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Shiba Inu: How To Buy In Canada
Shiba Inu is a token inspired by Dogecoin, which is a meme token that is compatible with the Ethereum environment. However, unlike Bitcoin, which was designed with a limited quantity in mind, the Shib token has a large supply. It had one quadrillion token initial circulation.
Shiba Inu’s popularity has skyrocketed in the last year, increasing by 1,600,000 percent since its birth in mid-2020. For example, if you had invested £1000 at the beginning of 2021, your money would today be worth more than £1.5 million! Continue reading to learn how to buy Canada Shiba Inu coins today. Then, we’ll go through where you can get Shiba Inu Coins in Canada.
Buy Shiba Inu coin with PayPal
To purchase Shiba with PayPal, you must first create a PayPal account and fund it before connecting it to your wallet. Once you’ve done so, you can add funds to your account via the PayPal option, and the cash will be deducted from your PayPal wallet.
Purchasing SHIB using a credit or debit card follows the same steps. When adding funds, connect your bank account to your broker account. Investors should be aware that using a credit card to add funds is sometimes more expensive than alternative payment options.
Is Shiba Inu coin a good investment?
- Meme coin popularity
Shiba Inu is a meme coin inspired by Dogecoin and based on a popular meme. It has followed a similar path to Dogecoin. It has limited utility but has grown in popularity, resulting in the formation of a substantial investment community that has been critical to its development.
- Skyrocketing prices
As previously stated, the price of SHIB has increased by 1,600,000 percent. Even though the crypto market offers significant profits, such moves are nearly unheard of in the field and are likely to have generated a slew of billionaire investors. Although past performance is no guarantee of future results, the prospect of such gains entices investors.
- Coinbase activity
Another reason why now might be a good time to invest in the Shibu Inu coin is its Coinbase activity. It is the 11th most popular coin on the exchange, with a current buy rating of 69 percent. This indicates that investor sentiment on SHIB is usually positive, and given the current cheap price, now could be an excellent investment opportunity.
- Shiba Inu Coin Price
The current Shiba Inu price is £0.00001850. This is up 101,000% over 12 months.
Cryptocurrencies are highly volatile assets; therefore, they must be cautiously approached. In addition, meme tokens may provide an even more considerable risk with increased volatility based on previous price movements.
Before purchasing SHIB, here are a few things to consider:
- Volatility: Meme tokens have historically been subject to immense financial turbulence. As a result, prices can fluctuate wildly, sometimes daily.
- No use case: Unlike most cryptocurrencies that solve tangible, real-world issues, Shiba Inu currently solves no underlying problem. While the token does carry value and, therefore, can arguably be used to perform transactions, it cannot be used for any specific, actionable event.
- Tokenomics: SHIB has a current total supply of 1 quadrillion tokens, with no upper limit. As more tokens continue to enter circulation, this could devalue the token, making it unsuitable as a long term store of value.
- Digital ecosystem: Although the token holds no real value, the Shiba Inu website develops its ecosystem. The project actively encourages dog-inspired artists to support the ongoing Shiba art movement. Many are now making their way into the NFT space. The Shiba team is also working in conjunction with Amazon to create a donations portal to help rescue real Shiba Inu dogs. As the ecosystem grows, the SHIB token could develop a real-world utility.
- Exchanges: More reputable exchanges such as Coinbase and Crypto.com add SHIB to their marketplaces. The listing of SHIB on these mainstream exchanges tends to bring a lot of attention from major players. On top of this, it signals a long-term commitment from both the developers behind the project and the broader cryptocurrency community.
- Unit Bias: Beware of unit bias. A token with 1 quadrillion units will always appear “cheap” on a unit basis. The unit price of a token does not mean that the token will increase in price more quickly, nor is it meaningful in and of itself to own more units of the currency.
- SHIB $1 Narrative: It is doubtful that Shiba Inu will ever reach $1 per SHIB. There is not currently enough money or value in the world to justify such a valuation for the Shiba Inu coin. Any prediction of this nature should be disregarded as unfounded hype.
To buy Shiba Inu in Canada, you’ll need to sign up for one of two types of cryptocurrency sites. A cryptocurrency exchange is the first type of crypto platform, as it allows you to acquire Shiba Inu tokens with fiat dollars (such as CAD or USD). You can also buy other cryptocurrencies (such as Bitcoin (BTC), Cardano (ADA), and Bitcoin Cash (BCH)) and then trade them for Shiba Inu tokens using a crypto exchange.
A cryptocurrency broker is the second sort of crypto platform. Compared to a crypto exchange, this site is more user-friendly, allowing you to trade between cryptocurrencies with just one click. However, as compared to crypto exchanges, this ease of use comes at the cost of greater trading fees.
Overall, given the current low price, Shiba Inus could be an excellent investment. But, of course, there is no guarantee that it will continue to be as successful as previous returns. Still, it appears to have some longevity due to real utility and a robust community. If you want to purchase a SHIB coin right now, we recommend Coinberry. It accepts Canadian consumers, is simple to use, secure, and has reasonable prices.