Where To Buy Shiba Inu: Top 4 Exchanges for SHIB in 2024
Thanks to the popularity of the Shiba Inu coin there are a large number of online apps and exchanges where you can buy it, we’ve featured the best ones below. So if you’re searching for reputable exchanges that trade SHIB, check out our list below.
Choose a Trusted Crypto Exchange
eToro
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Offering vast investment options, eToro has been spearheading the industry with approximately 30 million registered users. Among almost all popular cryptocurrencies such as ApeCoin, BTC, Cardano, XRP, Litecoin, Dogecoin and Ethereum, they offer a place where to buy Shiba Inu coin, trade and sell it. Opening an eToro account is free, and if you want to learn more about the platform, make sure to read our in-depth eToro review.
Coinbase
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Coinbase, too, is one of the most well-known cryptocurrency exchanges of today. The platform makes it extremely easy to exchange any cryptocurrency, including SHIB. While some people have complained of high fees and occasionally poor customer service, it’s still one of the most secure ways to trade cryptocurrency and get your hands on SHIB.
Binance
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Binance is one of the largest cryptocurrency exchanges and offers several cryptocurrency pairs for users to obtain SHIB. While the platform is known for being a little difficult for beginners, there are plenty of resources available to help you get started.
Uphold
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Uphold is one of the most popular cryptocurrency exchanges today, serving over 10 million customers globally. With its unique "Anything to Anything" trading platform, it offers users the ability to convert their SHIB into more than 250 crypto assets, 27 national currencies, and four different precious metals. Uphold boasts a transparent fee structure, a user-friendly interface, and a quick and efficient automated trading process.
What Is the Shiba Inu Coin?
The world of cryptocurrency is constantly growing and changing with new technologies. As of 2022, there are approximately 10,000 types of cryptocurrency coins, up from just a handful back in 2013. With so many new tokens coming out, what makes the Shiba Inu token (SHIB) a coin to start investing in?
Shiba Inu is an Ethereum-based cryptocurrency. It’s known as an altcoin, which is basically a name for any cryptocurrency that isn’t Bitcoin. It’s also known as a meme coin, meaning that it was originally conceived as a result of an internet meme.
In this case, the theme is the popular Shiba Inu dog. While this famous Japanese dog breed itself isn’t a meme, it has been featured in many iconic internet pictures.
As a result of its status as a meme coin, many investors and cryptocurrency enthusiasts have deemed it unworthy of serious consideration. Since the value of a meme coin can fluctuate wildly, many investors find it hard to build a large position in the coin because the value could change drastically over a couple of years.
Shiba Inu is also known as an ERC-20 token. This essentially means that it runs on the Ethereum blockchain, hence why it’s known as an Ethereum-based cryptocurrency. It was created in August 2020 by Ryoshi. It’s currently unknown whether this is a group or an individual.
Why Was Shiba Inu Created?
Shiba Inu was created with the purpose of preserving decentralization. Decentralization is one of the biggest selling points of cryptocurrency, giving it the ability to function without being impeded by authoritative institutions such as banks and government bodies.
This prevents it from being monopolized and gives more power to regular individuals who want to buy, trade, or use the currency. Shiba Inu runs on the Ethereum blockchain because it’s well-established and allows it to remain independent.
Is Shiba Inu Related to Dogecoin?
While both coins are themed around the popular Shiba Inu breed, Shiba Inu and Dogecoin (DOGE) are completely separate projects. However, they do share the status of meme coins.
The first popular meme coin was Dogecoin, which currently sits at $0.08. The highest it has reached was $0.64 on May 7, 2021. Although it originally started as a joke, the coin has been given a lot of publicity thanks to Elon Musk: It would jump in value every time the Tesla founder tweeted about it.
In January 2022, he even made an announcement that some Tesla products could be purchased with Dogecoin.
Memecoins are typically made as, well, memes, but with widespread adoption from reputable influencers, they can quickly take on a life of their own and begin growing out of raw popularity. This is what happened with Dogecoin and could easily happen to Shiba Inu.
Why Should You Buy Shiba Inu Cryptocurrency?
Shiba Inu is currently growing in popularity as a meme coin. It has a well-known mascot and is starting to build a large and loyal following. But should you invest in Shiba Inu, or is it doomed to forever be a meme coin with no real value? No one can tell you that for sure, but here, we’ll examine some of the reasons you might want to start investing in this coin now.
The Technology Behind the Shiba Inu Coin Cryptocurrency is Starting to Grow
Cryptocurrencies need to keep up in terms of technology if they want to appeal to a larger audience. After all, the value of a coin needs to be relative to its real-world use and not just the fact it has a cute dog as a symbol.
Thankfully, the team at Shiba Inu hasn’t forgotten about this. They have launched a decentralized exchange called ShibaSwap that was created for users to stake their SHIB tokens in exchange for interest. In addition, they have also announced plans to enter the Layer-2 space with its own network focused on scalability.
This is extremely promising for Shiba Inu’s future and is proof that the team wants it to go beyond the status of just a meme coin.
Although the technology is certainly promising, it doesn’t mean that Shiba Inu is guaranteed to be worth a lot of money in the future. As with all cryptocurrencies, the value of this coin will depend on the decisions the team makes in the next few years.
If anything, the team’s willingness to improve on the technologies surrounding Shiba Inu is a promising sign of things to come.
There is an Ecosystem Surrounding Shiba Inu Cryptocurrency
Shiba Inu isn’t just a single cryptocurrency – the SHIB currency has a growing ecosystem surrounding it, projects such as the above-mentioned ShibaSwap platform and two other associated tokens: Leash (LEASH) and Bone (BONE).
Leash is the second token in the Shiba Inu ecosystem, with 107,646 tokens - a much lower number compared to the trillions of Shiba Inu tokens. Bone has a total supply of 250 million tokens and is designed to be a governance token that allows the ShibArmy community to vote on upcoming proposals.
In addition to these tokens, Shiba Inu also has the Shiba Inu Incubator, a platform that “allows holders to find the tools they need to bring their inspiration and unique perspectives to life.” While this sounds a little vague, it shows that the team at Shiba Inu has long-term plans to grow its community and push its coin out of its status of just a meme coin.
Lastly, there are also the Shiboshis. These are 10,000 Shiba Inu-generated nonfungible tokens that have been written on the Ethereum blockchain. These have different traits, making each of them completely unique and giving them a collectible quality.
NFTs have grown massively popular over the past few months, and the Shiboshi collection aims to take advantage of the trend and attract potential NFT investors to the coin. Again, this shows the team’s ability to identify and take advantage of trends in order to grow the value and presence of its coin.
Shiba Inu is in a unique position thanks to the community surrounding it. As more people talk about the coin and its related projects, the value of the coin will begin to rise thanks to social media speculation.
The team’s push into NFT territory also gives it more presence in the cryptocurrency world. As the community grows stronger, so do the networking opportunities, connections, and the number of investors.
SHIB is Quite Cheap to Invest in
One of the biggest advantages of SHIB is that a single coin is currently worth just a fraction of a cent. This means that it’s possible to buy millions of SHIB coins with one click for just a few hundred dollars. This can represent a fantastic low-cost investment opportunity for anyone interested in altcoins or cryptocurrency in general.
It significantly lowers the barrier of entry and allows everyone to invest in cryptocurrency.
However, that doesn’t mean that the gains with SHIB are low. In fact, there are a surprising number of opportunities to make a sizable amount of profit with this coin.
In August 2020, SHIB started trading at just $0.00000000051. Given that its peak price for 2021 reached $0.00007482 in October 2021, that means the coin had grown by 14,670,488%. A small $10 investment would have seen returns of $1,467,050.
While this growth was the all-time high for SHIB, this opportunity is no longer available, however it does show that SHIB has massive potential for future gains despite being such a cheap investment right now.
Another great example of this would be an unknown trader who purchased around 70 trillion SHIB tokens for roughly $8,000 back in August 2020 during its initial launch. A year later, those coins accounted for about 13% of SHIB’s total circulation of 550 trillion.
The investment gained a staggering value of $5.7 billion, equating to a roughly 7.1 million percent return.
Things To Watch Out For Before Investing into SHIB
As with any investment, it’s essential to understand that there are always going to be risks involved. With Shiba cryptocurrency, the primary risk is in the coin’s status as a meme coin.
This puts it into the category of speculative investments and is further enforced by the coin’s limited utility. Much of the value of SHIB is in how it’s perceived by the general public and social media.
For example, 50% of SHIB’s token supply was initially sent to Vitalik Buterin, the founder of Ethereum, on which the SHIB coin is based. While the motive wasn’t clear, people speculate that the move could have been a publicity stunt to encourage more social media activity.
Others believed that depositing so many coins into Buterin’s wallet meant that the coins would be more scarce. A couple of months after SHIB was introduced to the world, Buterin announced that he would sell $1 billion worth of SHIB tokens and donate the proceeds to charity.
He also burned about 90% of his SHIB coins and planned to donate the remaining 10% to charity.
Although the initial sale of Buterin’s SHIB coins caused the price to fluctuate, burning his remaining supply ultimately increased scarcity and the value of each coin. This social media stunt could’ve backfired immensely, but holders were fortunate that Buterin decided to burn his remaining tokens.
This is a great example of how SHIB’s value can be influenced by seemingly random social factors and events, and it should be a consideration for all investors to keep in mind.
Will Shiba Inu reach $1?
In most cases, a coin will only drastically increase in value if traders bid up the price. This usually won’t happen unless the functionality of the coin changes. Since the price of Shiba Inu is mostly driven by speculation, this isn’t likely to happen.
The other way for a coin to drastically increase in price is for the supply to decrease. This already happened once in May 2021 when a large number of coins was transferred to a dead wallet, effectively burning them.
For Shiba Inu, this isn’t uncommon. Around 410 trillion Shiba Inu coins have already been burned and millions seem to be burnt every day. This means the value of SHIB will gradually increase, but it’s difficult to say whether the coin will ever reach one dollar. It’s completely possible given enough time but perhaps unlikely.
Why You May Want to and How to Buy The Shiba Inu Coin - Step by Step Guide
The process of buying SHIB is the same as with any other coin.
1. Sign Up for an Account with a Crypto Exchange.
You can go with the ones we’ve featured here or check out our other guide on the best exchanges for crypto, for a more general overview. Once you’ve chosen a crypto exchange, register for an account and set up a username and password.
2. Verify Your Account with the Exchange.
Exchanges will typically ask you to verify your account to start buying and trading. You may be asked to provide documentation to prove your identity as well as the details of your crypto wallet where the newly purchased coins will be stored. If you need help setting up a cryptocurrency wallet, check out our list of the best cryptocurrency wallets.
3. Make a Deposit and Start Trading SHIB.
Depending on the exchange, you can either buy SHIB directly or you may need to buy ETH or USDT first and trade it for SHIB. You can purchase Shiba Inu with your credit card or debit card on most exchanges using fiat currency such as USD or EUR.
An Affordable Way To Start Investing in Crypto through Shiba Inu
In general, any investor searching for where to buy Shiba Inu crypto should know that as a meme coin with an unpredictable value, SHIB is a risky investment. Thankfully, the relatively low Shiba Inu price means that anyone can build a relatively large position in SHIB and not be hit with a huge financial loss.
This makes it a good investment for people who believe in the SHIB community and are positive about its future growth, and it can also be a great place to get started in crypto since the Shiba Inu stock price is quite low.
Further Reading:
Frequently Asked Questions (FAQ)
Is Shiba Inu worth buying?
It could be. The value of any crypto can fluctuate wildly depending on various circumstances. SHIB’s value, in particular, is mainly driven by the burning of existing supply and social media speculation. As such, it may seem like a risky investment. However, since Shiba Inu cost is quite low, many people have already purchased a fairly large supply of SHIB coins.
With its value increasing and more projects being announced by the Shiba Inu team, it could very well grow in value in the near future.
Will Shiba Inu go up?
Shiba Inu value depends on a myriad of factors, most of which rely on market hype surrounding the coin. This is standard for most alt coins, especially meme coins, so we cannot predict with certainty will shiba inu go up. If you’re prepared to take the financial risk involved there’s certainly a chance that the SHIB stock price will rise, but this is something nobody knows for certain.
Can I buy Shiba Inu on Coinbase?
Yes! Shiba Inu is available for purchase on Coinbase.
How many Shiba Inu coins are there?
Shiba Inu coins are capped at 1 quadrillion (1,000,000,000,000,000). This ultimately affects scarcity and value because there is no possibility that new SHIB coins will enter the market and influence market cap.
Can I buy Shiba Inu on Robinhood?
Robinhood is another great place where to buy Shiba Inu, your choice of exchange is irrelevant when it comes to the coin’s performance, but make sure to go with an exchange that provides fair fee structures and is simple to get used to. Head over to our the best crypto exchanges for 2024
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