How to Invest in Shiba Inu

Trying to buy Shiba Inu Coin but not sure how? It's easier than you think. Get going with this guide of the best places to buy Shiba.

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First, there was Doge. Now, there's Shiba.

It seems that the crypto community has a soft spot for this fluffy, Japanese dog.

In early 2021, the price of Dogecoin skyrocketed to just under $0.70. Right around the same time, people started noticing Shiba Inu Coin.

Shiba went from a shockingly low $0.00000191 to a peak of $0.0000352 in just 10 days. Still low, but a huge jump from what it had been. And with a trading volume of over $14.5 billion.

Wondering how to buy Shiba Inu Coin? The good news is, it's probably easier than you think. Let's dive in.

What is Shiba Inu Coin?

Shiba Inu Coin is a token built on the Ethereum network.

But why are people calling it "the Dogecoin killer"?

The biggest meme coin to date, Dogecoin is pretty much the same thing as Bitcoin - a cryptocurrency copied from Bitcoin' code.

The issue with Dogecoin and Bitcoin is that they're based on what's called a proof-of-work protocol, a.k.a. mining. Mining requires lots of energy and has bad implications for the environment.

Shiba Inu may overtake Doge when the Ethereum network shifts to a proof-of-stake protocol. This protocol involves depositing your coins to be used to mint new blocks on the blockchain in exchange for rewards. It's also much more energy-efficient than proof-of-work.

Because it's run on Ethereum, Shiba coin can potentially be used for smart contracts and DeFi products for lending and earning interest, for example. The people behind Shiba coin also intend for it to be used for NFTs.

With these staking and DeFi options, and through their platform called ShibaSwap, the creators hope that Shiba will be able to overtake Doge. They also have two other tokens with limited supply, called BONE and LEASH, and both have higher prices than Shiba Coin.

Now, let's talk about where to buy it.

Best Places to Buy Shiba Inu Coin

While before its support was somewhat limited, there are now a growing number of mainstream exchanges offering you the opportunity to buy. Let's take a look at some of your options.

Here are the best places to buy Shiba Inu coin.

Coinbase: Best for Beginners

As of September 2021, Shiba Inu coin is available on Coinbase, which means it's now accessible to many retail crypto traders.

Coinbase makes it easy to buy cryptocurrencies like Shiba Inu coin, even if you have little or no experience trading. Their user-friendly interface and range of educational offerings offer a helpful springboard for new investors.

The only real drawback to using Coinbase is that it has fairly high fees. If you like Coinbase and want to save a little money in exchange for a less beginner-friendly platform, you can try buying your SHIB through Coinbase Pro, their expert-oriented exchange.

Coinbase is based in San Francisco. In 2012, it started out offering users the ability to buy and sell Bitcoin through bank transfers. After years of steady growth, they now offer more than 65 cryptocurrencies to buy, sell, and trade, with more added all the time:

Remember, you aren't going to get the best deal for Shiba Inu coin on Coinbase, but if you're looking for a quick path to crypto trading, it doesn't get much easier.

Binance: Best for Active Traders

Binance was actually one of the first major exchanges to offer Shiba Inu back in May 2021, and their support did a lot to legitimize the coin in the eyes of traders.

In fact, the price jumped 164% from the day before Binance added it to the day after.

Besides setting trends, Binance offers some of the lowest fees in the industry. And with the highest liquidity among exchanges, Binance is regularly ranked the most-used exchange in the world.

If you're trading frequently or at high volumes, Binance is an excellent choice. For investors in the U.S., you'll be using a distinct platform, Binance.US.

Binance provides free peer-to-peer trading in addition to their normal trading platform, a range of savings, a trading widget compatible with the privacy-focused internet browser, Brave, and more.

Besides Shiba Inu coin, the variety of crypto Binance offers is much greater than most exchanges. They have an impressive list of over 500 cryptocurrencies to trade internationally, and over 50 on Binance.US:

Best for Social Trading: eToro

eToro, a popular social trading platform, got on the SHIB train earlier than Coinbase did, all the way back in July of 2021.

If you want to get involved in a crypto-trading community where you can learn more about trading strategy—such as when to buy and sell your Shiba coin—you might consider eToro.

eToro is a popular exchange known best for its CopyTrading feature, which lets users mimic the trades of other investors automatically.

Trader ratings and risk scores help you pinpoint traders who know what they're doing, and a range of educational content and financial reports make eToro a good choice for those looking to learn more about crypto.

Or, if you want to take your hands off the wheel entirely, you can simply follow a successful trader and hope for the best. To mitigate risk, you can also try one of eToro's Smart Portfolios, curated sets of crypto coins from different sectors of the market, like their FuturePayments and CryptoEqual portfolios.

As for their supported coins, beyond SHIB they offer a somewhat limited range drawn from the most popular:

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Deposit $100 and Get $10 from eToro USA LLC

Click Here to Deposit $100 and Get $10

Expires 12/31/2024

For a limited time, you can get $10 when you deposit $100 in your eToro account. Here's how:

1. Sign up for an eToro account
2. Deposit $100

You'll automatically receive $10 directly to your account balance. Offer only applies to US customers. Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.

Crypto.com: Best for Altcoins

If there was any exchange sure to offer an altcoin like SHIB, it was Crypto.com, which has gone to great lengths to provide access to as much of the crypto world as possible.

In addition to Shiba coin, Crypto.com supports a list of over 90 cryptocurrencies and stablecoins that grows steadily.

Their fees are fair, and they support one of the widest varieties of crypto-related services out there. They have a range of crypto rewards Visa cards, a pay feature that allows you to spend your coins at local merchants, an NFT marketplace, custodial and non-custodial wallets and more.

The list of coins supported by Crypto.com is extensive:

While Crypto.com isn't the absolute cheapest exchange, it is still cheaper than many of the other popular exchanges like Coinbase.

How to Buy Shiba Inu Coin

If you're buying Shiba for the first time, you may be wondering how it's done. Don't worry, in most cases, it's very simple if you just follow a few steps.

1. Choose an exchange and set up an account: Not all exchanges carry SHIB, make sure you pick one that does. Places to buy Shiba include:
   
   • Coinbase
     
   • Binance
     
   • Crypto.com
     
   • eToro
     
   • KuCoin
     
   • ShibaSwap, Shiba's native platform

   Screenshot of Coinbase

2. Get verified: Every platform has its own rules, but most will require you to verify your identity upon signing up. You might have to provide personal information and/or photograph IDs.

   Some will require you set up Two-Factor Authentication (2FA) before you start trading. This can usually be done with a phone number or an app like Google Authenticator. All this might take anywhere from a few minutes to several days, depending on the platform.

3. Set up a payment method and fund your account: Most trades start with fiat currency, like USD or EUR. You'll start by connecting a bank account, making a wire transfer, or connecting a credit or debit card.

   Screenshot of Coinbase

4. Make your purchase: Once your account is funded, it should be a matter of choosing the currency you want—or a trading pair, like SHIB - USD—and specifying the amount. Some exchanges, like KuCoin, will first require you purchase Tether (USDT) before exchanging it for SHIB.

   Screenshot of Coinbase

Should You Buy Shiba Inu Coin?

In the end, it's up to you to decide whether you think an investment is a good one, and while you can accept advice, you should recognize that no one knows what the future holds. No one.

Remember that crypto is volatile, and the price changes rapidly compared to other investments like stocks, and certainly to fiat currencies like USD.

Depending on when you buy SHIB, you might see it rise in price hundreds of times before you decide to sell. Or it might drop to half the price you bought it at, only to settle eventually right where you started.

There's really no way of knowing where it will end up. If you invest with that in mind—that anything could happen, and that you might end up losing every dollar you spend—then you should be in a good position no matter how things turn out.

Bottom Line

While Shiba Inu coin is still relatively new, as of mid-2021 there are plenty of places to buy it.

No matter what your experience is with crypto, whether you're a seasoned trader looking for the best rates on exchanges like Binance or Crypto.com, or a complete beginner who might favor Coinbase or eToro for the opportunity to learn the ropes, there's a platform that's right for you.

Choosing whether to buy SHIB or not is still a decision you'll have to make for yourself, but if you do decide to buy, it's never been easier than now.