When deciding where and how to buy Shiba Inu, it’s more a matter of the platform and the crypto wallet you already use. The larger cryptocurrency exchanges offer multiple options to buy crypto on their platforms, such as card payment or bank transfer. Here is a guide on how to buy SHIB and everything else you need to know.
KEY TAKEAWAYS
► You can easily Shiba Inu (SHIB) on popular exchanges like Coinbase, Kraken, Wirex, and others, in multiple regions and with multiple payment options.
► SHIB is a meme coin on the Ethereum blockchain, created as an alternative to Dogecoin, with a focus on trading rather than offering smart contract functionality.
► The token has a massive supply, initially set at 1 quadrillion tokens, but 40% was burned by Vitalik Buterin, which still leaves a significant amount in circulation.
► SHIB’s price is highly volatile, with its value influenced by public personalities and large token supply, making it a risky investment.
How to buy Shiba Inu coin
Shiba Inu (SHIB) is listed on several cryptocurrency exchanges. For our demonstration, we will use Coinbase. After selecting the exchange of your choice to buy Shiba Inu coin, then you can follow along in this guide.
1. Open the app: After you have selected an exchange, open the app and look for a search bar or tab where you can find SHIB.
2. Search for SHIB: Look for Shiba Inu and select the token to begin your order. There are many different versions of SHIB in the market. Thankfully, most exchanges will only support the original version.
3. Create your order: On the following page, you will see information about the token you are purchasing. Navigate to the bottom of the screen and press “Buy & sell” to begin your order.
4. Enter the amount of SHIB: Decide on the amount of SHIB you would like to purchase. On the same page, you can select your payment method and order type if necessary.
5. Complete your order: Select “Buy now” to complete your order. You will receive a transaction receipt and email as confirmation of your purchase.
Where can I buy Shiba Inu coin?
Buying SHIB is a rather straightforward process. However, you may have specific needs regarding the platform where you make your purchases. Here are a few popular places where traders like to buy Shiba Inu.
1. Kraken
Kraken is a well-known cryptocurrency exchange with a wide range of services, making it an appealing option for acquiring Shiba Inu (SHIB) and other digital assets. Its features include security, a diverse variety of cryptocurrencies, affordable fees, and complex trading options that appeal to a wide range of crypto fans, from novices to professional traders.
2. Coinbase
Coinbase is known for its low minimum account funding, quick cryptocurrency withdrawals, and multiple trading platforms. These include the original Coinbase platform for U.S. dollar purchases and Coinbase Advanced Trade for crypto-to-crypto transactions with advanced charting features.
3. Wirex
Wirex stands out in the cryptocurrency industry, especially for individuals looking to acquire Shiba Inu (SHIB). Wirex’s highlight feature, the Wirex card, allows for real-world spending of SHIB and other cryptocurrencies, bridging the gap between digital assets and ordinary transactions.
4. Bitget
Bitget’s extensive trading choices, cheap fees, and innovative features such as copy trading make it a viable contender for individuals wishing to purchase Shiba Inu. Its approach to security, which includes a robust protection fund and frequent proof of reserves checks, demonstrates its dedication to user safety.
OKX, which was founded in 2017 and has its headquarters in Seychelles, has grown to be a major force in the cryptocurrency industry by offering a wide range of financial services to a worldwide clientele, such as spot and futures trading and other DeFi services. It provides more than 500 trading pairs, including SHIB, and supports more than 350 cryptocurrencies.
Platforms to buy SHIB compared
The exchanges where you can buy Shiba Inu vary in many different ways. Here is a brief comparison to help you distinguish from the many similarities and differences.
| Platform | Platform | Availability (countries) | Fees |
|---|---|---|---|
| Kraken | Exchange | 130+ | 0.16% (taker)/0.26% (maker) |
| Coinbase | Broker | 100+ | $0.99-$4.19 |
| Wirex | Payment processor | 100+ | 0% |
| Bitget | Exchange | 100+ | 0.1% |
| OKX | Exchange | 100+ | 0.08% (maker)/0.1% (taker) |
The aforementioned platforms were chosen based on a few important features. Most notable is the platform type, which may be to some user’s preferences based on their personal needs. Some of the factors included low fees, availability, and prominence in the industry.
What Is Shiba Inu Coin?
Shiba Inu coin is a cryptocurrency supported on the Ethereum blockchain. It was launched anonymously, by an individual called Ryoshi, in August 2020, and it was meant as a substitute for the already famous Dogecoin.
Both Shiba Inu and Dogecoin use the same Japanese breed dog, Shiba Inu, as their mascot. In its whitepaper, Shiba has self-proclaimed the name of “the Dogecoin killer.”
As for the utility of the coin, it’s a meme coin. This means that it is more of a transferable token than anything else. It doesn’t have smart contracts, and it is not backed by any assets. However, the ecosystem supports its own crypto exchange called ShibaSwap.
Shiba coin has a limited supply of 1 quadrillion tokens (10005). Half of the supply was locked on Uniswap, and the other half was given to Vitalik Buterin, the co-founder of Ethereum, for safekeeping.
In the mists of the Covid-19 world pandemic, Buterin donated part of the Shibe Inu coins to India, which was considered the world’s largest crypto donation, and then proceeded to burn the rest (40% of the total supply).
Something to keep in mind before investing in Shiba Inu coin is that personalities such as Elon Musk, and their public statements on social media, play a huge role in the price fluctuations of the coin.
How to select an exchange to buy SHIB
Fortunately, the exchanges have understood the huge demand for altcoins. Shiba Inu (SHIB) is getting more popular every day, making it a lot easier for those looking to buy Shiba Inu coins. However, not all platforms to buy SHIB are made equal; here’s how you can navigate the vast landscape.
Fees
Spoiler alert: a big part of selecting an exchange is based on fees. On its surface, this is a simple process. However, some exchanges may have fees for payment methods used, withdrawal fees, and much more.
This is especially true when an exchange supports a less popular token or low market cap token. The exchange may charge fees outside of its normal spot trading fee. Keep this in mind when selecting an exchange.
Security
While a broad term, security can be defined in a few ways. For example, publishing regular audits or proof of reserves, complying with local laws, or not having a history of hacks constitutes good security.
Another important aspect of security could be for trading. For instance, if you are trading SHIB, you want assurance that your profitable trades will not be abruptly canceled, which can happen on less reputable exchanges.
Features
Needless to say, you want an exchange that comes with a lot of useful features — keyword useful. Perhaps you would like to take out a loan, earn a yield on your crypto, or utilize copy trading features or trading bots. These are just a few popular features that prominent exchanges may offer to SHIB traders.
Should you buy Shiba Inu (SHIB)?
Like everything related to crypto trading, volatility is a huge factor to be aware of when trading Shiba Inu. The price of SHIB dropped the day Vitalik Buterin donated to India. Investors emotionally reacted to the news, which made the price drop by 50%.
In July 2021, the 24-hour trading volume was more than $241 million. The all-time high was $0.000035 on May 9, 2021. Only 10 days later, the price dropped.
Given its history, it seems that SHIB’s rise is tied to its early interaction with Vitalik. The price has failed to recover its all-time high, and given its larger token supply, it may not even be feasible. Potential traders should keep this in mind before investing.
As with any other crypto investment, you need to be aware of the market’s volatility. Also, don’t forget the golden rule of investing. Don’t invest more than you are willing to lose. So far, more online platforms are offering the Shiba Inu token.
Buying SHIB has never been easier
Given the popularity of meme coins like Shiba Inu, many exchanges now support the dog-themed meme coin. As a result, buying SHIB has never been easier. However, traders should keep in mind that expecting a return on SHIB may be infeasible, given the large token supply and its reliance on celebrity endorsements.
Frequently asked questions
What is the Shiba Inu token?
What is the difference between Shiba Inu and Dogecoin?
Is Shiba Inu proof of work?
What are Shiba Inu’s tokenomics?
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