How And Where To Buy Shiba Inu In Canada
Shiba Inu has exploded in popularity recently. Shiba Inu was created in August 2020 in response to Dogecoins growth. If you dont know, DOGE was created as a joke, based off the social media meme that involved a shiba inu dog. Shiba Inu was created by an anonymous person after Dogecoin started gaining popularity and it has been dubbed the Dogecoin killer. Talk of Shiba Inu was mostly quiet for a year, but it has steadily climbed up the rankings in CoinMarketCap.
Shiba Inu coin started gaining popularity in October 2021. As another meme altcoin, it went viral, and soon, everyone was talking about Shiba Inu, which drove the price up. Shiba Inu saw exponential growth recently. Since its launch, Shiba Inu coin has grown 13,211,665%. One person who invested $8,000 in August 2020 saw their investment grow to over $5 billion in November 2021 when Shiba Inu entered the top ten in the CoinMarketCap rankings. It has since fallen back to number 11 at the time of writing.
Only a few crypto exchanges in Canada list Shiba Inu, but if youre looking to buy Shiba Inu, weve listed places where you can find it in Canada:
Where Does The Hype Come From
For an outsider looking in, theres probably but a single question that comes to mind – where does all of this hype come from?!
Thats a good question. To put it frankly, its actually a combination of a few very unlikely coincidences.
For starters, the anonymous creator of Shiba coin has designed Shiba to be the Dogecoin killer. Naturally, with so many similarities to the already-popular memecoin, Shiba got some initial attention rather quickly.
Following that, you then have various tweets from major influential figures, such as Elon Musk , accompanied by a failed publicity stunt involving Vitalik Buterin . Lets break this down.
Elon Musk has been known to talk about Dogecoin quite a bit, especially on his Twitter profile. The billionaire has mostly posted various memes, but this was enough to ignite a crowd of loyal followers to turn their sights to the crypto in question, and pump its price up significantly.
Naturally, this is when questions such as where to buy Shiba coin? started coming up, as well. Some people confused the two coins due to their likeness, while others wanted to jump into the Dogecoin killer train, believing that the hype around DOGE would be its undoing.
At the same time while this was happening, Vitalik Buterin received a donation of 50 trillion Shiba coins to his public Etheruem wallet address. Vitalik then donated all of these tokens to charity, after converting them to USDC.
Binance Best For Low Fees
Capital At Risk
Founded in 2017, Binance is the worlds largest cryptocurrency exchange. The platform is well-known for its low trading cost. It accepts clients from more than 200 countries worldwide.
Besides having a quick sign-up process, the exchange is pretty fast to process deposit and withdrawal requests. It makes it convenient for customers to buy their favorite crypto asset using multiple payment options, such as card payments, bank wire, and e-wallets. Traders can either buy Shiba Inu coins via the Binance web terminal or mobile trading app. Binance P2P exchange is yet another viable option to consider for purchasing Shiba coins.
The exchange also accepts fiat deposits so traders can use their debit or credit cards for deposits. The crypto exchange doesnt ask for too much private information. Clients can proceed to account verification after filling in the essential details on the registration page. The platforms customer support team remains readily available to help clients on a runtime basis. On the exchanges pricing structure, it charges a small fee from both makers and takers depending on the volume they have traded in the last 30 days. Clients can also have special discounts on purchases made with Binance native token .
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What Is A Shiba Inu Coin
Shiba Inu is a Dogecoin-inspired meme coin that was created by Ryoshi in 2020. Since then, Ryoshis identity remains unknown and people continue to describe him as a mysterious and anonymous developer.
However, Ryoshis aim of creating Shiba Inu coin is clear. That is, to provide a Dogecoin Ethereum-based alternative. As a result, some people refer to Shiba Inu as a Dogecoin Killer
Unlike Dogecoin, Shiba Inu is based on the Ethereum blockchains ERC-20 token. As a result, you can transfer SHIB across different Ethereum addresses.
With the ongoing ecosystem development around SHIB, you can also trade or swap the coin for other assets through a decentralized exchange known as ShibaSwap.
Due to its humorous design depicting the picture of a Japanese dog breed, Shiba Inu has attracted the attention of people globally. This is notable with the emergence of its self-proclaimed advocates called ShibArmy.
Shiba Inu Historical Performance
The Shiba Inu coin, named after the dog breed, was launched almost a year ago and billed itself as the Dogecoin killer. Before getting listed on crypto exchanges, OKEx and SHIB coins had been worth around $0.00000016 as of April 13, 2021. However, the coins started showing substantial volatility after being listed. One of the significant reasons behind its increased trading volume is the interest of Chinese traders. As per an estimate, Chinese exchange Huobi has handled most of SHIBs trading volume in recent days.
SHIB began its price journey in August 2020, below $0.00000001. These low prices lasted through 2020 and into early 2021.
The price rose in line with the market, reaching $0.000003 in late April. After a two-week decline, the price reached an all-time high on May 07, printing around $0.00000279.
On May 11, it was $0.00003503, increasing by 1155% over just a week. However, the coin couldnt uphold its value for long and soon started plummeting back until it printed $0.00000621 on June 11, 2021.
As of this writing, Shib costs around $0.00002225 with a circulating supply of 394.8 trillion and a fully diluted market cap of $8.6 billion. The coin currently ranks at 21st in the crypto market cap rankings.
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Buy Shiba Inu On Binance
Binance is the largest cryptocurrency exchange in the world. It supports Shiba Inu and hundreds of other tokens and altcoins.
SHIB pairs on Binance include SHIB/USDT, SHIB/BUSD, SHIB/EUR, SHIB/TRY, SHIB/AUD, and SHIB/BRL.
- Coins offered: SHIB, BTC, ETH, DOGE, and 300+ coins.
- Funding options: Credit card, debit card, crypto deposits, and P2P payment options.
- Trading fee: Varies based on account tier .
- Offer: Get up to a 25% discounton trading commissions.
Binance is one of the cheapest places to buy SHIB. Note that it is not available to residents of Ontario.
How Is Shiba Inu Different From Bitcoins
While Bitcoin remains the ultimate ruler of the crypto space, investors believe its glory might not last forever. As a result, they look for projects with potential for higher returns. The Shiba Inu token is an oddball prospect. Lets discuss some similarities and differences between the two cryptocurrencies below.
Bitcoin is an original cryptocurrency that has been dominating the crypto market since 2009. Satoshi Nakamoto is still the mysterious person who introduced the world to blockchain technology and cryptocurrency.
On the other hand, Shiba Inu is a meme-coin announced in a whitepaper by the pseudonymous Ryoshi in 2020. However, it is built on the Ethereum network and compatible with Defi apps.
Despite being the top-rated cryptocurrency, Bitcoin is incapable of scaling. Critics believe this limitation could become the reason for its demise. Since BTC employs the proof-of-work consensus mechanism and the SHA-256 algorithm, It takes about ten minutes to create a new block. Consequently, Bitcoin could process a maximum of 5 transactions per second.
In comparison, Ethereum-based Shiba can add a block in just 15 seconds, making it a faster and cheaper payment than Bitcoin.
Supply and Demand
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How To Buy Shiba Inu In New York And Other Crypto
Unfortunately, if you live in New York or other crypto unfriendly territorities, its difficult to secure some cryptocurrencies. Although Shiba Inu was previously inaccessible to New Yorkers on Coinbase, residents can now purchase the dog-inspired token on the platform.
Gemini is also allowing New Yorkers to purchase Shiba Inu on its platform, too.
As always, make sure to exercise caution when buying crypto. Its a risky asset class.
These Digital Assets Could Make You Richer In The Long Run
In 2021, Shiba Inu soared more than 42,000,000%, creating more wealth in a single year than most assets create in a century. Unfortunately, the meme token has not been spared during the recent crypto market crash. Since peaking last October, its price has plunged by about 70%.
Of course, a rebound is always possible. After all, its developer community has a scaling solution, a game based on non-fungible tokens , and a Shiba Inu metaverse in the works. But I wouldn’t hold my breath.
Despite its breakout performance last year, the meme token still lacks utility. And apart from its popularity , there is nothing exceptional or unique about Shiba Inu.
That doesn’t mean its price will continue to fall. No one knows the future. But cryptocurrencies like Fantom and Internet Computer are backed by a much stronger investment thesis, and I’d buy both cryptos before buying Shiba Inu. Here’s why.
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Coinbase Best For Beginners
Capital At Risk
Coinbase is a U.S based crypto exchange providing crypto trading services since 2012. Its user-friendly trading interface and hassle-free sign-up process make it an ideal crypto exchange for newbies. However, it also holds every reason to become the preferred choice of professional and institutional clients. In addition to offering Shiba Inu coin, the platform lists more than 50 altcoins. Traders can use multiple payment methods to fund their accounts, but the transaction cost could become a concern for some clients since they appear a little more expensive than other exchanges.
Buying Shiba Inu on Coinbase is super easy since it doesnt take more than a couple of minutes to complete the purchase. However, the crypto exchange asks you to complete the KYC process before allowing you to buy any crypto asset. Clients can get started with as low as $1, but the minimum amount recommended for deposits is $50. In addition to providing seamless crypto trading services, the exchange offers USDC utility tokens and a custodial wallet for keeping your digital assets safe and secure.
How To Buy Shiba Inu In Canada
As with any cryptocurrency purchase, youll need to sign up to crypto exchange to buy Shiba Inu in Canada. In order to trade on reputable exchanges, you will need to upload identification documents and verify your account. Then, youll need to deposit funds to your fiat wallet. Its best to find an exchange that allows Interac e-Transfer as this is the easiest way to deposit Canadian dollars. Once youve got funds in your fiat wallet, youll be able to buy Shiba Inu. If you already have crypto in your crypto wallet, you can also use this to buy Shiba Inu. Simply go to trade on your crypto exchange and swap your existing crypto for Shiba Inu.
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What Factors Influence Shiba Inu Prices
Like fiat currencies, cryptocurrencies also appreciate and lose their value over time. However, there are more factors than simple microeconomic events that could impact the price of digital currencies. Given below is a quick review of a few of them.
Retention of Investors Interest
Even though the Shiba Inu prices have fallen by 40% over the last quarter, investors dont seem to be in a rush to put down the crypto. It means that value investors see the digital coins growth potential and dont want to miss the opportunity in hastening.
Existence of a Dedicated Exchange Shibaswap
Shiba is listed on its dedicated exchange. The decentralized cryptocurrency exchange ShibaSwap is more like UniSwap or Pancake Swap. The platform has been working hard to offer increased security and transparency. Concerns believe that it could help the coin prices to surge shortly.
No doubt, social media sentiments play a significant role in the success or failure of a cryptocurrency. Over 1000 crypto social media channels, including Facebook, Twitter, Telegram groups and crypto subreddits, mention Shiba Inu every other day. Despite losing more than 40% value in just three months, SHIB remains the widely discussed digital asset these days. Hence, presence on social media can help the coin retain interest amongst the masses and increase value in due course of time.
How To Buy Shiba Inu Coin
Shiba inu coin has been one of the most hotly traded cryptocurrencies of 2021, with daily trading volume reaching a peak of $21.84 billion on Oct. 27, 2021. A big part of the underdogs …
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Best Exchanges To Buy Shiba Inu
You need to create an account with one of these exchanges so you can purchase Shiba Inu coin.
Before you can buy Shiba Inu coin on a decentralized exchange, you’ll have to complete the KYC verification. You can verify your account by uploading your ID and a picture of yourself.
Getting verified allows you to buy crypto with a credit/debit card and a bank transfer. In addition, you get a daily deposit and withdrawal limit of up to $50k along with unlimited P2P transactions.
Some cryptocurrency exchanges such as Binance allow you to buy Shiba Inu with fiat money. So you don’t have to buy Bitcoin or USDT stablecoin first.
The other exchanges require you to buy stablecoin or BTC before you can trade it for Shiba Inu.
Binance is the easiest and cheapest option to purchase Shiba. But Gate and Kucoin offer more coins than Binance. In addition, Gate and Kucoin offer other meme coins which Binance does not offer.
At this point, you should have your account ready. Now we will look at how to buy Shiba Inu .
How To Buy Shiba Inu Coinbase
Preceding tell you the best way to purchase shiba inu coinbase let us talk about Shiba inu crypto and Coinbase trade briefly first.
Made in August 2020 by an organizer called Ryoshi, Shiba Inu takes its moniker from the cuddly canine of a similar name. Likewise, do not get it mistaken for the also Canine-themed Dogecoin, which includes similar variety as its mascot. All things being equal, Shiba Inu considers itself a Dogecoin executioner.
In the same way as other digital currencies, Shiba Inu works on a decentralized PC network running a data set called blockchain. This blockchain information base tracks and deals with the crypto coin, checking exchanges and recording each exchange that happens with it. Therefore, the information base turns out to be a long-running record of the development of the digital currency. In particular, Shiba Inu runs on the Ethereum blockchain, offering the security and usefulness of that stage.
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How Much Do You Need To Buy Shiba Inu
There is no set amount you need to start investing in cryptocurrencies. Factors both within and outside your control usually influence the minimum and maximum investment amounts. Also, your preferred deposit method, investment strategy, and trading platform will likely affect the amount you will need.
Additionally, the maximum investment amount also depends upon several variables, such as your income stream, investment strategy, and risk tolerance level. Ideally, long-term crypto investments tend to be safer than looking for short-term profits.
Buy Shiba Inu On Virgocx
VirgoCX is a full-fledged cryptocurrency exchange offering 30+ coins, OTC, and FX services. it was founded in 2018.
- Coins offerred: SHIB, ENJ, CRV, KNC, PAXG, XLM, and more.
- Funding options: Interac e-Transfer, wire, and crypto deposits.
- Trading fee: Up to 0.50% price spread, free deposits, 0.50% withdrawal fees.
- Visit: Open a VirgoCX account or learn more in this review.
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Buy Shiba Inu On Coinbase
Coinbase is an American cryptocurrency exchange that is also available in Canada and several other countries .
It has about 68 million users and offers 60+ cryptocurrencies.
Coinbase is publicly traded on the Nasdaq stock exchange under the ticker COIN.
- Coins offered: 60+ including the Shiba Inu token.
- Funding options: Debit card, bank wire, and crypto.
- Trading fee: Up to 0.50% trading fee up to 3.99% coinbase fee when you deposit or withdraw.
- Offer: Get a $10 USD bonusafter buying $100 USD worth of crypto .
Buy Shiba Inu With Or Without Leverage
Depending on the exchange or brokerage, you can buy Shiba Inu coins with or without leverage. For instance, signing up with a crypto exchange allows you to purchase real Shiba Inu coins.
On the other hand, most brokers dont sell real crypto coins. Instead, they only allow you to buy a CFD contract and speculate on the prices of digital assets to make profits.
When you buy real coins, you trade without leverage. However, opening a CFD position involves leverage trading. Thus, instead of buying the entire asset, you buy the underlying contract and earn based on the actual outcome of the price movement.
Capital At Risk
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Where To Buy Shiba Inu
There are several platforms where you can buy Shiba Inu, including Binance, wakara.org, Atomic Wallet and KuCoin.
You can also buy SHIB on Uniswap , which requires you to exchange Ethereum for SHIB. For this tutorial, we will be focusing on KuCoin.
You can find the full list on where to buy Shiba Inu here .