The viral success of shiba inu coin (SHIB) in 2021 means it’s easier than ever to purchase the dogecoin competitor across a range of platforms. Here’s what you need to know.
Shiba inu coin (SHIB) 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 underdog’s viral success in the market can be attributed to dogecoin’s explosive price performance and the die-hard following the project created around the shiba inu theme.
As the main market competitor and spinoff of dogecoin, shib token has drawn significant speculation from crypto investors who are hoping to ride the next doggy-themed wave and try to make fast returns like many early dogecoin investors enjoyed at the start of the year.
While it shares many similarities with dogecoin, namely its Shiba Inu theme, extremely large supply and very low-cost token, shiba inu coin sets out to provide substantially more utility for its holders than is currently available with doge. For starters, the project launched its own ShibaSwap decentralized exchange where crypto holders can swap SHIB for a range of other listed tokens, much like Uniswap or Balancer. Building on this, shiba inu coin also features two other ERC-20 tokens – known as BONE and LEASH – which provide additional utility including governance and a store of value for holders.
All three tokens within the shiba inu coin ecosystem can be used to generate interest by either staking or providing liquidity on the ShibaSwap platform, making it an equally hot DeFi token too.
Where and how to buy shiba inu coin
Where to buy shiba inu coin on centralized exchanges
Thanks to the mainstream popularity of meme coins, cryptocurrencies like SHIB are widely available on most leading centralized cryptocurrency exchanges. These include:
How to buy shiba inu coin (SHIB) on centralized exchanges
The process for signing up and using these exchanges to buy SHIB is relatively straightforward and follows the same steps regardless of which platform you opt for.
As Binance is one of the exchanges where the highest volume of SHIB tokens are traded, we’ll use this platform as an example.
- Sign up for an exchange account or sign in if you already have one.
- Complete the know-your-customer (KYC) process to be allowed to buy cryptocurrencies if you haven’t already done so. This process usually takes a few minutes to complete. On Binance, this can be found by hovering over the account icon in the top right corner and clicking on “Identification.”
- Navigate to the page to buy cryptocurrency – USDT, USDC, DOGE or skip this step if a direct fiat currency pair is available – either through a credit/debit card, bank transfer, cryptocurrency or other option provided by the exchange.
- Insert the amount you want to spend on the purchase (either in fiat currency or cryptocurrency)
- Select your payment method of choice
- Check any disclaimer buttons or boxes there may be and hit confirm. Complete the payment process, and – depending on the payment method and exchange guidelines – the purchased amount should become accessible in your wallet within a few minutes.
- If you had to fund your account with fiat currency – such as U.S. dollars (USD) – to purchase shiba inu coin, it may take one to five business days before the funds are credited. Afterward, you still need to swap your balance for SHIB. This process can be completed by going to the “Markets” section of your exchange, finding the SHIB/USD (or SHIB – other currency pair), and using the “Trade” option. On Binance, clicking this button will take you to the exchange interface where you will be guided through the process of placing a trade via the order book system.
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