Akita Inu token is based on Ethereum’s blockchain, and it claims to be inspired by Elon Musk and Dogecoin (and laterally by the dog that originated in the Alota prefecture.) This new meme-themed cryptocurrency is very similar to Shiba Inu token, which has gained traction alongside Dogecoin.
With a much smaller market capitalization than both Dogecoin and Shiba Inu token, some speculators are buying Akita Inu digital assets in hopes of making high returns. However, there can only be so much room in the market for doggy-themed cryptocurrencies. Read more to learn about how Akita Inu differs from Doge and how you can buy some today and diversify your financial assets.
What is Akita Inu Token?
Akita Inu token is very similar to Shiba Inu token, which has recently skyrocketed into the top 50 digital currencies by market cap. Both these tokens are 100% decentralized, and they both launched through an Initial DEX offering (IDO). Initial DEX offerings are done by adding high amounts of liquidity to a liquidity pool and then letting the market decide the price of the asset through the DEX.
One of the only differences between Shiba Inu tokens and Akita Inu tokens is the maximum supply of the cryptocurrency. Akita Inu only has 1/10th of the maximum supply of Shiba Inu, making it significantly more scarce than its doggy counterpart.
Brief History of Akita Inu
Akita Inu virtual currencies launched on Ethereum’s network in February 2021. The token initially began trading hands on Uniswap for about $0.0000000067, and quickly appreciated to $0.0000080000 on 4/20. To put this in perspective, a $100 investment at Akita Inu token at its initial price would have been worth nearly $120,000. Akita Inu is currently trading hands at $0.000007, and it has a fully diluted market capitalization of $695,000,000.
However, the actual market cap of Akita Inu is much lower than this figure. Half of the token supply was sent to Vitalik Buterin, the founder of Ethereum. The other half of the supply was put into a smart contract on Uniswap to provide liquidity for the token. And remember, all of this is because it is not under the control of a central bank.
Step 1: Open an online account.
If you don’t already have a cryptocurrency exchange account, you’ll need to register for one to purchase Ethereum. You can’t buy Akita Inu on exchanges like Coinbase, Gemini and Kraken – right now, the token is only available on Uniswap’s exchange.
You’ll still need to make an account with a cryptocurrency exchange to buy Ethereum, as you need Ethereum tokens to use Uniswap. Since Uniswap is powered by Ethereum’s blockchain, you’ll need Ether tokens to pay transaction fees. You’ll also need Ethereum to buy Akita Inu, so make sure to buy enough Ether tokens to cover both your transaction fees and your initial investment.
Most crypto exchanges support Ethereum, including Coinbase, Gemini, eToro and Kraken. These exchanges all have competitive pricing, but Coinbase is the fan favorite among cryptocurrency investors.
Step 2: Buy or download a wallet.
You’ll need a software wallet to interact with Uniswap’s decentralized exchange. Software wallets are programs that store your cryptocurrency using a pair of public and private keys to encrypt and decrypt your cryptocurrency wallet. The best software wallets for Uniswap are Metamask and Trust Wallet.
If you want to store your precious Akita Inu tokens as safely as possible, then you should opt for a hardware wallet. Hardware wallets are cryptocurrency wallets that store your tokens offline on a physical device, making it impossible for your crypto assets to be hacked.
Best Hardware Wallet: Ledger Nano S
The Ledger Nano S is an affordable choice for most crypto investors, coming in at just over $50 on Amazon. The wallet is a multicurrency wallet, meaning it can hold a variety of altcoins. It also has a platform called Ledger Live where you can download support for even more cryptos, making it one of the most versatile wallets on the market.
Ledger makes a premium cryptocurrency wallet called the Ledger Nano X that retails for $119 on Ledger’s website. The Nano X has a couple of benefits over the Nano S, such as Bluetooth connectivity and support for up to 100 applications (the Nano S only supports up to 18 applications). For most investors, the Nano S will have everything you need to store your cryptocurrency securely.
- ERC-20 tokens
Best Software Wallet: Metamask
Metamask is a great choice for investors who plan to use Uniswap to trade cryptocurrencies. Metamask is free to use, just like most software wallets. Metamask is great because it has a Google Chrome extension feature, making it one of the easiest wallets to use with Uniswap.
- Active Crypto Traders
Step 3: Make your purchase.
Once you’ve bought Ethereum and set up your software wallet, you’re ready to make your purchase. First, you’ll need to send your Ether tokens to your crypto wallet using the Ethereum address generated by your software wallet.
After receiving the tokens in your wallet, all you need to do to begin trading on Uniswap is connect your wallet to Uniswap’s website. Upon visiting Uniswap’s website, you’ll be asked to connect your wallet. Once your wallet is connected, you can search for the AKITA-ETH liquidity pool to purchase your tokens.
Next, you’ll need to enter the amount of Ethereum you’d like to trade for Akita tokens. Uniswap should quote you an exchange rate, and if there is high slippage you’ll get an alert. Once you hit swap, you’ll need to approve the transaction through your software wallet.
After approving the transaction, your Akita Inu tokens will be transferred to your wallet within a few minutes.
Trade, Sell or Convert your Akita Inu Tokens
When you want to sell your Akita Inu tokens, simply go back to Uniswap and convert your tokens to Ethereum. Once the Ethereum is credited to your crypto wallet, you can send the Ether tokens to any cryptocurrency exchange to cash out of your investment.
Current Crypto Prices
The entire cryptocurrency market has been in a bull run in 2021. Bitcoin has nearly doubled in price this year, while Ethereum has almost quadrupled since the beginning of 2021. With institutional investors hopping on board the cryptocurrency bandwagon, the industry has been legitimized as a credible investment vehicle.
Is Akita Inu a Good Investment?
Most seasoned cryptocurrency investors will tell you there are much better investments in the cryptocurrency market than Akita Inu tokens. While you may be able to make a quick buck, it’s unlikely that these tokens will hold their value over the long term. If you’re looking for a safer cryptocurrency option that still has the potential for high returns, you should consider other cryptos like Ethereum, Uniswap and Bitcoin.