What is Shiba Inu | Where to Buy SHIB in the Philippines
Shiba Inu token (SHIB) was initially created by an individual named Ryoshi to make fun of another cryptocurrency, Dogecoin. Hence, dubbing SHIB as the Dogecoin Killer. But because of the hype and support of the community (called ShibArmy). It had developed its own decentralized exchange (DEX) named Shibswap where its users could swap crypto with SHIB and stake SHIB and earn interest through the DEX.
SHIB is on the Ethereum blockchain unlike DOGECOIN which has its own blockchain.
DISCLAIMER: This is not financial advice. The objective of the article is to educate the reader about the specific cryptocurrency. Practice due diligence in researching crypto before investing.
How to buy SHIB in the Philippines
Since the huge spike of SHIB which eventually reached its all time high (ATH) in October 2021, Some Filipinos started investing on this token because of the hype.
How to Buy SHIB TOKEN in Coins.ph?
As of July 19, 2022 it’s currently available to select Android users.
1) Sign up with a Coins.ph account. (If you already have an account and are already ID and selfie-verified, proceed to step 3.)
2) Get ID and Selfie-verified.
3) On the Coins.ph app, select “Crypto” and select “SHIB” from the drop-down menu to convert your PHP.
Other Places to Buy SHIB
You can purchase SHIB from Binance through P2P. This is the simplest out of the options mentioned in this article. Here are the steps:
- Log in or register to Binance
- Go to its P2P page
- Find a seller of USDT for your PHP
- Transfer USDT from Binance P2P to Binance Spot
- Find SHIB/USDT Pair
Via OTC, Shiba Inu is available in PDAX Prime. Learn more about PDAX Prime here.
SHIB enthusiasts have been using Uniswap, Huobi, Kucoin, Coinbase and Binance to swap or trade known cryptocurrencies and stablecoins with SHIB. It is also available in PDAX Prime.
Traders can also use their own decentralized exchange (DEX) ShibaSwap to swap ETH to SHIB. Staking SHIB can also earn LEASH and BONE.
What is the ecosystem of Shiba Inu?
Shiba Inu initially was created by Ryoshi with a supply of 1 quadrillion tokens. Half of it was locked in Uniswap while another half was given to Ethereum co-founder Vitalik Buterin. As of their website, this was for safekeeping.
Vitalik donated 10% of what he got from Ryoshi to help India’s fight in preventing further the spread of COVID-19. While 40% of it was “burned” or placed on a dead crypto wallet.
Shiba Inu’s ecosystem has three native tokens: SHIB, LEASH, and BONE.
SHIB is the foundational currency that traders can use as an investment into the ecosystem using the ShibaSwap platform.
LEASH was originally set to be a rebase token, but then they removed the rebase. It has a total supply of 107,646 tokens in circulation. This token is also used in ShibaSwap and holders can be rewarded for providing liquidity.
Lastly, BONE has 250,000,000 tokens. It serves as the Governance token which will allow the ShibArmy to vote on upcoming proposals on their Doggy DAO.
What is ShibaSwap?
ShibaSwap is a decentralized exchange (DEX) for the purpose of giving its users the ability to DIG (provide liquidity), BURY (stake), and swap tokens to gain returns through their reward system. The platform may also include its plans of having a non-fungible token (NFT) marketplace named Shiba Inu Incubator and other tools they plan to add into the platform.
SHIB Use Cases for the Crypto Holder
SHIB may not have many use cases but as mentioned above on the use of ShibaSwap, SHIB holders and investors can potentially earn from staking and burning SHIB.
Its own NFT marketplace Shiba Inu Incubator is not yet available and may also be beneficial to well talented artists in the community.
It has its own NFTs called Shiboshis. A total of 10,000 NFTs are written on the Ethereum blockchain.
Things to Consider about SHIB
Shiba Inu Tokens are still considered meme tokens and may only be beneficial for short-term trading but not a long-term investment. It may require trillions of dollars as its market cap (which needs to be more than what Bitcoin has) for its value to reach a penny or a dollar in value.
The strength of Shiba Inu is its community. If the decentralized autonomous organization (DAO) is implemented and good decisions are made, there could be potential into what the community may do for the future of cryptocurrency.
This article is published on BitPinas: What is Shiba Inu | Where to Buy SHIB in the Philippines
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.