract Call, as you are performing a swap. If the 'Max Total' is more than the total amount in your wallet, you will not be able to make the transaction. It shows 'Insufficient Ethereum(ETH) balance'
9. Make sure the 'Max Total' is less than the amount of ETH in your wallet. Max Total is the sum of the amount you want to swap and the network fee which is the Ethereum gas fee. You have to pay some Ethereum gas fees to buy Shiba Inu on Trust wallet. This network fee depends on the number of transactions happening at the time on the Ethereum network
10. If you are good, click 'Confirm'. In a few minutes, your transaction will be processed and you will be able to see your Shiba Inu coin balance updated in the 'Wallet' tab.
You have successfully bought the Shiba Inu coin on the Trust wallet app. You can swap your SHIB back to ETH in the same way and also you can buy any other coin with ETH on Uniswap.
Disclaimer: Cryptocurrency investments are risky. Invest only what you can afford to lose.
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