How to Buy Shiba Inu Cryptocurrency (SHIB)

The Shiba Inu (SHIB) cryptocurrency is an evolution of the “doge” meme that is still popular among crypto enthusiasts. While SHIB shares some inspirations with Dogecoinit works using a different framework that can support more complex transactions.

You can buy Shiba Inu on many popular cryptocurrency platforms, and it is also available on decentralized exchanges where you can trade SHIB for other cryptocurrencies.

SHIB can also be acquired through a process called staking (although this requires you to have some of that cryptocurrency, to begin with). And theoretically, you could receive Shiba Inu as payment for goods or services.

Before you decide to invest in Shiba Inu, it helps to have at least a basic understanding of how it works.

Shiba Inu launched in late 2020, but it was relatively thinly traded until spring 2021, when the crypto market was on the rise, taking many digital assets to all-time highs. It also benefited from a crypto market rally in late 2024.

Like crypto stalwart Dogecoin, Shiba Inu was inspired by the popular “Doge” meme – a widely circulated image of a shiba inu dog. And it is one of the largest crypto projects among several others that have used the dog as a mascot.

The main difference between Dogecoin and Shiba Inu is that SHIB is built using the Ethereum blockchain, allowing it to support more complex financial transactions than DOGE.

Shiba Inu is proof of stake blockchain. This means it does not support crypto mining like Dogecoin, which is built on a proof-of-work blockchain similar to Bitcoin. Although the technical details can be complex, the bottom line for most everyday users is that you can “stake” on SHIB and earn more tokens as a reward.

SHIB is not afraid of its meme legacy as it seeks to occupy the gap between usefulness and irreverence. For example, the SHIB “white paper”, which sets out its mechanisms and economic aspects, is called a “woofpaper”. When you bring a Shiba Inu into play, you bury it. And when you lend it to help power a decentralized exchange, you’re “digging.”

The Shiba Inu economy also includes two companion tokens, “Leash” and “Bone,” which are comparatively rarer than SHIB and help incentivize people to keep its underlying network running.

Cryptocurrency is notoriously volatile, and SHIB is no different. While its price has risen rapidly in the past, it has also fallen precipitously.

If you decide to invest in SHIB, you’re betting that more people will be interested in using products built using its technology, which will increase demand. You might also think that SHIB’s user community will turn people away from more sophisticated cryptocurrencies. None of these scenarios is a safe bet.

If you decide to purchase Shiba Inu, the process is similar to how you might purchase other cryptocurrencies.

You can purchase SHIB in four steps.

Shiba Inu is one of the most popular cryptocurrencies and is for sale on most centralized exchanges, such as Coinbase, Kraken, and Gemini. If you don’t already own cryptocurrency, you will likely need to purchase SHIB with cash through one of these exchanges.

If you own cryptocurrency, you will have more options for purchasing Shiba Inu. Although some centralized exchanges allow transactions involving SHIB and other cryptocurrencies, they are available through many decentralized exchanges such as Uniswap. Shiba Inu even has its own decentralized exchange, known as ShibaSwap.

Ethereum owners have many options if they want to acquire SHIB. For example, the popular MetaMask wallet allows you to convert ETH to SHIB directly.

Whichever method you choose to purchase Shiba Inu, be aware of the costs you will incur. While some cryptocurrency marketplaces may impose trading fees, decentralized exchanges require you to pay network fees on the Ethereum blockchain, which can sometimes be high.

If you use a centralized exchange, you will need to deposit fiat currency or another cryptocurrency into your account.

With fiat currency Like the US dollar, exchanges tend to offer bank transfers, debit card and credit card transactions. Be careful when using a credit card, however, as high interest rates can compound your losses in a market downturn. Also pay attention to the fees your exchange charges for transferring money to your account.

If you want to use another cryptocurrency, check if your exchange offers conversion to SHIB from other digital assets you own. This is true for both centralized and decentralized exchanges. Not all exchanges will provide the crypto-to-crypto trading pair you want to use.

Once you have decided on your purchase, you will have the opportunity to check how many SHIBs you are getting and at what price. This is similar on centralized and decentralized platforms. You will also want to look at transaction costs.

If everything looks good to you, you will be able to submit your transaction. Within minutes, SHIB will be deposited into your account or crypto wallet, and your payment will be deducted from your balance.

You have two main options for storing cryptocurrencies, such as SHIB. If you’re using an exchange, you can leave it there. Storing your crypto on an exchange can be convenient and easier for beginners, but crypto exchanges can also be targets for hackers because of the value they hold.

You can also keep SHIB in your cryptocurrency wallet, where you control the information that allows you to spend or trade cryptocurrencies. Wallets require slightly more technical expertise, but they put security under your control. If you choose a wallet, use one that supports SHIB, as not all crypto wallets work with all cryptocurrencies.