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Shiba Inu (SHIB) capitalised on the memecoin trend in 2021 and developed a sizable cult following which propelled it to an all-time-high price of $0.0001189008 in October 2021.
While this has helped make SHIB the #14 crypto by market cap, Shiba Inu is still a highly volatile asset capable of major price swings in a single day.
Today, SHIB is trading for $0.00002346, which is slightly up from yesterday's trading price of $0.0000233846. Shiba Inu has an increased by 149% over the past year.
So before you buy Shiba Inu, make sure you understand these unique risks as well as its legal, regulatory and tax status here in Canada.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can use to buy Shiba Inu in Canada.
To buy SHIB, all you'll need is a smartphone or computer, an internet connection, photo identification and a way to pay.
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This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
If this is your first time buying cryptocurrency look for a platform that accepts Canadian dollars, like Bitbuy or VirgoCX.
Don't worry too much about extra features or coins for now – you can always sign up with another exchange later.
Use the table to choose a platform that meets your needs and click the Go to site button to get started.
Shiba Inu (SHIB) is a meme coin launched in 2020 by an anonymous person or persons known only by the pseudonym, Ryoshi. It has since grown into one of the world's most well-known cryptocurrencies and has even been labelled as "The Dogecoin Killer".
The Shiba ecosystem is divided into multiple tokens – SHIB, LEASH and BONE – each with different functionality.
SHIB originally had 1 quadrillion authorised tokens. However, it has a deflationary supply, and many of these coins have since been burned.
Read our beginner's guide to how Shiba Inu worksTo create an account with your chosen crypto platform, you only need an email address or mobile number. This will usually allow you to deposit cryptocurrency, but not CAD.
If you want to buy Shiba Inu with Canadian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Canada and requires you to upload some photo ID, and in some cases a selfie with today's date.
KYC is usually approved instantly, but in rare cases, you may have to wait a few hours or days.
Once you've set up your account, you'll need to deposit funds to buy Shiba Inu with. We've listed some popular ways to buy SHIB and what you should know about each payment method.
Most exchanges let you buy as little as $5 worth of SHIB, if not less. Just type in how much you want to spend in CAD and let the exchange work out the rest.
Some platforms only offer 1 way to buy Shiba Inu, while others provide several choices. The 2 most common ways to buy SHIB are on the spot market or with an "instant buy" feature.
If it's your first time buying Shiba Inu, this will be the fastest method – but also the least cost-effective.
The instant buy section is usually located under a "Buy now" heading on the platform you've chosen.
It should feature a simple interface that lets you enter the amount of Shiba Inu you want to buy or Canadian dollars you want to spend.
This is usually the only option available for credit or debit card purchases, but you may also be able to make an instant buy if you've pre-funded your account with a bank transfer.
Be prepared to pay a markup on SHIB's market rate in exchange for the convenience.
If you see colourful charts with a range of prices, you're probably in the spot market.
The spot market is where buyers and sellers come together to place bids for SHIB on the open market. It's usually the cheapest way to buy Shiba Inu because it lets traders set their own prices.
You'll find the spot market under a "Trade" or "Spot" heading on the site or app menu of the platform you've chosen to use.
There are several different order types that you can make on the spot market.
There are dozens of different trading platforms to choose from when buying Shiba Inu in Canada, so to help you find your best option, keep these factors in mind:
There are plenty of places to buy Shiba Inu, and people in Canada can choose from platforms registered here at home or in locations all around the world. Opting for a locally registered SHIB exchange typically offers more convenience but may have some downsides, depending on your goals.
You shouldn't invest in any asset, including SHIB, without doing plenty of research first. Before you buy Shiba Inu, make sure you understand and weigh up these risks:
Finder's expert panel expects the token's value to continue to plummet and be worth $0.000002500 to close out 2025 and $0.000000325 by the end of 2030.
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Compare today's price of Shiba Inu ($0.000017 USD) against its all-time high (ATH) price of $0.00008616 USD on October 28, 2021. The closer the bar is to 100%, the closer SHIB is to reaching its ATH again.
Shiba Inu is considered a digital asset by the Canada Revenue Agency (CRA) and is taxed like an investment. This means you'll be taxed when you dispose of Shiba Inu (i.e. sell, gift, exchange or trade it).
For individuals, profits or losses are reported as capital gains or losses. For businesses, Shiba Inu earnings are reported as income or capital gains, depending on how a business classifies cryptocurrency.
Learn more in our guide to crypto tax in Canada.
If you want to buy Shiba Inu, start by comparing a range of crypto brokers and exchanges available in Canada. Look at their features, fees, security and overall reputation to decide which platform is right for you. Use an exchange registered with FINTRAC for added peace of mind.
Remember that owning and using Shiba Inu is not without its risks. Carefully consider investing in SHIB as part of a wider strategy, and talk to a financial advisor if you have any questions.
Once you've bought some SHIB, think about your short and long-term goals. This will help you decide whether to keep it on an exchange or move it to your own wallet.
There's a common misconception in crypto that the highest-priced coins are the most valuable, but that's not always the case. Market cap – circulating supply multiplied by the token price – is much more important to take into consideration.
This is especially important when evaluating a project like Shiba Inu that has 589258554121031.6 tokens in its circulating supply and a lot of investors holding millions or even billions of SHIB.
Take a look at our expert panel's price prediction for SHIB through 2030 to help you to get a better idea of whether Shiba Inu is a good buy. Weigh this alongside its unique set of risks.
SHIB was originally listed on Uniswap in August 2020 by a pseudonymous developer known as Ryoshi.
At the time, it had very little trading volume and was largely unheard of. The token gained traction after being coined the DOGE Killer, gaining over 41,000% in months.
Shiba Inu (SHIB) can be purchased on 11+ exchanges in Canada, including Bitbuy and VirgoCX.
You can browse the full range in our comparison table.
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Disclaimer: Cryptocurrencies, including Shiba Inu, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SHIB is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Shiba Inu or any other cryptocurrency discussed.
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