How to Buy Shiba Inu (SHIB)

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Contributor, Benzinga
March 18, 2024
verified by Logan Ross

You can buy Shiba Inu (SHIB) on both Coinbase and Robinhood in 2024. Register to complete identity verification and fund your account to trade.

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shib

Shiba Inu

$0.00001621*

*prices delayed up to 10 minutes

-5.77%

24H
Buy Shiba Inu
1703 votes

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. 

Buy a Crypto Wallet (Optional)

Before you buy SHIB tokens on Coinbase or eToro, consider long-term dedicated wallet storage for your tokens. If you aren’t trading crypto on a regular basis, it is not recommended to store SHIB tokens on an exchange. These trading platforms are known targets for hackers, and your assets could be at risk here. Although many of them hold some level of insurance against losses, you are not guaranteed to be able to recover all funds.

Dedicated crypto wallets come in two types: cold wallets and hot wallets. Hot wallets like exchange wallets are connected directly to the internet, while cold wallets keep your crypto offline. Cold wallets are considered safer. 

Software (hot) wallets like Exodus secure your crypto assets by giving much better protection than centralized exchanges. However, they are still vulnerable to online hacks, so a hardware (cold) wallet is an even safer alternative. Hardware physical wallets store your cryptocurrency offline, making it much harder for funds to be hacked. 

Make Your Purchase

If you want to buy SHIB on Robinhood or Coinbase, connect your funding source after ID verification. Fund your account by transferring the amount you wish to trade. Then head to the SHIB/USD 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.

Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts

Best Exchange for Shiba Inu Coin

  • Coinbase
    Best For:
    Active Crypto Traders
    VIEW PROS & CONS:
    securely through Coinbase's website

    Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.

  • eToro
    Best For:
    Social Investing
    VIEW PROS & CONS:
    securely through eToro's website

    Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.

    eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

  • Robinhood Crypto
    Best For:
    Buying & selling Dogecoin
    VIEW PROS & CONS:
    securely through Robinhood Crypto's website

Some of the best exchanges to buy Shiba Inu are Coinbase and eToro. For beginners, Coinbase has an easy interface and 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 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. 

Best Crypto Wallets for Shiba Inu

To hold Shiba Inu tokens and the best cryptocurrencies for the long term, use a crypto wallet. Exchange wallets are less secure than dedicated crypto wallets. 

  • 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. 

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 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 looking to make a place among the top 10 cryptocurrencies in the world. 

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.  

Frequently Asked Questions

Q

Is Shiba Inu a good investment?

A

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.

Q

Is Shiba Inu a scam?

A

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.

Q

Can Shiba Inu reach 1 cent?

A

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.

Q

Can Shiba Inu reach $1?

A

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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Anna Yen

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.