How to Buy Shiba Inu Coin as Price of Dogecoin Rival Skyrockets

The Shiba Inu coin (SHIB), a meme cryptocurrency inspired by the recent renewed interest in Dogecoin, can currently be purchased on decentralized cryptocurrency exchange platform Uniswap and 1Inch.

How to buy Shiba Inu coins

Buyers will need to connect a supported cryptocurrency wallet to UniSwap or 1Inch, such as Metamask, TrustWallet, or Coinbase wallet.

This wallet will need to contain funds of a supported cryptocurrency. Users should carefully check that they have correctly imported the SHIB token address for the swap.

Configure the currency you wish to exchange for Shiba, and set your slippage (price change) tolerances and the amount of time you are willing to wait for the transaction to excute at the desired settings.

With everything set correctly, users can execute the swap and approve the transaction on their wallet.

The risks

The Shiba Inu website states that SHIB is available to exchange on Uniswap, where 50 percent of its total supply was placed. 1Inch is also currently offering swaps for SHIB.

The remaining 50 percent of the total supply of shiba coins was sent to the wallet of Vitalik Buterin, the Russian-Canadian programmer who co-founded Ethereum, the world's second largest cryptocurrency by market cap value. This unorthodox move means Buterin potentially has the ability to affect the shiba price by selling off large amounts, but also potentially at the cost of his own reputation within the cryptocurrency community.

"We were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don't own team tokens they can dump on the community," the shiba website calims.

Users should also be aware of the risks that come with cryptocurrency investments, which are not backed by a government. The U.S. Federal Trade Commission advises: "Cryptocurrency accounts are not insured by a government like U.S. dollars deposited into a bank account.

"If you store cryptocurrency with a third-party company, and the company goes out of business or is hacked, the government has no obligation to step in and help get your money back."

The prices of cryptocurrencies can also be more volatile. The FTC warns: "The value of a cryptocurrency can vary rapidly, even changing by the hour. It depends on many factors, including supply and demand.

"An investment that's worth thousands of dollars today might be worth only hundreds tomorrow. And, if the value goes down, there's no guarantee it will go up again," the FTC says.

Users should also note any fees that may apply with cryptocurrency investments, such as trading, deposit and withdrawal fees. See the respective company websites for more information on fees.

dogecoin bitcoin cryptocurrency January 2021
A photo illustration of dogecoin and other cryptocurrencies displayed on January 29, 2021 in Katwijk of the Netherlands. Yuriko Nakao/Getty Images