Looking to add SHIB to your portfolio? You can buy Shiba Inu (SHIB) on both Coinbase and Robinhood.
Shiba Inu has gained massive popularity as one of the most recognized meme tokens, often regarded as the second to Dogecoin, with its market cap soaring over $40 billion at its peak in October 2021. This surge in value can be attributed to its vibrant community and the increasing acceptance of Shiba Inu as a payment method at major retailers such as GameStop and Nordstrom. However, investing in Shiba Inu, like all cryptocurrencies, carries significant risks due to its volatility and the speculative nature of the market. Therefore, it is crucial for potential investors to conduct thorough research and analyze the token's potential advantages and disadvantages before incorporating it into their investment portfolios.
To help you on your journey, we’ve compiled a comprehensive guide outlining the crucial steps while buying Shiba Inu. Let’s get started!
How to Buy Shiba Inu Coin
Whether you’re an experienced crypto enthusiast or a newcomer looking to dip your toes into the crypto waters, here’s a step-by-step guide on how to buy Shiba Inu (SHIB).
1. Open an Exchange Account
The first step to buying Shiba Inu (SHIB) is to register an account if you don’t already have one. Opening an account is easy. All you need to do is provide your email and your personal information and verify your identity. You may need a valid photo ID or passport to abide with the Know Your Customer (KYC) law.
2. Fund Your Account
To deposit funds into your account, navigate to the “Deposit” section, which is usually found in the account settings or wallet area of the platform. Depending on the platform, you may have the option to deposit fiat currency, such as USD or EUR, or cryptocurrencies like Bitcoin or Ethereum. For fiat deposits, you will often need to link your bank account or use a credit card/debit card, following the prompts to complete the transaction.
If depositing crypto, you will be given a wallet address specific to the cryptocurrency you want to deposit; simply copy this address, then use it in your external wallet to initiate the transfer. Be sure to double-check all details to avoid any loss of funds, and remember to consider any transaction fees and deposit times specific to the cryptocurrency exchange you are using.
3. Make Your Purchase
Once your account is funded, head to the SHIB order book and place your order. Consider using different trading orders depending on your overall strategy. The first one is a market order — this process executes the order immediately at the current price. Set a specific price to place a limit order. A limit order executes if it reaches the price you specify. You can spread out orders to try to average into or out of a position.
Be mindful of the risks if you invest in cryptocurrencies like Shiba Inu. Many altcoins — any coin that is not Bitcoin — have massive price swings and can heavily impact your portfolio.
What Is Shiba Inu and Where Did It Come From?
The Shiba Inu is a Japanese breed of dog that originated around 2,300 years ago. In the context of crypto, Shiba Inu is a meme coin-based ecosystem launched in 2020 by an anonymous person or group named Ryoshi. It was inspired by the success of Dogecoin, another meme coin with a dog as the primary icon.
Shiba Inu was first listed on the decentralized exchange Uniswap. Now you can buy its native token SHIB on major crypto exchanges like Coinbase, eToro and Robinhood. After appreciating substantially, SHIB became a leading rival of Dogecoin. It is a major success story within the meme coin sector. SHIB is currently ranked 13th in the top cryptocurrencies based on market capitalization.
Unlike Dogecoin (DOGE), Shiba Inu is trying to build a larger ecosystem. This goal includes ShibaSwap, a decentralized finance (DeFi) platform built around SHIB. ShibaSwap gained over $1 billion in Total Value Locked (TVL) within 24 hours of its release. This platform is a competitor to Uniswap, a popular decentralized exchange platform.
SHIB is trading for around $0.00001326 as of Sept. 1, 2024, with a market capitalization of $7.8 billion.
Where to Buy Shiba Inu Coin (SHIB)
- Best For:Buying & selling DogecoinVIEW PROS & CONS:securely through Robinhood Crypto's website
Some of the best cryptocurrency exchanges to buy Shiba Inu are Coinbase and eToro. For beginners, Coinbase has an easy interface and cryptocurrency wallet support. It is one of the largest crypto exchange service providers in the world. eToro has a more advanced setup that takes a bit of time to get used to. It offers a copy trading feature.
You can also buy Shiba Inu on Robinhood and trade using its intuitive interface. Robinhood is more well-known for stock and options trading than for its crypto brokerage, but it is accessible to beginners.
Can I Buy SHIB on Coinbase?
You can buy SHIB on the Coinbase exchange. Coinbase is among the two largest cryptocurrency exchanges. It is recommended for users who are buying crypto for the first time and is simple and easy to use. Coinbase offers security, accessibility and ease of use.
Can I Buy SHIB on eToro?
You can buy SHIB on eToro. eToro is an innovative trading platform recommended for traders with deep knowledge and experience. It doesn’t have hidden fees, which makes it ideal for traders. eToro has an advanced crypto trading interface.
Can I buy SHIB on Robinhood?
You can buy SHIB on Robinhood, a popular exchange platform. Robinhood is well suited for big investors with portfolios in stocks, exchange-traded funds (ETFs), bonds, cryptocurrencies and commodities.
How to Store SHIB Safely
To hold Shiba Inu tokens and the best cryptocurrencies for the long term, use a cryptocurrency wallet. Dedicated crypto wallets come in two types: software and hardware wallets. Software wallets like exchange wallets are connected directly to the internet and are less secure, while hardware wallets keep your crypto offline.
- Hardware wallet: Ellipal Titan
Shiba Inu is based on Ethereum’s ERC-20 smart contract. You can store SHIB on any Ethereum-compatible hardware wallet. Ellipal is a smart choice for ERC-20 tokens. It can be used to store Bitcoin (BTC), Ripple (XRP), Cardano (ADA), Litecoin and 10,000 other digital currencies.
- Software wallet: ZenGo
ZenGo is a smartphone application that lets you take control of your cryptocurrencies. It is a go-to software solution to store your digital assets including Shiba Inu, Bitcoin, Ethereum and other altcoins. ZenGo is integrated with the exchange platform Changelly where you can swap SHIB with other coins.
Should You Buy SHIB?
Investing in SHIB (Shiba Inu) requires careful consideration of risks, as it is a volatile meme-based token with uncertain long-term viability. Investors should evaluate their risk tolerance, conduct thorough research, and consider the competitive cryptocurrency market before deciding to invest. While SHIB may offer potential rewards, it's important to weigh these against the associated risks.
Frequently Asked Questions
Is Shiba Inu a good investment?
Shiba Inu is a purely speculative meme coin. If you are a short-term trader who understands the market and its risks, then SHIB could be a good option for you. However, meme coins are very risky.
Is Shiba Inu a scam?
Shiba Inu trades between buyers and sellers on crypto exchanges and is not likely a scam. However, SHIB is certainly risky because it has risen in value mostly from memes spreading on social media and Reddit. Some people find it funny and relevant, but many consider it as a bubble.
Can Shiba Inu reach 1 cent?
Shiba Inu is unlikely to reach 1 cent — expert price predictions for SHIB do not expect the token to rise to that level. Reaching 1 cent would require a massive gain that values the total market capitalization of Shiba Inu to become greater than all cryptocurrencies combined.
Can Shiba Inu reach $1?
Shiba Inu is highly unlikely to reach a $1 valuation any time soon, according to expert price predictions for SHIB. As of March 15, Shiba Inu is trading around $0.000029 and likely won’t reach 1 cent, much less $1.
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About Anna Yen
Anna Yen, CFA is an expert crypto writer with over two decades of professional finance and writing experience in roles within JPMorgan and UBS derivatives, asset management, crypto, and Family Money Map. She specializes in writing about alternative investment topics ranging from derivatives to cryptocurrencies. Her work has been published on sites like the crypto exchange Bybit. After six years of personal experience investing in crypto, she prefers BTC, ETH, and SOL.