Shiba Inu (SHIB), 2021 saw significant interest and rapid value appreciation in this cryptocurrency. Operating on the Ethereum Blockchain, Shiba Inu started as a parody of Dogecoin and aims to establish its own ecosystem. Vitalik Buterin’s SHIB donation drew all attention to Shiba Inu, which plans to create a more functional ecosystem with ShibaSwap DEX and additional tokens (LEASH, BONE). In this article, you can find answers to two frequently asked questions: What is Shiba Inu (SHIB) and how to buy Shiba Inu (SHIB) with TRY.
What is Shiba Inu (SHIB)?
Shiba Inu is a cryptocurrency that gained significant interest throughout 2021. Although it was launched as a joke like its predecessor Dogecoin, SHIB’s value rapidly increased, making it an integral part of the cryptocurrency world. The creators of Shiba Inu aimed to outperform other memecoins and achieve greater longevity, branding it as the “Dogecoin killer.” Indeed, Shiba Inu has distinguished itself with unique events and developments over time, establishing a notable presence in the crypto world.
Shiba Inu was created as a parody of Dogecoin, which itself was presented as a humorous take on the more serious Bitcoin. Dogecoin’s unexpected success and growth inspired Shiba Inu’s creators to launch their own memecoin. The team behind the altcoin is known only by the pseudonym ‘Ryoshi,’ similar to Bitcoin’s creator being known as Satoshi Nakamoto, and they remain anonymous. This anonymity adds a layer of intrigue to the project, fueling curiosity and speculation within the community.
Shiba Inu’s journey to fame significantly accelerated in 2021 when Ethereum’s founder Vitalik Buterin sold 1 billion SHIB tokens and donated the proceeds to India’s Crypto Covid Relief Fund. This unexpected move not only increased the altcoin’s visibility but also boosted its value, as the whitepaper mentioned that 50% of SHIB tokens would remain untouched or ‘burned’ in Buterin’s wallet. Buterin’s subsequent donation led to a significant increase in SHIB’s value.
Shiba Inu does not operate on its own Blockchain but instead works on Ethereum’s Blockchain. This classification as an ERC20 token ensures compliance and security but also exposes SHIB to the congestion and scalability issues faced by the Ethereum network.
Despite being labeled as a memecoin, Shiba Inu’s team has ambitious plans beyond humor. They have created a comprehensive ecosystem that includes additional tokens like LEASH and BONE. This ecosystem features its decentralized exchange (DEX) called ShibaSwap, which allows users to trade tokens, participate in liquidity pools, and stake SHIB tokens. The launch of ShibaSwap with the BONE token was a significant step towards creating a more robust and functional ecosystem. Currently, SHIB, the primary token of the Shiba Inu ecosystem, is mainly used for speculative investment.
How to Buy Shiba Inu (SHIB) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to buy Shiba Inu (SHIB). On Binance TR, where an account can be quickly created, over 100 cryptocurrencies, including SHIB, can be traded. To buy Shiba Inu (SHIB) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, an email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through Binance TR’s official website. Note that you will need your mobile phone to verify your identity on the website.
On the Binance TR website, hover over the “Profile” option in the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first, select the document type that suits you.
After selecting the document type, tap on the “Upload Front Side” option to continue. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload Back Side” option and take a photo of the back side of the document and upload it. Make sure the images are clear and the information in the photos you take can be easily read when taking photos of the front and back sides of your ID card or driver’s license.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits over 50,000 TL from other banks are processed during EFT hours, while deposits up to 50,000 TL can be made 24/7 via FAST. To deposit money into your Binance TR account, first, go to trbinance.com, hover over the “Wallet” option in the top left corner of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting the bank of your choice. If the bank you prefer is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is to transfer the amount you want to deposit into your Binance TR account using the information shown on the bank’s page.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy SHIB Coin on Binance TR with TL?
After the deposit process, click on the “Buy-Sell” option in the top left menu on the Binance TR website to proceed to the step of buying SHIB coin with TL.
After clicking on this option, the page below will open. Write “SHIB” in the search section on the right side of this page and click on the SHIB/TRY option from the results to go to the TL to SHIB purchase page.
Now the SHIB trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy SHIB in the first box and the number of SHIB you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy SHIB” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.
