Shiba Inu (SHIB) is undoubtedly one of the most highly traded crypto assets in 2021. If you’re having any doubts about that, Shiba Inu’s daily trading volume in October 2021 peaked at $21.84 billion. The meme token’s explosive popularity is partially thanks to Dogecoin’s similarly explosive price performance, especially since it got to create an intense following for any Shiba Inu-themed token.
Since Shiba Inu is Dogecoin’s main market competitor, it attracted all kinds of speculation from crypto investors who want to be the first in line on the doggy-themed train, hoping to make fast returns like many Dogecoin investors who jumped on the wagon early.
Although Shiba Inu and Dogecoin have many similarities, mainly its theme surrounding the Japanese dog breed, Shiba Inu aims to offer investors and holders more utility than Dogecoin does. For instance, the network launched a decentralized exchange called ShibaSwap, where crypto holders can exchange their SHIB for their token of choice. Essentially, it functions much like Balancer or Uniswap.
In line with that, the project also has two other ERC-20 tokens called LEASH and BONE. These two additional tokens offer extra utility, such as a store of value for SHIB holders and even governance. You can use these three coins to generate interest within the Shiba Iny ecosystem by offering liquidity on ShibaSwap or by staking. As such, it’s safe to consider these coins as hot DeFi tokens, too.
Buying Shiba Inu on Centralized Crypto Exchanges
Fortunately, Shiba Inu is already considered mainstream, which means that this meme token is readily available on most leading centralized crypto exchanges. Some popular exchanges include:
- KuCoin
- Coinbase Pro
- Gemini
- Binance
- Huobi Global
- FTX
How to Buy Shiba Inu on Centralized Exchanges
Buying SHIB on these centralized crypto exchanges is relatively straightforward, and similar steps typically apply no matter which platform you’re using. Since Binance is one of the leading exchanges in terms of SHIB trading volume, we’ll use it as an example.
- The first step is to create a cryptocurrency exchange account. If you already have one, then you can sign in instead.
2. To start buying crypto, you must complete the Know-Your-Customer (KYC) process if you haven’t already. You can typically finish this process in only a few minutes; it won’t take up too much of your time. If you’re using Binance like we are in this example, you can start the KYC process by clicking on “Identification.” You can find this by hovering over the account icon located on the top-right corner of your screen.
3. Head over to the section where you can buy crypto. You can use a credit/debit card, bank transfer, another cryptocurrency, or any other payment option available on the exchange. However, you can also skip this step if your exchange of choice has a direct fiat currency pairing available.
4. Type in how much you want to spend on your purchase. It could be in cryptocurrency or fiat currency.
5. Choose which payment option you want to use.
6. Make sure you check for any disclaimers or notices you need to read before hitting confirm. Complete the payment successfully, and you should see your funds reflect in your account. However, some payment methods may take a few hours or days.
7. If you had to deposit fiat currency into your account to purchase SHIB, it may take up to five business days before you’ll see your funds credited. From there, you still have to swap your fiat balance into SHIB. Head over to “Markets” and look for the SHIB/USD pair (or whatever your fiat currency is). Once you’ve found the pair, click on “Trade.”
Buying Shiba Inu on Decentralized Crypto Exchanges
There are only two leading decentralized exchanges available for purchasing SHIB coins. The first option is ShibaSwap, the native decentralized exchange platform. The other one is Uniswap, a renowned crypto exchange under Ethereum.
Using ShibaSwap to Buy Shiba Inu Coins
To start buying SHIB coins using ShibaSwap, you must first link your Ethereum-based wallet to your account. To do so, click on the “Connect Wallet” option located in the top-right corner. ShibaSwap supports three wallet options: Metamask, Wallet Connect, and Coinbase Wallet.
Since most people use Metamask, we’ll use that as an example. However, the steps should be similar enough for those using another wallet. The first step is to download Metamask on its official website. Your browser will automatically determine which version you need to get, so all you need to do is tap on the “Download now” button.
Then, create an account if you haven’t already and deposit some ether into your Metmask wallet. For those who don’t know, ether is Ethereum’s native crypto. The best and easiest way to fund your wallet is by tapping on the “buy” button on Metamask. From there, you’ll be redirected to another page where you can choose which payment option works best for you.
Once your Metamask wallet has funds, you can start swapping your ETH for SHIB. Head back to ShibaSwap’s home screen and tap on the “Swap” option in the lower-left corner. Clicking on this tile will redirect you to ShibaSwap’s decentralized swap feature. Select “ETH” for the top box and “SHIB” on the bottom box to start swapping.
Then, choose how many SHIB coins you want. Double-check the amount and the fees, and if you’re satisfied with it all, go ahead ad tap on the “Swap” button. Afterward, your Metamask wallet should have SHIB coins.
Using Uniswap to Buy Shiba Inu Coins
Buying SHIB coins on Uniswap is fundamentally the same as buying on ShibaSwap. The first step is to head over to Uniswap’s official website and tap on the “Launch app” button in the top-right corner of your screen. Then, connect your wallet the same way as in the previous example.
However, one difference between the two exchanges is that Uniswap has more Ethereum-based wallets than ShibaSwap. Aside from the three wallets available in ShibaSwap, Uniswap also supports Fortmatic and Portis wallets.
Like before, you must select SHIB on the second box. If the token isn’t already available on the list, you may need to import it first. Note that it’s crucial to import the correct token and not an imitation. According to Coinmarketcap, this is the correct contract address for SHIB: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
Once you’re sure you have the right SHIB coin, it’s time to decide how much SHIB you want to convert your ETH into. Your new tokens will reflect in your Metamask wallet after completing the transaction.
Buying Shiba Inu on Mobile Devices
Some people who don’t have a laptop or PC can still easily purchase Shiba Inu tokens on their mobile device, and the best part is that it still follows a similar process. As always, the first step is to create an account and follow the KYC process before you can start buying crypto.
Here are some other necessary steps you don’t want to miss:
- Download the mobile app of the crypto exchange you want to use. If you don’t want to download the app for whatever reason, you can also use your mobile browser to visit the official mobile-optimized version of the platform.
- Set up a password and make sure to write down the seed/recovery phrase on a physical sheet of paper. You mustn’t leave a digital copy or note anywhere because it can be easy for hackers to access. If you lose your mobile device, you’ll need to have your seed/recovery phrase on hand to transfer your account and the information in it over to a new smartphone.
For your convenience, here’s a list of all the major trading apps available on mobile that support Shiba Inu:
- KuCoin
- Crypto.com
- MEXC Global
- Coinbase
- Huobi Global
- FTX
- OKEx
- Binance
- eToroX
Buying Shiba Inu in New York
New York is one of the most crypto-regulated parts of the globe, and enthusiasts living there have a difficult time investing in new crypto projects or even buying assets. Not only that, crypto companies operating in the area need to have a specific license to be considered legal, but this license has only been granted to a handful of companies throughout the years.
However, there are some things you can do to acquire Shiba Inu tokens in New York without worrying about breaking the law. For instance, Coinbase announced in November 2021 that New York residents can now purchase SHIB on the platform.
https://twitter.com/coinbase/status/1456738505086832645?s=20&t=9rqR30oYLdSHf2Eu_GHavA
If that doesn’t work for you, another option you may want to check out is the Atomic Wallet. You can use this wallet to store ETH, which you can then convert into SHIB.
