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

Learn how to buy Shiba Inu coin (SHIB), the so-called 'Dogecoin killer.'
Author: Michael Graw
Last Updated: 18 May 2021
Shiba Inu Coin
Shiba Inu Coin

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 coin and where to buy Shiba Inu coin in 2021.

How to Buy Shiba Inu Coin – Quick Guide

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

  1. Open an account with Binance: We recommend using Binance to buy Shiba Inu coin. This crypto broker offers low fees and a wide range of deposit methods. Simply head to Binance and click ‘Register Now.’
  2. Upload ID: Upload a copy of your driver’s license or passport to verify your identity.
  3. Buy Shiba Inu Coin: Click ‘Buy Crypto,’ choose your payment method, and search for Shiba Inu (SHIB). Enter the amount you want to purchase. Click ‘Buy SHIB’ when your trade is ready.

How to Buy Shiba Inu Coin Tutorial

Ready to buy Shiba Inu coin? We’ll show you how to get started using Binance, which offers trading on Shiba Inu and more than 500 other cryptocurrencies.

Step 1: Open an Account

To register a new crypto trading account, visit the Binance website and click ‘Register Now.’ You’ll need to enter your email and a password for your account.Register a Binance Account

Step 2: Upload ID

Even though Binance is not a regulated exchange, the platform still requires you to verify your identity to comply with Know Your Customer (KYC) requirements. You can complete this step online by uploading a copy of your driver’s license or passport. Binance will also ask you to verify your phone number by sending you a text message code.Binance Upload ID

Step 3: Buy Shiba Inu Coin

Once your account is verified, you’re ready to buy Shiba Inu coin. Just click ‘Buy Crypto’ at the top of the page and choose your payment method. Select ‘SHIB’ from the coin drop-down menu and enter the number of Shiba Inu tokens you want to purchase.Buy Shiba Inu Coin with Binance

When you’re ready, click ‘Buy SHIB’ and enter your payment details to complete your purchase.

Where to Buy Shiba Inu Coin

In order to buy Shiba Inu coin, you’ll need a cryptocurrency exchange. It’s important to pick an exchange that’s not only highly trustworthy, but also 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 take a look at where to buy Shiba Inu coin.

1. Binance – Best Crypto Exchange to Buy Shiba Inu

binance logoBinance is one of the largest cryptocurrency exchanges in the world and offers trading on more than 500 digital currencies. It stands out in a number of ways, including it’s 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, which is a major plus for advanced traders.Binance Trading Platform Shiba Inu Coin

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 own 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.Binance Markets

Another thing that’s nice about Binance is that it offers trading on cryptocurrency derivatives. So, you can trade special 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 coin at this time.

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 own crypto wallet, the Trust wallet, that we’ll cover in more detail below.

Pros

  • Multiple ways to buy or trade Shiba Inu coin
  • Commission of 0.10% per trade or less
  • Advanced trading platform with access to crypto order book
  • Supports crypto derivatives trading
  • Includes a cryptocurrency wallet

Cons

  • Not a regulated exchange
  • 3% fee for instant credit card purchases

Your capital is at risk.

2. eToro – Overall Best Cryptocurrency Exchange

etoro logoeToro doesn’t offer trading on Shiba Inu at this time, but it’s worth highlighting here as our overall favorite cryptocurrency exchange for buying popular tokens like Bitcoin, Ethereum, Litecoin, and Dogecoin. eToro currently offers 16 cryptocurrencies plus a built-in wallet to help you manage your funds, so it’s one of the best binance alternatives.

One of the key aspects that helps set eToro apart is that it’s extremely easy to buy cryptocurrency. You can create an account in minutes and fund your purchases with a debit or credit card, a bank transfer, or an e-wallet like PayPal, Neteller, or Skrill. eToro also requires a minimum deposit of just $50 for US traders, so you don’t need a lot of money to start trading crypto.eToro Cryptocurrencies

eToro offers a user-friendly crypto broker platform for web and mobile devices. It offers comprehensive technical charts with dozens of technical indicators and drawing tools, plus a news feed and economic calendar to help you track the market.eToro Bitcoin Chart

On top of that, eToro has a built-in social trading network. You can follow other Shiba Inu traders to see whether they’re buying or selling and learn what they think about the coin’s outlook. It’s easy to start discussions, so this network is also a valuable tool for new cryptocurrency traders. You can even automate your crypto trading by mimicking the moves of more experienced traders.

eToro is regulated by the UK’s Financial Conduct Authority (FCA) and is widely considered to be a safe trading platform. You can contact customer support 24/5 by phone and email if you ever have questions about your account.

Pros

  • Trade 16 popular cryptocurrencies
  • Accepts PayPal for payment
  • Low minimum deposit
  • Built-in social trading network
  • Regulated by the UK FCA

Cons

  • Doesn’t offer trading on Shiba Inu at this time

67% of retail investor accounts lose money when trading CFDs with this provider.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

Shiba Inu Coin Payment Methods

Buying Shiba Inu coin is easier than ever since many crypto exchanges now accept a wide range of 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. Brokers like eToro allow you to fund your trading account with PayPal as well as e-wallets like Neteller and Skrill. Alternatively, 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 Credit Card or Debit Card

It’s also extremely easy to buy Shiba Inu with a credit card or debit card. Binance and eToro both allow you to fund your cryptocurrency purchases with a card payment. Binance requires a minimum transaction size of just $10 when buying Shiba Inu with a credit/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. Just keep in mind 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

Shiba Inu coin is an ERC-20 token, meaning that it’s based on the Ethereum blockchain network. Shiba Inu has its own blockchain, but it can easily be swapped for any other Ethereum-based cryptocurrency using a decentralized exchange. The Shiba Inu token itself 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 of them were donated to Ethereum founder Vitalik Buterin as ‘tribute.’ Buterin in turn 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, but it has taken on value as more and more people have flocked to this new cryptocurrency. The price has shot up by over 2,300% in May 2021 alone, and the Shiba Inu price now values the project at over $7 billion. While Shiba Inu might not be the biggest cryptocurrency on the market, it’s clear that crypto investors are taking it seriously.

So, why should you buy Shiba Inu coin? The main reason is that this coin has a lot of potential. Digital Coin Price predicts that the token will be worth $0.00004607 by the end of 2025 – a 285% increase from today’s prices. Although Shiba Inu coin has a large supply, it is limited. So, the token can appreciate in value as demand soars.

Shiba Inu coin also stands out because of its potential for DeFi applications. The BONE coin in particular could offers users interest in exchange for staking Shiba Inu coin, which would make this a high-return and relatively stable investment. It’s not clear what other DeFi applications Shiba Inu would add, but the cryptocurrency has many possibilities thanks to the fact that it’s built on Ethereum’s network.

In the near-term, Shiba Inu coin offers a lot of possibilities for trading. The Shiba Inu price is currently 53% its all-time high from just a few weeks ago. A single tweet from Elon Musk – one of Shiba Inu coin’s biggest promoters – could send the token flying upwards again.

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?Shiba Inu vs Dogecoin

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

That means that the future supply of Dogecoin is essentially unlimited. So, it’s virtually impossible for Dogecoin to 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.

Shiba Inu, on the other hand, was meant to be a usable cryptocurrency based on the doge meme. It’s 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 that 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 Shiba Inu coin price has always been low – a fraction of one cent – because of the huge number of coins that the project initially released. For much of 2020, a single Shiba Inu coin was worth less than $0.00000001.

However, that changed in April 2021, when interest in Dogecoin skyrocketed. Shiba Inu caught crypto enthusiasts’ attention as another meme coin that could explode higher, and the price quickly jumped to over $0.000003 per coin.Shiba Inu Price Chart

Then, on May 11, 2021, Elon Musk asked on Twitter whether Tesla should start accepting Shiba Inu-themed cryptocurrencies for payment – including both Dogecoin and Shiba Inu coin. The Shiba Inu price rocketed to more than $0.00003, a gain of 10x from just a few days earlier.

Once the initial excitement over Musk’s tweet faded, Shiba Inu coin fell back down to $0.000015 – a loss of about 50% from the high. However, the current price represents a gain of more than 2,300% for crypto investors who bought Shiba Inu coin at the start of May.

Shiba Inu Coin Price Prediction

It’s impossible to know where the Shiba Inu price will go next. On the one hand, the token is in the midst of a severe price drop after Musk’s tweet. Given that the coin shot up from being almost worthless just a few weeks ago, there is no support level to point to for where the current price trend might stop and reverse.

On the other hand, Shiba Inu has entered the crypto spotlight. It’s gone from being an obscure token to one that everyday crypto investors know about, and that could propel it higher. In fact, Digital Coin Price predicts that Shiba Inu coin will be worth $0.00004607 by the end of 2025, which is a 285% increase from today’s prices.

In any case, investors should expect extremely high volatility for this coin. Another Musk tweet could send it shooting higher – or lower, if he favors Dogecoin – and it’s not clear whether Shiba Inu’s popularity is fleeting or lasting.

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 who are 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 each of the last 10 trading days, which creates opportunities for savvy traders to profit. Be cautious of trading against the current downtrend, though, as there is no guarantee that Shiba Inu coin will retest its recent high.

Best Shiba Inu Wallets

In order to safely store any Shiba Inu coin you purchase, you’ll need a cryptocurrency wallet (also known as a Bitcoin wallet). These are digital accounts that act like bank accounts for your cryptocurrency. Every time you want to buy or sell Shiba Inu coin, the coins will move into or out of your wallet.eToro Crypto Wallet

When choosing a Shiba Inu wallet, it’s important to think about security and usability. Your funds need to be safe and completely protected from hackers. At the same time, you need to be able to access your crypto tokens for trading or DeFi applications when you need them.

Our favorite Shiba Inu wallet that blends these qualities is the eToro wallet app, which is available for iOS and Android devices. This secure wallet can store over 150 different cryptocurrencies, including both Shiba Inu and its competitor, Dogecoin. You can also instantly exchange between any of the 16 different cryptocurrencies that eToro supports from inside the wallet. If you already use eToro to trade digital currency, you can access your wallet using your eToro login credentials.

Another good option is the Binance Trust wallet. This is a highly secure wallet app that allows you to hold more than 500 altcoins and exchange between them using Binance’s decentralized exchange, BinanceDEX. The Trust wallet also has a built-in marketplace for DeFi apps, so it’s useful if you want to stake your Shiba Inu coin to earn interest.

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 to look for alternative coins in May 2021, the Shiba Inu price exploded upwards by 2,300%. While the price has since dropped, Shiba Inu coin could move higher if interest in the cryptocurrency rises again.

Now that you know how and where to buy Shiba Inu coin, you can get started today with Binance – just click the link below to begin.

Binance – Best Exchange to Buy Shiba Inu Coin

binance logo

Your capital is at risk.

FAQs

Should I buy Shiba Inu coin?

Shiba Inu coin is a risky investment. However, the coin has proven very popular as an alternative to Dogecoin, so it’s price could continue to rise.

Where can I buy Shiba Inu coin?

You can buy Shiba Inu coin at a cryptocurrency exchange like Binance.

How much Shiba Inu coin should I buy?

Binance requires a minimum trade size of $10. Beyond that, you’ll need to decide how much it makes sense for you to invest in Shiba Inu. Keep in mind that this altcoin is highly risky.

How much is Shiba Inu coin worth?

The Shiba Inu price is $0.00001953 as of May 2021. Shiba Inu as a whole has a market cap of $7.2 billion.

Will Shiba Inu coin go up?

There is no way to know where the Shiba Inu price will rise or fall. If the coin continues to gain popularity and is able to steal users from Dogecoin, Shiba Inu coin could go up significantly.

Remember, all trading carries risk. Past performance is no guarantee of future results.
Michael Graw

Michael is a writer covering finance, new markets, and business services in the US and UK. His work has been published in leading online outlets and magazines.