India Gear Up to Buy Shiba Inu Coin as it is Gaining Popularity

Shiba Inu coin is growing in popularity and here's how one can buy Shiba Inu coins in India

Shiba Inu coin is also hungry for fame as Dogecoin received a lot in the last few weeks. The mascot of the Shiba Inu is almost similar to Dogecoin and is also trying to beat it as the Shiba coin price has gone up by 120% in the last 24 hours and 1,970.57% in the last week. Ever heard of Shiba Inu? Let's get you to know about it.

What is Shiba Inu?

Shiba Inu coin is hosted on the Ethereum blockchain and is becoming one of the highest growing cryptocurrencies considering all 100 coins in the market. The coin was created from inspiration from Dogecoin. However, don't compare it with Dogecoin, thinking Shibu Inu is also a joke-inspired coin.

It works as part of a decentralized exchange website. Many people are vouching for this coin because of its growing popularity. Shiba Inu Token is the principal coin that was hosted on Uniswap. However, it rose by more than 300% when Elon Musk tweeted that he is looking for a Shiba pup.

The official website of Shiba Inu Token calls itself the Doge killer, aiming to accelerate more decentralization and empowering more control sharing within the community instead of original developers.

If we look at the valuation, Shiba Inu coin price has gone up to $0.00003880 from $0.00001834 in a matter of 24 hours on 11th May 2021. Currently, the market value of Shiba Inu (SHIB) is $30.48 billion.

How to Buy Shiba Inu Coin in India?

Unlike other cryptocurrencies, which can be traded on WazirX, Shiba Inu isn't available on WazirX. There are two ways to buy Shiba Inu coins in India

CoinDCX Platform

You can buy Shiba Inu coins on CoinDCX, that too only on the web version of this platform. However, you cannot buy it in the Indian currency (INR). You will have to purchase USDT / BUSD with INR. This can cost higher transaction fees. Experts suggest that while investing in Shiba Inu coins, it's better to keep it for the long-term and avoid frequent conversion of USDT and INR.

Uniswap Platform

Shiba Inu's website states that the coins can be bought in India from the Uniswap platform. Uniswap is a decentralized trade (DEX) on Ethereum's network, which allows buying and selling cryptocurrencies for ETH and other Ethereum-based tokens. To date, Uniswap has more than $2 billion locked in their conventions. Many investors use Uniswap as it helps them to convert over their Ethereum based tokens.

But here, you will have to create a digital wallet and integrate it with the Uniswap platform. The most preferred choices for a digital wallet are Coinbase Wallet and Metamask.  After your wallet integration, you can use ETH to buy Shiba Inu coins. Again, transferring the exchange to your wallet may cost you fees.

These coins are highly volatile. So make your investments carefully as they are referred to as 'get rich quick' coins.