How To Buy Shiba Inu (SHIB) – Forbes Advisor Canada

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How To Buy Shiba Inu (SHIB) Published: Jun 13, 2022, 12:44pm Kat Tretina Contributor Kat Tretina is a freelance writer based in Orlando, FL. She specializes in helping people finance their education and manage debt. Read Full Bio Kat Tretina Contributor Kat Tretina is a freelance writer based in Orlando, FL. She specializes in helping people finance their education and manage debt. Read Full Bio Written By Kat Tretina Kat Tretina Contributor Kat Tretina is a freelance writer based in Orlando, FL. She specializes in helping people finance their education and manage debt. Read Full Bio Kat Tretina Contributor Kat Tretina is a freelance writer based in Orlando, FL. She specializes in helping people finance their education and manage debt. Read Full Bio Contributor Aaron Broverman Staff Editor Aaron Broverman is the Managing Editor of Forbes Advisor Canada. He has almost 20 years of experience writing in the personal finance space for outlets such as Bankrate, Bankrate Canada, Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Ner...

Read Full Bio Aaron Broverman Staff Editor Aaron Broverman is the Managing Editor of Forbes Advisor Canada. He has almost 20 years of experience writing in the personal finance space for outlets such as Bankrate, Bankrate Canada, Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Ner...

Read Full Bio Written By Aaron Broverman Aaron Broverman Staff Editor Aaron Broverman is the Managing Editor of Forbes Advisor Canada. He has almost 20 years of experience writing in the personal finance space for outlets such as Bankrate, Bankrate Canada, Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Ner...

Read Full Bio Aaron Broverman Staff Editor Aaron Broverman is the Managing Editor of Forbes Advisor Canada. He has almost 20 years of experience writing in the personal finance space for outlets such as Bankrate, Bankrate Canada, Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Ner...

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Table of Contents

• What Is Shiba Inu (SHIB)?
• Shiba Inu in the Digital Economy
• Where Can I Buy SHIB?
• How to Buy SHIB
• Should You Invest in Shiba Inu?

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If you want to buy Bitcoin, you’ll need at least $30,000 USD to buy a whole coin. But if you invest in Shiba Inu (SHIB), you can buy more than a billion Shiba Inu for the same amount of cash.

Shiba Inu is one of several cryptos that are called “meme coins,” thanks to their origins in popular Internet memes. Today, SHIB ranks among the top 15 cryptos based on market capitalization. If you’re ready to join the SHIB Army, here’s how to buy Shiba Inu.

Featured Partner Offer

1

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Flat 0.9% fee for stablecoins, 1.5% for other cryptos

Tradable Coins

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Coinbase

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What Is Shiba Inu (SHIB)?

Shiba Inu was created in August 2020 as an alternative to Dogecoin (DOGE), another meme coin that uses the Shiba Inu dog breed as its mascot. SHIB is built on the Ethereum blockchain and was launched with a total supply of one quadrillion—making it far more prevalent than other cryptocurrencies like Bitcoin.

Another fact about Shiba Inu is that it’s a decentralized cryptocurrency project. Its growth is driven by its community, the self-proclaimed SHIB Army, who are focused on trading and buying the crypto.

Shiba Inu in the Digital Economy

When it comes to buying cryptocurrencies, the price of a whole coin can be intimidating. Bitcoin and Ethereum cost thousands of dollars a piece. By contrast, the current price of Shiba Inu trades at a fraction of a penny.

According to Daniel Polotsky, co-founder and chairman of CoinFlip, a leading Bitcoin and cryptocurrency ATM provider, Shiba Inu has growth potential. But it’s also subject to extreme volatility.

“The largest drawback to investing in Shiba Inu is that it is very risky, even more so than most of its crypto counterparts,” Polotsky said.

Its price reached an all-time high in October 2021 after Tesla CEO Elon Musk tweeted about the coin. But the price has experienced a 78% drop over the past six months.

Madeline Hume, senior research analyst at Morningstar, said the financial services firm is cautious about Shiba Inu and other so-called meme coins.

“We wouldn’t consider a purchase of Shiba Inu to be an investment,” said Hume. “Shiba Inu is a meme coin, which means it derives its value from other investors’ enthusiasm for the coin rather than any fundamentals. That type of speculative return pattern is highly difficult to predict with any degree of accuracy.”

In terms of its ecosystem, Shiba Inu supports a number of projects, from the decentralized exchange called ShibaSwap to non-fungible tokens (NFTs).

Where Can I Buy SHIB?

You can buy SHIB on a number of different crypto exchanges. Here are a few exchanges where you can exchange Canadian dollars for SHIB:

• Coinbase
• Newton
• Coinsmart

Note the terminology of “trading pairs,” such as Shiba Inu to Tether (USDT). In the case of SHIB/USDT, SHIB can be converted into Tether, a stablecoin whose value is pegged to the U.S. dollar. Here are a few exchanges that pair SHIB to Tether:

• Binance Canada
• KuCoin (no bank transfers available, must use a credit or debit card)

And if you’re trying to convert your stash of SHIB into Dogecoin. Binance pairs SHIB with DOGE, too.

How to Buy SHIB

If you decide that you’re comfortable taking on the risks associated with Shiba Inu, you can get started in three easy steps:

1. Choose a Crypto Exchange

If you’re wondering how to buy Shiba Inu in the U.S., you first need to choose a crypto exchange. Crypto exchanges are marketplaces that allow you to buy and sell cryptocurrencies.

“When looking for a cryptocurrency exchange, it is important to make sure that everything is secure and trusted,” Polotsky said.

Some take a basic approach for new investors, while others are more complex, offering advanced trading features like margin accounts and futures trading.

2. Buy SHIB

Once you have selected a crypto exchange, you can open an account and make your first deposit. How much to invest is dependent on several factors.

Once your account is funded, you can begin buying SHIB. Be sure you only invest money you don’t need for your essential expenses or any amount that would cause you stress.

To place an order, enter the crypto exchange’s trading platform and enter Shiba Inu’s ticker symbol—SHIB— and how much you want to invest. Most crypto exchanges also allow you to choose what kind of order to place.

That’s it! You’re now part of the SHIB Army.

3. Store Your SHIB

SHIB can be stored in a number of ways.

• Hardware Wallets. A hardware device stores the private keys to your assets and allows you to interact with the wallet without exposing your data. Trezor and Ledger are examples of hardware wallets that support SHIB.
• Offline storage. Sometimes referred to as “cold storage” or a “cold wallet,” it is considered a safe way to store SHIB because this type of storage isn’t accessible via an internet connection. You can store your crypto on paper using a paper wallet—this will generate a public key and private key for your crypto.
• Software Wallets. Desktop wallets, considered “hot” wallets, are programs downloaded to store your crypto asset. There are also mobile wallets that interface with managing crypto assets. Exodus is an example of a multicurrency mobile/desktop wallet where you can store SHIB.
• Crypto Exchanges. Many exchanges that trade SHIB will let you store your crypto. These crypto exchanges include Coinberry and Bitbuy, to name a couple.

Should You Invest in Shiba Inu?

While Shiba Inu is popular, especially on social media, invest cautiously.

If you want to invest in cryptocurrency—but are looking for other options for Shiba Inu or individual coins—consider exchange-traded funds (ETFs). There are now Bitcoin ETFs and funds that invest in blockchain companies.

Featured Partner Offer

1

Kraken

Learn More

On Kraken’s Website

Trading Fees

Flat 0.9% fee for stablecoins, 1.5% for other cryptos

Tradable Coins

230+

2

Coinbase

Learn More

On Coinbase’s Website

Trading Fees

1% Flat Fee

Tradable Coins

150+

Buying Guides

• Best Crypto Exchanges
• Best Cryptocurrencies
• Best Bitcoin ETFs In Canada

Reviews

• Kraken Review
• Coinbase Review

How to buy

• How To Buy Cryptocurrency?
• How To Buy XRP (Ripple)?
• How To Buy Tether?
• How To Buy Bitcoin?
• How To Buy Dogecoin?
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• What Is Cryptocurrency?
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• Why Is Bitcoin Going Up? BTC Reaches $30K USD
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• CBDC Canada: What Is It?
• Are Bitcoin And Gold Good Investments?

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Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. Kat Tretina Contributor

Kat Tretina is a freelance writer based in Orlando, FL. She specializes in helping people finance their education and manage debt.

Aaron Broverman Staff Editor

Aaron Broverman is the Managing Editor of Forbes Advisor Canada. He has almost 20 years of experience writing in the personal finance space for outlets such as Bankrate, Bankrate Canada, Creditcards.com, creditcardGenius.ca, Yahoo Finance Canada, Nerd Wallet Canada and Greedyrates.ca. He lives in Waterloo, Ontario with his wife and son.