How to buy Shiba Inu coin? The number of online platforms offering altcoins is rising. With the increasing desire of users to buy the newest coins, Shiba Inu made it to some of the largest exchanges in a few months.
When deciding where and how to buy Shiba Inu coin, 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.
In this guide:
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 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.
Shiba Inu coin can be found on cryptocurrency exchanges under the symbol SHIB.
How to Buy Shiba Inu coin
Shiba Inu (SHIB) is listed on several cryptocurrency exchanges, but it can be a challenge to purchase SHIB with fiat.
After selecting the exchange of your choice to buy Shiba Inu coin, then you can check the trading pair on that exchange. You will need to buy one of those coins first and then transfer them to the exchange.
We recommend transferring BTC, ETH, USDT, or other more established cryptos to StormGain, Huobi, Binance, or any other exchange that supports SHIB.
1. Select an Exchange to Buy Shiba Inu coin
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 how to buy Shiba Inu coins.
Note that some of these exchanges offer direct purchases.
You can find Shiba Inu coins on the following exchanges:
2. Buy Your Preferred Exchange to Buy Shiba Inu
Once you have transferred your funds to one of the crypto exchanges that support Shiba Inu coin, you will be able to trade it for SHIB.
Some of these crypto exchanges have the option to buy crypto directly, but you can only buy certain coins, such as BTC or ETH.
If, for instance, you use StormGain, you will need USDT to trade it against SHIB. But since the platform allows users to purchase crypto on their platform, you can buy USDT directly from that platform and then trade it for Shiba Inu coin.
Another important aspect is the time frame of your desired trade. Card payments are the fastest but can have a slightly higher transaction fee. Bank transfers have a lower fee but can take up to a few days.
1. Buy Shiba Inu Coin on StormGain
StormGain offers the trading pair SHIB/USDT.
The signup process is straightforward. You need to complete the KYC process to start trading on the exchange. StormGain also has a web application and a mobile app.
After you confirm your phone number and email address, you will be able to deposit funds into your account.
2. Buy Shiba Inu coin on Binance
Binance offers many altcoins, and that’s why it has become so used when it comes to the latest altcoins.
Here are the cryptos you can trade for Shiba Inu coin:
- Brazilian Real (BRL) Token
- Euro (On Binance you can buy crypto using your card, credit or debit or by bank transfer.)
- TRY.finance (TRY)
- Binance USD (BUSD)
- Russian Ruble (RUB)
- Tether (USDT)
3. Buy Shiba Inu coin on KuCoin
KuCoin offers SHIB/USDT trading pair. You can use your card to buy crypto on the exchange. Or you can use a bank transfer.
4. Shiba Inu coin on Huobi
Shina Inu coin is also available for trading on Huobi. It can be traded against Tether (USDT). Huobi offers fast card payments directly on the platform.
5. Shiba Inu coin on Gate.io
Gate.io offers credit card purchases. First, you will need to buy Tether (USDT) and then trade it for SHIB.
6. Shiba Inu coin on ShibaSwap
ShibaSwap offers trading pairs for Shib, Leash, and Bone, which are the adjacent tokens of the project.
This is one of the few truly decentralized exchanges on which you can buy Shiba Inu coin.
Like PancakeSwap, users can join liquidity pools for their own pairs and get rewarded for it.
You will need to connect your wallet to ShibaSwap before trading on the platform.
The compatible wallets are Metamask, WalletConnect compatible wallet (Trust Wallet, Rainbow Wallet, and more), and CoinbaseWallet. At the moment, direct card payments are not available on the platform.
7. Shiba Inu coin on Hotbit
Hotbit is a leading cryptocurrency exchange, which offers the Shiba/USDT trading pair. Registration only takes a few seconds.
The exchange offers 0 transaction fees and a reward on the Global Section (an extra 0.15% of the user’s maker order volume).
8. Shiba Inu coin on Uniswap
Uniswap is a decentralized trading protocol that guarantees liquidity for millions of users and hundreds of Ethereum applications.
- WalletConnect (Trust Wallet, Rainbow Wallet)
- Coinbase Wallet
What’s important to remember when using a decentralized exchange to buy Shiba Inu coin is the presence of a slippage tolerance. This is the percentage by which the actual price of the trade can differ.
Each user can set this slippage before the transaction, and if the percentage is too low, the trade will revert. Lower liquidity leads to a higher required slippage. The fee goes to the exchange and the liquidity pool users.
9. Shiba Inu coin on 1inch Exchange
1inch Exchange states to be the most efficient DEFI aggregator, having the most liquidity and the lowest slippage fees.
The exchange offers the option to connect many wallets, including Coinbase Wallet, WalletConnect compatible wallets, Trezor and more.
Where can I buy Shiba Inu coin in the US?
How to buy Shiba Inu coin in the US?
Although it’s not as straightforward as with the above-mentioned exchanges, it is possible to buy Shiba Inu coins if you live in the US.
You can purchase Shiba Inu using the Binance US trading platform. You will first need to buy Tether (USDT) or Binance USD (BUSD) and then trade it for Shiba Inu (SHIB).
Note that Binance US isn’t supported in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont.
How much is Shiba Inu coin worth?
Like everything related to crypto trading, volatility is a huge factor to be aware of when trading Shiba Inu coin. The price of SHIB dropped the day Vitalik Buterin donated to India. Investors have 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. Shiba Inu is worth $0.000006553 according to Coin Market Cap and the coin ranks as #32 on the list of all cryptos.
The all-time high was $0.000035 on May 9, 2021. Only 10 days later, the price dropped, adding another 0 in it.
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, but knowing where to buy it could be an issue for most people. This guide should make it easier to select the best cryptocurrency exchange to buy SHIB.
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Frequently Asked Questions
What is the Shiba Inu token?
The Shiba Inu token is a meme token built on Ethereum. It is a rival to Dogecoin.
What is the difference between Shiba Inu and Dogecoin?
Is Shiba Inu proof of work?
Shiba Inu is a token on Ethereum, which makes it a smart contract. It is neither proof of work, nor proof of stake.
What are Shiba Inu’s tokenomics?
Shiba Inu has a max supply of one quadrillion SHIB, half of which were sent to Ethereum creator, Vitalik Buterin. SHIB has a burn rate of 4% per year.
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