Shiba Inu (SHIB) has exploded in popularity recently. Shiba Inu was created in August 2020 in response to Dogecoin’s (DOGE) growth. If you don’t 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(s) 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 you’re looking to buy Shiba Inu, we’ve listed places where you can find it in Canada:
How to Buy Shiba Inu (SHIB) in Canada?
As with any cryptocurrency purchase, you’ll 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, you’ll need to deposit funds to your fiat wallet. It’s best to find an exchange that allows Interac e-Transfer as this is the easiest way to deposit Canadian dollars. Once you’ve got funds in your fiat wallet, you’ll 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.
Where to Buy Shiba Inu Coin (SHIB) in Canada in 2021?
Here, we’ve picked the best exchanges where you can buy Shiba Inu in Canada. These crypto exchanges offer the best in security, reputation, low fees, and ease of use.
Binance (not available on Ontario)
While not the easiest exchange for beginners, Binance is certainly the most reputable. Binance is secure, offers hundreds of cryptocurrencies, and has some of the lowest fees of any crypto exchange. If you hold their native token Binance Coin (BNB) you can pay even lower fees. While not available in Ontario due to regulations, Binance is available in all other Canadian provinces and is a good place to purchase Shiba Inu if you’re an experienced trader. Binance accepts credit/debit card payments or wire transfer. You can sign up here.
Coinsmart is a Canadian crypto exchange that allows you to deposit Canadian dollars via Interac e-Transfer. Coinsmart recently added Shiba Inu to its list of cryptocurrencies. Buying Shiba Inu on Coinsmart is easy, and since the exchange is specifically for Canadians, the trading platform is built to reflect just that. There are no confusing drop down menus or several fiat wallets to navigate. Deposit Canadian dollars easily and you can buy Shiba Inu in minutes. You can sign up here.
NDAX is another Canadian crypto exchange that allows free deposits via Interac e-Transfer. This makes it easy to deposit funds in Canadian dollars. NDAX has a fixed 0.2% buy/sell fee and a fixed $25 fee for wire and bank withdrawals. Credit and debit cards are not accepted. NDAX is a good place to buy Shiba Inu in Canada because it’s easy to use, reputable, and has reasonable fees. You can sign up here.
Newton offers free deposits via Interac e-Transfer and although it claims to be a “no fee” crypto exchange, it does have higher spreads than other exchanges at 0.40% to 0.72%. Still, Newton is easy to use and one of the best places to buy Shiba Inu due to its suitability for beginners. Newton also offers instant verification, which is great if you want to purchase Shiba Inu fast. You can sign up here.
How to Keep Shiba Inu (SHIB) Safe and Secure in Canada
Once you have purchased Shiba Inu Coin you’ll want to move it off the crypto exchange to a private crypto wallet for safekeeping. It is important to do this because crypto exchanges can be hacked or be forced to shut down due to regulations. It’s best to have full custody of your Shiba Inu by moving it to a secure private wallet. Many crypto wallets support Shiba Inu and you can learn more about the best crypto wallets in Canada in our previous article.
How to Sell Shiba Inu Coin in Canada
Perhaps Shiba Inu will have another superb run during this bull market. After all, it’s a popular “meme coin” and they tend to pump in waves. If you’ve made a profit on your Shiba Inu and would like to sell, then what you need to do is transfer your Shiba Inu from your private wallet back to the crypto exchange where you first bought it. Once your Shiba Inu is on the exchange, go to your Shiba Inu wallet and click the sell button. You will usually have a choice of swapping it for another crypto or selling it for Canadian dollars. If you sell for fiat, you can transfer the amount back to your bank account via Interac e-Transfer if the exchange supports it. Be sure to check if there are any withdrawal fees so you’re not left wondering why you’re getting less than you should have.
Shiba Inu FAQs
Can you buy Shiba Inu (SHIB) in Canada?
Yes, there are Canadian crypto exchanges where you can buy Shiba Inu:
What is the best way and place to buy Shiba Inu (SHIB) in Canada?
To buy Shiba Inu in Canada you must sign up for a crypto exchange. We recommend Binance, Coinsmart, NDAX or Newton.
How to trade Shiba Inu (SHIB) in Canada?
You can swap your Shiba Inu coin for another cryptocurrency on your chosen crypto exchange. The trading pairs available will be presented to you when you select to swap or trade.
What is the Shiba Inu (SHIB) price in CAD?
The current price of Shiba Inu in Canadian dollars is $0.00006892. Its market cap is $37,734,294,633. It’s changing rapidly and most likely it is different by the time you read the article.
Is Shiba Inu (SHIB) a good investment for Canadians?
All cryptocurrency investments are risky and you should never invest more than you are willing to lose. That said, Shiba Inu could be a good investment if you believe the price will increase. Shiba Inu at this point in time is considered a meme coin. There isn’t any utility for Shiba Inu coin. The price has pumped recently because Shiba Inu went viral on social media. The pump could happen again or it could not. Many people believe Shiba Inu could become more valuable than Dogecoin, in which case there is still some room to grow. Do your own research before you invest.