How to Buy Shiba Inu Coin – Invest with Low Fees Today

Shiba Inu coin has been called the ‘Dogecoin killer.’ It’s based on the same meme but offers the advantage of using the Ethereum network and offering decentralized finance.

In this guide, we’ll show you how to buy Shiba Inu coins and where to buy Shiba Inu coins in 2024.

How to Buy Shiba Inu Coin – Quick Guide

Want to buy a Shiba Inu coin without reading our complete guide? You can get started right away with these 3 quick steps.

1. Step 1: Open a crypto account – We recommend using trusted crypto exchanges such as OKX or Coinbase. Both have free mobile apps.
2. Step 2: Upload ID – OKX and Coinbase require users to verify their email address and phone number and upload a photo ID (passport or driving license). Some users may have to provide proof of address.
3. Step 3: Deposit Funds – You can fund your account with fiat currency via debit card, bank transfers, or e-wallets.
4. Step 4: Purchase a Stablecoin – SHIB cannot be purchased directly with fiat on most exchanges so users will first need to purchase a stablecoin such as Tether ($USDT).
5. Step 5: Buy Shiba Inu Coin – Next find Shiba Inu by searching in the bar and clicking ‘Buy’. Enter the amount of USDT (or other stablecoin) to spend and confirm the transaction.
   

How to Buy Shiba Inu Coin Tutorial

Ready to buy a Shiba Inu coin? We’ll show you how to get started using OKX, although the process is similar to the majority of major centralized exchanges.

Step 1: Register an Account

Users can create a new OKX account for free – either download the mobile app or join via the website to create a new account. Be sure to select a very strong password, jot it down on paper, and keep it somewhere safe.

Step 2: Upload ID

OKX, Coinbase, and others require users to verify their account – that means verifying their email address and phone number as well as uploading a photo ID, usually a passport or driving license.

Some users may need to provide a proof-of-address.

Step 3: Deposit Funds

Once an account has been set up, users should deposit fiat currency. This can be done via multiple methods including a debit card, bank transfer, or e-wallet.

There are no fees attached to OKX deposits or withdrawals, although some banks may charge a fee.

Step 4: Purchase a Stablecoin

Shiba Inu cannot be purchased directly with fiat currency so users must first purchase a suitable token to convert into it. Tether ($USDT) is a popular choice and the largest stablecoin in the crypto space. Find the token on the dashboard and click ‘Buy’ then follow the steps on screen.

Step 5: Buy a Shiba Inu coin

With a suitable stablecoin in your wallet – found under ‘Portfolio’ – it is time to purchase SHIB. Find the correct trading pair, eg. SHIB/USDT, and click it then select ‘Buy’.

Input how much USDT to purchase and complete the steps to confirm the transaction. The SHIB will also appear in your Portfolio.

Where to Buy Shiba Inu Coin

To buy a Shiba Inu coin, you’ll need a cryptocurrency exchange. It’s essential to pick a highly trustworthy exchange that makes it easy to go from fiat currency to digital currency. The best cryptocurrency exchanges also offer cutting-edge trading tools and a wide selection of tokens.

With that in mind, let’s consider where to buy Shiba Inu coins.

Best Shiba Inu Coin Exchanges

1. OKX – Excellent Cryptocurrency Exchange to Buy DOGE

OKX listed Shiba Inu on 8th August 2022 to its spot trading pairs list, adding SHIB/USDT. While it didn’t have the same listing pump that we have come to expect for cryptocurrencies, people got one more exchange to buy Shiba Inu from.

OKX is a multi-faceted cryptocurrency exchange where investors can engage in spot, margin, and derivatives trading. The platform also offers Peer to Peer trading utilities. Another major draw of OKX is the Copy trading facility, which allows users to follow in the footsteps of successful crypto traders.

OKX’s Earn program allows users to earn passive income on their crypto holding via staking and saving. With the Build program, developers can access OKB and OKT chains to develop decentralized applications or crypto assets. And institutional investors can also interact with OKX to use the Liquid marketplace.

OKX follows a maker/taker fee model for its trading charges, which can be reduced by holding OKB tokens. And along with SHIB, users can buy and sell over 350 cryptocurrencies on OKX.

Your capital is at risk.

2. Bybit – Buy Shiba Inu Using Fiat and Crypto

Bybit is a cryptocurrency exchange that was launched in 2018. While it started out as a low-cap exchange, Bybit’s performance and ability to constantly upgrade has put it as one of the top 5 exchanges on CoinMarketCap, with a 24-hour trading volume averaging around $400 million per day.

Bybit has listed more than 100 different cryptocurrencies along with Shiba Inu. The platform’s security features, coupled with a low-fee requirement, are one of the reasons why people prefer Bybit when they buy Shiba Inu. The platform has an audited proof of reserve, and the Bybit wallet gives users access to additional facilities like market overview, NFT marketplace, and access to the Web 3 ecosystem.

Bybit also has features such as copy trading and Earn programs that allow users to earn APY and APR by holding specific tokens. And when it comes to fees, Bybit sticks to affordability. Users can buy/sell tokens based on a maker/taker fee model that includes different charges for spot trading, perpetual and futures contracts trading, and USDC options trading.

Your capital is at risk.

3. Binance – Best Crypto Exchange to Buy Shiba Inu

Binance is one of the largest cryptocurrency exchanges in the world and offers trading on more than 500 digital currencies. It stands out in several ways, including its top-tier trading platform and low cost for trading.

Binance gives you multiple ways to trade crypto. You can instantly buy or sell digital currency with a simple web interface and pay using a debit card, credit card, or bank account transfer. Alternatively, the exchange has a highly detailed web and mobile trading platform where you can analyze price movements and changes in momentum. The crypto platform even includes access to the Shiba Inu order book, a major plus for advanced traders.

Binance charges a commission of 0.10% per Shiba Inu transaction, which is among the lowest fees in the industry. You can also get a discount by holding BNB, Binance’s cryptocurrency, in your trading account. There are no deposit or withdrawal fees, although the platform does charge a 3% fee if you make an instant purchase with a credit card.

Another nice thing about Binance is that it offers trading on cryptocurrency derivatives. So, you can trade unique leveraged tokens to increase your exposure to a digital currency or trade futures contracts for popular currencies like Bitcoin. However, derivatives trading isn’t available for Shiba Inu coins now.

Binance is not regulated, but since it’s one of the biggest crypto exchanges on the planet, it is considered highly trustworthy. The exchange also has its crypto wallet, the Trust wallet, which we’ll cover in more detail below.

Your capital is at risk.

Shiba Inu Coin Payment Methods

Buying Shiba Inu coins is easier than ever since many crypto exchanges accept various payment methods. Let’s take a look at some of your options.

Buy Shiba Inu Coin with PayPal

If you use PayPal to move money around online, you can also use PayPal to buy Shiba Inu. You can buy Bitcoin with PayPal and then use your Bitcoin to buy Shiba Inu with an exchange like Binance.

Buy Shiba Inu Coin with a Debit Card

Buying Shiba Inu with a credit or debit card is also straightforward. Major crypto exchanges like OKX, Binance, and Coinbase allow you to fund cryptocurrency purchases with a card payment. Binance, for example, requires a minimum transaction size of just $10 when buying Shiba Inu with a debit card.

Buy Shiba Inu Coin with Bank Transfer

Another option is to buy Shiba Inu with a bank transfer. Most cryptocurrency exchanges allow you to send an electronic transfer or SWIFT payment from your bank account to your trading account. Remember that funds can take several days to arrive when using a bank transfer.

What is Shiba Inu Coin?

Shiba Inu coin is a cryptocurrency based around the doge meme, which features a Shiba Inu dog. This is the same meme around which Dogecoin was created. Shiba Inu was launched in 2020 by an anonymous creator named ‘Ryoshi.’

Shiba Inu coin is an ERC-20 token, meaning that it’s based on the Ethereum blockchain network. Shiba Inu has its blockchain, but it can easily be swapped for any other Ethereum-based cryptocurrency using a decentralized exchange. The Shiba Inu token is also completely decentralized and is not controlled by Ryoshi or any other user.

This token has a maximum supply of one quadrillion coins, but half were donated to Ethereum founder Vitalik Buterin as a ‘tribute.’ Buterin burned and donated the coins, effectively destroying nearly half the supply.

In addition, there’s more to the Shiba Inu universe than just the Shiba Inu coin. Shiba Inu also includes the LEASH token, which is pegged to the price of Dogecoin, and the BONE token, which requires users to stake Shiba Inu coin and confers voting power over the Shiba Inu blockchain in return. Shiba Inu has said that it could add decentralized finance (DeFi) to the BONE token in the future so that holders can earn interest.

Why Buy Shiba Inu Coin? Shiba Inu Coin Analysis

Shiba Inu coin is a meme coin that was launched in 2020 and introduced itself as the Dogecoin “killer”. Many thought that Shiba Inu could replicate the success of Dogecoin and could be the next meme coin to soar. Hence Shiba Inu could rise to prominence in a short time and form a huge community of supporters who called themselves SHIBArmy. 

Due to this community that actively promoted SHIB coin on social media platforms, Shiba Inu has taken on value as more and more people have flocked to this new cryptocurrency. While Shiba Inu’s starting price was 0.000000008 when it was first offered to the public, it shot up by over 2,300% in May 2021 alone. This was because the token launched at the very start of the most bullish cycle in crypto history. 

This helped the coin to level up its position on market cap charts, and soon the coin became one of the 20th largest cryptocurrencies by its market cap. Currently, it is the 17th largest cryptocurrency, with a market cap of $4.3 billion. But is it worth buying Shiba Inu right now, and why should you buy the Shiba Inu coin?

One of the reasons is that Shiba Inu survived the recent crypto winter and did not crash despite its speculative character. Moreover, it was able to experience little bullish periods in 2023 once the crypto market showed some signs of recovery. For example, at the beginning of February, the SHIB token broke the $0.00001 mark and peaked at $0.0000145, which would bring an 86% gain for investors at the beginning of 2023. 

After dropping to $0.000006 in the middle of June, SHIB again followed the uptrend in the market and hit $0.00001 again, though for a short time. So, Shiba Inu still follows the trend of the general crypto market and is not a lost cause. This means that a positive direction in the market can shake the coin’s value significantly due to its volatility. 

One of the reasons that Shiba Inu is still alive is that it gets constant support on social media platforms. It has a very active X account with 3.7 million followers and thousands of likes, reposts, and comments for its posts. It has an Instagram page with almost 150,000 followers and a number of subreddits, the most popular of which has almost 500 thousand members. 

Another reason is that the Shiba Inu coin is not completely useless, and it has good potential for DeFi applications. The BONE coin, in particular, could offer users interest in exchange for staking the Shiba Inu coin, making this a high-return and relatively stable investment. It’s unclear what other DeFi applications Shiba Inu would add, but the cryptocurrency has many possibilities thanks to its being built on Ethereum’s network.

Shiba Inu Coin vs Dogecoin

Shiba Inu has been called the ‘Dogecoin killer,’ and the two coins are based on the same Doge meme. So, should you buy Shiba Inu coin or buy Dogecoin?

To answer that question, it’s crucial to understand how the two coins are different. Dogecoin was originally intended as a joke, not a severe cryptocurrency. So, it uses the same blockchain code as Bitcoin but removes all limits on the number of Dogecoin that can be mined.

That means that the future supply of Dogecoin is essentially unlimited. So, Dogecoin can’t retain value in the long run. The coin can see short-term spikes in price when demand outpaces the release of new coins from mining. But miners will eventually catch up, bringing the price of Dogecoin back down.

On the other hand, Shiba Inu was meant to be a usable cryptocurrency based on the doge meme. Its supply is limited, so the Shiba Inu price can rise steadily over time as demand increases. In addition, it is based on the Ethereum network instead of using the same blockchain technology as Bitcoin. That means it’s interchangeable with all other ERC-20 tokens and can be used for DeFi applications like lending and saving.

Shiba Inu Coin Price

The historical price performance of Shiba Inu (SHIB) holds important contextual significance, although it should not be solely relied upon to predict future outcomes. A glance at SHIB’s past trajectory can provide essential insights for both interpreting and making price predictions.

When Musk wrote his first supporting posts for Dogecoin on his X account a couple of years ago, this triggered the launch of many new meme tokens. Not only Dogecoin but SHIB also benefited and continued to ascend, peaking at an all-time high of $0.0000388 on May 10, 2021. This was also greatly associated with the performance of the broader crypto market. 

The market was in a short-period uptrend before its most bullish cycle, which would happen in November. However, it was followed by a downturn which affected SHIB price also, and on May 19, the selling pressure caused a drop to $0.00000622 on May 21, followed by a partial recovery to $0.00001159 on May 24.

A surprise listing of SHIB on Coinbase’s exchange on June 17, 2021, caused a rapid price surge from $0.00000728 to $0.000009331 in slightly over an hour, translating to a 28% gain. Subsequently, SHIB faced challenges alongside the broader market during the summer of 2021. However, by autumn, the token attained an all-time peak of $0.00008845 on October 28, 2021.

In November 2021, when the broader market took a positive direction with most of the major cryptocurrencies setting new all-time highs, SHIB peaked at new heights too. It set a new all-time high, reaching $0.000079, which would bring you over 100% gain even if you invested in it at its previous all-time high. Following this event, the general market experienced a decline, and consequently, SHIB lost most of its value too. 

The token was fluctuating between $0.00002-$0.00004 up until mid-2022 before going below the $0.00001 mark for the first time in 2022. After having some ups and downs for the rest of the year, SHIB closed 2022 with a price of $0.000008. In February, when the market showed signs of recovery, SHIB hit its highest point for 2023. Its price reached $0.000014, so the coin had a 75% YTD return rate. 

But the prices started to fall again, and in mid-June, SHIB experienced its lowest price for 2023, dropping to $0.000006. Due to the quick broader market update, SHIB once again reached the $0.00001 mark, but this was followed by another downtrend dropping SHIB’s value below $0.00001 again. 

Presently, Shiba Inu is valued at $0.0000073 and holds the 17th rank in the crypto ecosystem. Its circulating supply amounts to $4,3 billion, contributing to a market capitalization of 589,346,914,631,298 SHIB. Over the past 24 hours, SHIB experienced a decline of 0.95%. 

The coin has demonstrated a modest increase of 0.65% over the last week, and it has showcased robust growth potential recently, potentially presenting a favorable investment opportunity. The prices are down compared to a one-month perspective, but we need to consider that a negative trend exists in the general crypto market. As SHIB has the tendency to follow the broader market, it can experience a new bullish cycle once the market recovers. 

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

Shiba Inu Coin Price Prediction

When speaking about Shiba Inu price prediction, we need to take into account two main factors – the broader crypto market and the interest in the token itself. As for the first one, SHIB mostly follows the ups and downs of the market, which means that if the market experiences a new uptrend in the future,e SHIB will probably follow and increase in price. 

However, with all of the events and news about cryptocurrencies, their adoption, and regulation, it is hard to predict what direction the market can take. Any positive news can trigger another increase and vice versa. For now, Shiba Inu is still getting promoted on different platforms, so there is still interest in the token, which means that Shib crash is unlikely. 

Taking into account the technical analyses, algorithm-based platforms, like Price Prediction Net, indicate that SHIB will have an average price of $0.00000988 in 2023 with a maximum price of $0.00001078. In five years’ predictions, SHIB is expected to hit $0.00005 and reach $0.0001 by 2030. However, these predictions are volatile, and anything can happen in the crypto industry that can change the course of the market. 

The moving averages for the token indicate a bearish market, with all of the indicators having bearish signs, and technical indicators are also mostly bearish. However, if you believe in this token and think that it will follow the trends in the market, now, with SHIB being significantly down from its all-time high of the year, can be the right time to invest in it. 

Update – see our 2024 guide, ‘Is it too late to buy Shiba Inu.’

Investing vs Trading Shiba Inu

Shiba Inu coin can be suitable for either investing or trading, depending on your goals.

This token appears to be poised for long-term appreciation and DeFi applications. That makes it attractive to long-term investors looking for high returns and don’t mind the coin’s likely volatility along the way. Of course, investors need to be aware that Shiba Inu is just one of many cryptocurrencies vying for popularity. If interest in the doge meme fades, the Shiba Inu price could fall.

At the same time, Shiba Inu’s volatility makes it a potential target for short-term trading. The coin has experienced enormous price swings throughout the last 10 trading days, creating opportunities for savvy traders to profit. Be cautious of trading against the current downtrend, though, as there is no guarantee that the Shiba Inu coin will retest its recent high.

Conclusion

Shiba Inu coin has been called the ‘Dogecoin killer’ because it is based around the same meme but offers the possibility of decentralized finance. As Dogecoin users began looking for alternative coins in May 2021, the Shiba Inu price exploded by 2,300%. While the price has since dropped, Shiba Inu coin could move higher if interest in the cryptocurrency rises again.

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