Its popularity is only rivaled by the Yuga Labs NFT collection Bored Ape Yacht Club, especially with its massive Shiba army promoting the coin on various socials. According to Daniel Polotsky, co-founder and chairman of CoinFlip, a leading Bitcoin and cryptocurrency ATM provider, Shiba Inu has growth potential. When it comes to buying cryptocurrencies, the price of a whole coin can be intimidating. By contrast, the current price of Shiba Inu trades at a fraction of a penny. Shiba Inu may have a very low price but has a huge following in the crypto realm. If you want to buy Shiba Inu, the process is super simple using legitimate exchanges, and there are also alternative methods that you can consider here if you’d like to try something different.
Best Crypto Wallets: Top Picks for 2024
In other words, if a decentralized exchange were to be hacked or the company operating it becomes insolvent, user funds would remain unaffected. 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.
The main difference between Dogecoin and Shiba Inu is that SHIB is built using the Ethereum blockchain, enabling it to support more complex financial transactions than DOGE. A critical step is to ensure that your information has been entered correctly, as any irregularities in your application could delay account approval. Once your account is approved or verified, you can instantly start trading. Its price reached an all-time high in October 2021 after Tesla CEO Elon Musk tweeted about the coin. “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. If you want to buy Bitcoin, you’ll need at least $38,000 to buy a whole coin.
Determine where to trade Shiba Inu
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This will usually allow you to deposit cryptocurrency, but not USD. SHIB is a decentralized, community-led currency held by millions across the globe. All cryptocurrencies are notorious for being among the most risky investments.
Best Cryptocurrency Exchanges
You can buy Shiba Inu on many of the popular cryptocurrency platforms, and it is also available on decentralized exchanges where you can trade SHIB for other cryptocurrencies. Crypto exchanges allow users to trade cryptocurrency (usually for a small fee), check asset prices, stake funds, and more. Some exchanges are fairly basic, while others include a whole financial ecosystem, such as Binance. Shiba Inu is arguably one of the biggest meme tokens ever, second only to Dogecoin. At its peak in October 2021, the coin had racked up a market cap of over $40 billion, and it is now accepted as a means of payment at popular retail stores, like GameStop and Nordstrom.
Choose a Crypto Exchange
- P2P marketplaces, on the other hand, involve the direct purchase and sale of cryptocurrency between individuals.
- If you want to buy Shiba Inu, the process is super simple using legitimate exchanges, and there are also alternative methods that you can consider here if you’d like to try something different.
- These platforms often work by letting you search for an asset within a certain price range, region, or currency type.
- The immersive virtual world features a WAGMI temple, the first of 11 HUBs in SHIB The Metaverse, which previewed at the SXSW XR Experience also in March 2023.
Once you’ve found a platform that suits your needs, create an account and get yourself acquainted with the platform’s offerings. Take time to browse the coins and determine how much Shiba Inu you’d like to purchase. Once you decide on your purchase, you’ll have a chance to review how much SHIB you’re getting and at what price. This is similar on both centralized and decentralized platforms. SHIB can also be acquired through a process known as staking (though this requires you to have some of this cryptocurrency, to begin with).
Crypto exchanges founded and based in the US are required to register with the Financial Crimes Enforcement Network (FinCEN), a division of the US Department of the Treasury. This bureau safeguards the US financial system by working to prevent money laundering, terrorist-financing activity and other financial crimes. Shiba Inu (SHIB) is a meme coin launched in 2020 by an anonymous person or persons known only by the pseudonym, Ryoshi. It has since grown into one of the world’s most well-known cryptocurrencies and has even been labelled as “The Dogecoin Killer”.
If you don’t want to use a crypto exchange to buy Shiba Inu, there are other avenues you can try, including peer-to-peer (P2P) marketplaces and crypto swap platforms. If you want to buy Shiba Inu, start by comparing a range of crypto brokers and exchanges available in the US. Look at their features, fees, security and overall reputation to decide which platform is right for you.
Minimum Deposits
A meme token like Shiba Inu is one coin you might have encountered in your research. This token rose to popularity in 2021 and is still a favorite choice for investors today. Once you have selected a crypto exchange, you can open an account and make your first deposit. Some take a basic approach for new investors, while others are more complex, offering advanced trading features like margin accounts and futures trading. “When looking for a cryptocurrency exchange, it is important to make sure that everything is secure and trusted,” Polotsky said.
The process of buying Shiba Inu on Binance is super simple, as is the case with many other popular exchanges. You can buy Shiba Inu on Binance via bank deposit, payment card, or your account’s cash balance. In this example, Shiba Inu will be how to earn bitcoin bought using a credit/debit card.
Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. If you want to use another cryptocurrency, check if your exchange offers conversion to SHIB from other digital assets you own. Not every exchange will provide the crypto-to-crypto trading pair you want to use. Whatever method you choose to buy Shiba Inu, be aware of the costs you’ll incur.