If you want to buy Bitcoin, you’ll need at least $30,000 USD as of May 2022 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.
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:
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.