Coinsquare is the most trusted cryptocurrency trading platform in Canada. We facilitate your participation in the cryptocurrency space with over 50 of the top crypto coins on the market, including the popular Shiba Inu (SHIB) coin.
Want to learn more about how to invest in cryptocurrencies like SHIB? This page covers the essentials for beginning crypto investors, with instructions on how to get started quickly.
Add money in the currency of your choice (this can include CAD). These funds are what you’ll use to buy SHIB.
Before you buy, you can check the current price of SHIB, or any other token listed in Coinsquare in CAD or USD.
Congratulations! You are now an owner of the SHIB cryptocurrency, along with thousands of others in the SHIB community!
After making your purchase, your SHIB will be stored in your secure and insured Coinsquare wallet. If you wish, you can withdraw the coin to your own external wallet.
If you’re looking to invest or buy Shiba Inu, you’re probably wondering what this cryptocurrency is about. Don’t get it confused with the adorable Japanese dog breed, though! Shiba Inu (SHIB) was originally a “meme coin” named after the popular dog breed on the internet as its mascot — the Shiba Inu. Meme coins aren’t usually taken seriously. But that’s not the case with Shiba Inu. SHIB crypto can be seamlessly integrated into the DeFi system since it’s an ERC-20 token. Shiba Inu’s network employs a proof-of-work (PoW) census mechanism to prevent attacks and potential threats.
The Shiba Inu crypto is a multi-token ecosystem that includes SHIB, LEASH, and BONE.SHIB is the main token representing a global decentralized community known as the ShibArmy. Just like Ethereum and Bitcoin, it can be traded, bought, and sold on Coinsquare. The other tokens, Bone and Leash, are used in the governance of SHIB and for rewards.
It all started in August 2020 when an anonymous group or user with the pseudonym “Ryoshi” launched the Shiba Inu crypto as a community-based experiment project. According to the “woof paper” or white paper, Shiba Inu’s founder wanted to explore what happens when a project relies solely on its community for development, marketing, and decision-making. There was no central authority, just a bunch of the Shiba crypto community or supporters.
SHIB token is the first alternative to Dogecoin. DOGE used the meme dog, Kabosu, a Shiba Inu as its mascot. SHIB crypto is often called the “Dogecoin killer” because users claim it has a lower market cap, faster block time, and higher supply. But, unlike DOGE, which runs on its blockchain, Shiba Inu runs on the Ethereum network. This Ethereum compatibility means the Shiba crypto ecosystem can seamlessly interact with decentralized applications (dApps).
SHIB tokens were initially traded for a fraction of a cent. One SHIB was equal to $0.00000000051 USD on August 1, 2020. By late October, 2021, SHIB surged to $0.00007163 USD. Its widespread success also led to the development of another pack of canine coins like Akita Inu, Floki Inu, and Dogelon Mars.
In 2020, nearly a quadrillion SHIB tokens were in circulation. The founder of Shiba Inu gave 50% of the supply to Vitalik Buterin, who happens to be the co-founder of Ethereum. The remaining 50% was locked in Uniswap’s liquidity pool, a strategic approach to ensure the token’s liquidity.
Shortly after, Vitalik donated 10% of his SHIB holdings or about $1 billion worth of SHIB crypto, to India’s COVID-19 Crypto Relief Fund. The news of Vitalik’s generosity spread like wildfire, further boosting SHIB’s profile. But Vitalik didn’t stop there. Aside from a percentage of SHIB tokens being burned in every transaction, he permanently removed and burned another 40% of the remaining SHIB supply by transferring it to a mysterious “dead wallet.” The result? Only about 549 trillion SHIB tokens remained in circulation. The sudden drop in supply has increased the scarcity of the Shibu crypto, making it more in demand.
Among the other mainstream blockchains, Shiba Inu is considered less technical — making it a good starting point for those just learning about DeFi.
As of today, many people are buying and selling Shiba Inu coins because the price fluctuates quickly, even in tiny amounts. You can invest or buy Shiba Inu on cryptocurrency trading platforms, including Coinsquare. Just remember to research and assess your investment goals before you buy Shiba Inu!
Investors with all levels of knowledge are welcome to participate in the exciting world of SHIB investing, trading, mining, and all other activities in this technology space. As an inclusive community, crypto arenas work to be accessible to everyone.
Coinsquare is vigilant about education, maintaining a real-time news feed in its mobile app, and providing 24/7 customer service support for all our account holders.
Before investing in SHIB, do your research and your due diligence. Evaluate the market performance, the SHIB community, and the security aspects of SHIB. As you immerse yourself in the crypto space, you can go further: assess the project’s partnerships with other companies and organizations, figure out what SHIB’s plans are for the future, and evaluate the SHIB community’s engagement, online presence, and enthusiasm.
Anyone who wants to invest in SHIB should understand basic concepts like what a blockchain is, how blockchains work, and the purpose of consensus mechanisms like Proof of Work and Proof of Stake. These concepts are reasonably accessible and essentially the same for all cryptocurrencies. You can find plenty of online guides to explain them. If they don’t make sense to you right away, stick with it and search for resources that are suited to your learning style.
SHIB’s market performance and price data over time isn’t representative of where SHIB is going, but it will give you a sense of the confidence other investors have had in it. As with all investments, past results are not indicative of future performance, so be diligent in your research before buying any type of investment
Also, consider the market capitalization for SHIB. The market cap is a metric used to indicate the total value of SHIB. Each cryptocurrency has a market cap. This figure is important because it can be used to compare different cryptocurrencies and evaluate their relative dominance on the market overall.
Coinsquare makes this data easily accessible. We provide all the information you need to make an informed decision about buying SHIB.
Sufficient liquidity when purchasing SHIB on the trading platform you choose is important so that it’s easy to buy and sell without significantly impacting the price. Trading volume can be used as an indicator for trading interest in SHIB within a specific timeframe.
Look into the partnerships that SHIB has established with other companies and organizations. Partnerships with reputable, well-respected companies indicate trust in SHIB. These partners often conduct extensive due diligence, which will give you confidence in SHIB and its ongoing viability.
Partnerships with tech companies can also give SHIB access to resources like expertise and equipment, while strategic partnerships can provide the financial backing that SHIB needs to shore up its stability and continue to innovate and grow.
Overall, solid partnerships suggest that other companies see value in SHIB and are willing to back it with their own resources.
A large and active community is important to a cryptocurrency’s success. Follow SHIB’s social media channels to see how involved people are with SHIB, keep up with the news about it, and get a sense of the community vibe. Developer support for SHIB can give you additional information about the SHIB community.
Investigate any past security incidents and see how they were addressed. Check on the social media chatter about these incidents to evaluate how the public and the SHIB community responded.
Collecting information about SHIB before you invest will help you make better investment decisions and manage any potential risks. Coinsquare is dedicated to giving you as much information as possible to help you get comfortable in the crypto space.
You have options for trading platforms in Canada. Why choose Coinsquare?
Here are the advantages we offer to individuals or organizations interested in SHIB or other cryptocurrencies:
Since its founding in 2014, Coinsquare has become a leader in the cryptocurrency space in Canada. Over the past decade, we have welcomed over 500,000 Canadian users to the crypto space and facilitated trades in excess of 8 billion Canadian dollars. We have the experience, customer base, and dedication to the community to have earned an outstanding level of trust and success. Open an account today; let’s see where we can go together!
