Shiba Inu (SHIB) is a decentralized meme token that has rapidly grown in market capitalization and has been one of the best meme coins to buy in recent years. The token is part of an ecosystem that provides its decentralized finance trading platform, staking and NFT marketplace.
At the time of writing, Shiba Inu is the 13th largest cryptocurrency with a market cap of $17.9 billion. The popular token is listed on more than 180 crypto trading platforms using a combination of fiat currency and other digital currencies. However, not all exchanges provide value for money or are suitable for beginners. This article will break down how to buy Shiba Inu with step-by-step instructions and a list of the best places to obtain and store SHIB tokens.
How To Buy Shiba Inu - Quick Guide
Shiba Inu tokens can be purchased using a traditional cryptocurrency exchange or decentralized exchanges (DEX). For beginners, the fastest and easiest way to buy SHIB is using a reputable and trust centralized exchange. To buy Shiba Inu, follow these steps:
- Compare and select a crypto exchange. The easiest and quickest way to purchase Shiba Inu is using a cryptocurrency exchange or trading platform. They are available worldwide and support a variety of deposit options using fiat currencies. It's important to find a reliable exchange, supports SHIB and has low fees.
- Register an account with the exchange. Creating an account will require personal information such as a valid email address or mobile number. There is also a Know Your Customer (KYC) process to be completed and is recommended to activate 2 Factor Authentication (2FA) for additional security.
- Deposit funds to a wallet. Once an account has been verified, deposit funds to the wallet with fiat currency using a supported deposit method. Bitcoin or a stablecoin (e.g. USD, USDT or BUSD) can also be deposited to trading platforms to exchange into Shiba Inu.
- Buy Shiba Inu. The funded account can be converted into Shiba Inu. Enter the amount to spend and click on 'Buy'. The purchased tokens will be deposited to the wallet which can be held on the exchange or transferred to an external wallet.
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What Is Shiba Inu?
Shiba Inu (SHIB), also known as Shiba Token, was founded in 2020 by a person with the nickname "Ryoshi". The cryptocurrency operates as a decentralized token that resides on the Ethereum blockchain which tracks, monitors and verifies all transactions on a public ledger.
The development of Shiba Inu originally started as entertainment with a similar canine name like Dogecoin which had little intrinsic value, yet a popular token to buy among investors. However, the ecosystem has since rapidly evolved with its DeFi platform, staking and rewards system and NFT marketplace known as the Shiba Inu Incubator.
The Shiba Inu ecosystem is comprised of three tokens that perform different functions:
- SHIB. The token is used as "currency" which can be bought, traded and sold on centralized exchanges or decentralized trading platforms as a medium of exchange.
- LEASH. The second token in the ecosystem is limited to 107,646 units and used to provide rewards to individuals that provide liquidity on ShibaSwap. The token has also been introduced to the metaverse to purchase virtual properties.
- BONE. A governance token that allows owners to have their say on upcoming development and projects in the ecosystem.
Best Places To Buy Shiba Inu In 2023
To purchase SHIB tokens, the best option is to use a crypto exchange that supports SHIB tokens with a beginner-friendly user interface, available worldwide, offers low fees and has deep liquidity. The top cryptocurrency exchanges and platforms to buy, trade and sell Shiba Inu are below. This is based on thorough research into the platform's features, ease of use, deposit methods, SHIB trading pairs, fees, overall liquidity, security and customer support.
|Exchange Poo||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
$5 BTC bonus (USA only)
|Visit Coinbase||Coinbase Review|
0% to 0.1%
Up to $100 welcome bonus
|Visit Binance||Binance Review|
0.16% (maker) and 0.26% (taker)
None available at this time
|Visit Kraken||Kraken Review|
None available at this time
eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Archived, "Virtual currencies are highly volatile. Your capital is at risk."
Choosing an exchange to obtain SHIB tokens via Bitcoin or a stablecoin is better with higher trading volumes. This results in a more liquid market that is advantageous for frequent traders and high net-worth investors due to the reduced slippage on orders of various sizes. Exchanges with low trading volumes tend to have higher spreads between willing buyers and sellers.
Is Shiba Inu A Good Investment?
Shiba Inu is a speculative token that has proven it can quickly rise and fall in price valuation based on the overall market sentiment. The token is well-known for making astonishing price increases. While initially founded as a meme token will little intrinsic value, the developers are rapidly expanding the ecosystem to increase its real-world benefit. However, it remains an extremely risky investment as it can be superseded by other projects that offer greater long-term value and utility.
Can Shiba Inu Reach $1?
Given the large supply of SHIB tokens in circulation, it is highly unlikely for the popular token to reach a price valuation of USD 1 in the near or long-term future. The current supply of SHIB tokens is approximately 549 trillion with a market cap of 16 billion. If Shiba Inu were to reach $1, the overall market cap would equate to 549 trillion which would place the token at a higher valuation than the top five largest companies in the world combined. Without burning tokens to reduce the supply, the chances of Shiba Inu reaching $1 are near-impossible.
Does Shiba Inu Have A Future?
The price of Shiba Inu exploded in 2021 but has since stagnated and lost momentum in terms of price valuation and market capitalization. Touted as a meme-token that is known for short-term price swings, its long-term future depends on the continued development and success of its decentralized exchange and NFT marketplace that should see greater adoption. Furthermore, the developers behind the ecosystem are expanding to gaming and the metaverse world.
Can You Stake Shiba Inu?
Investors that hold Shiba Inu can stake the asset on exchanges such as Binance and Crypto.com to earn a passive reward. For more information, read our article that explains the best places for Shiba Inu staking.
Step-By-Step Guide To Buying Shiba Inu
1. Compare and select a crypto exchange
The first step to buying Shiba Inu (SHIB) is to decide on what type of cryptocurrency services to use. There are several options which include fiat-to-crypto exchanges, trading platforms, decentralized exchanges and brokerages to choose from. Centralized crypto exchanges are the most commonly used and convenient for beginners which allow individuals to buy, store, trade and sell SHIB tokens.
Moreover, exchanges such as Coinbase and Binance offer a wide range of features, products and services that can be beneficial to Shiba Inu owners after the initial purchase.
2. Register an account with the exchange
Create an account with the selected cryptocurrency exchange using a valid email address. To buy Shiba Inu tokens with a fiat currency such as USD, GBP, EUR or AUD, an identity verification process will need to be completed that will generally require the following information:
- Full name
- Email address
- Proof of ID
- Proof of address
- A photograph showing face
This information is collected by the exchange to comply with the international Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Certain platforms with crypto-to-crypto trading only do not require ID verification, however, there may be limits on the amount that can be withdrawn per day. It is also recommended to activate 2 Factor Authentication for additional account security for login and withdrawal requests.
3. Deposit funds to a wallet
The next step is to deposit funds to the account or transfer cryptocurrency from another trading platform. For those that are buying crypto for the first time using fiat currency, exchanges will provide several in-ramp options to deposit money including wire transfer, bank transfer, credit/debit cards and Faster Payments. There are minimum payment limits and fees for each supported payment method and country to be aware of. For example, a maximum limit of $2,000 per day using a credit card and 3.99% surcharge fee.
Existing crypto investors who own Bitcoin or other coins can deposit these to the exchange that supports SHIB trading using the QR code or unique wallet address.
4. Buy Shiba Inu
Once an account is funded with either fiat, Bitcoin or a stablecoin, find the SHIB trading pair from the asset list to begin the purchase process. Using the funded wallet as collateral, choose the amount to spend. The amount of SHIB tokens will be estimated based on the live rate and the number of funds. Review and complete the trade. The purchased SHIB tokens will be deposited to the user's wallet near-instantly. The tokens can then be stored on the exchange or withdrawn to an external wallet for safekeeping.
Buying altcoins such as Shiba Inu can offer generous rewards for early investors. The token increased by thousands of percent within a calendar year which was profitable for many investors. However, speculative coins with little intrinsic value can be risky.
For experienced investors and traders that want to purchase Shiba Inu, it is possible to take advantage of its price volatility. The best place to gain exposure is using a centralized cryptocurrency exchange that supports SHIB tokens that has several trading pairs against fiat, Bitcoin and a stablecoin with reasonable order book liquidity. If you live outside the US, there are options to buy Shiba Inu in Australia and many other countries.