How to Buy Shiba Inu Coin in Singapore 2023 Guide
In this article, we will discuss where and how to buy Shiba Inu coin in Singapore. We will also cover other aspects like what Shiba Inu is and what to consider when buying Shina Inu.
To come up with the facts for this article we used every cryptocurrency exchange mentioned to purchase Shib ourselves and carried out exhaustive research on each cryptocurrency trading platform.
What is Shiba Inu?
The Shiba Inu token (SHIB) is a decentralized Ethereum-based ‘meme’ cryptocurrency created in August 2020 by an anonymous group or person identified as Ryoshi. The Shiba Inu token is named after the Shiba Inu dog breed which originates in the Chubu region in Japan. This is the same breed that the Dogecoin cryptocurrency uses in its symbol.
The Shiba Inu coin is tagged a meme coin because it was launched as a joke or parody rather than as a digital asset with pre-determined utility.
Concerning its market cap, Shiba Inu’s price rose more than 9 fold on the 29th of October 2021 which gave it a market capitalization of over 30$ billion. That said, by May 2022, Shiba Inu’s market capitalization dropped, however, it is still ranked as one of the top meme coins right behind Dogecoin.
Why Buy Shiba Inu?
The number one reason to buy Shiba Inu or any other digital assets on a cryptocurrency trading platform is its founding principles. These principles will determine the future growth of the cryptocurrency and whether it can gather a large following.
Based on its “Woof Paper” (White Paper), Shiba Inu was created as the solution to the query “What could happen when a cryptocurrency project was 100% managed by a decentralized community?“. The Shiba Inu founder states that it originated as an experiment that focused on spontaneous community development. That said, here are its founding principles:
- Community members have a love for Shiba Inu dogs
- The Shiba Inu project launched from zero and with nothing in the spirit of building something out of nothing
- Shiba Inu was not founded by an existing or pre-existing team
Beyond its founding ideology, another reason to buy Shiba Inu would be Shiba Inu’s low price. Top cryptocurrencies like Bitcoin or Ethereum would require thousands of dollars to get 1 coin, however, for much less you can get millions of Shiba Inu coins.
How to Buy Shiba Inu Coin?
In this section, we will give you a general overview of how to buy Shiba Inu then we will break it down to specific platforms and the steps to buy Shiba Inu on each crypto exchange.
Step 1: Find a Crypto Exchange
The first step to buying Shiba Inu is to choose a crypto exchange. Exchanges are trading platforms that enable you to buy and sell particular digital assets. When choosing a crypto exchange you must consider security and trustworthiness. You should also consider other factors like their payment method (debit card, credit card, bank account, etc), trading fees, fiat currencies available, type of crypto wallet (non-custodial wallet or custodial wallet), etc.
For Singaporeans, the fiat currencies available are crucial. If the exchange supports SGD fiat currency, you won’t need to convert SGD to deposit USD when you want to buy Shiba Inu. You can easily buy Shiba Inu using the SGD fiat currency.
Beyond these factors, you also need to know if the crypto exchange caters to new investors or expert traders. The cryptocurrency trading platforms that cater to expert traders feature advanced products like limit order, margin trading, futures trading, many trading pairs, etc.
Advanced crypto exchanges give you more options on how to buy Shiba Inu. For example, if the cryptocurrency exchange featured limit order, you would be able to buy Shiba Inu with a restriction on the maximum price to be paid.
Step 2: Buy Shiba Inu
After you’ve chosen a crypto exchange, you would need to register an account and make a deposit. Depending on if the cryptocurrency trading platform supports SGD fiat money or not, you can either make your deposit in your local currency via your bank account or have to convert it. That said, most cryptocurrency exchanges allow you to get Shiba Inu with a credit or debit card. If the credit or debit card option is available you would be able to buy Shiba Inu instantly.
Once you’ve funded your account, you can begin the process of buying Shiba Inu. However, ensure you only invest spare money as cryptocurrencies are extremely volatile.
Next, to place your order, go to the cryptocurrency exchange’s trading page and type the ticker symbol of Shiba Inu, which is SHIB. After that, enter the amount you want to invest to get Shiba Inu. Depending on the crypto exchange you selected, you should be able to choose the kind of order you want to place. For example, it can be an instant order, that will require you to buy Shiba Inu with your debit card or it could be an order that will be fulfilled when a matching request to sell at your stated buy price is available.
Step 3: Storing your Shiba Inu
There are 3 ways you can store your purchased Shiba Inu:
Most crypto trading platforms that support Shiba Inu will allow you to store your coins on the exchange. These include Crypto.com, Coinhako, Binance, Gemini, Coinbase, etc.
Cold Storage (Hardware)
A cold wallet or hardware wallet is a device that allows you to store your Shiba Inu offline. Popular options for this are Trezor and Ledger. This hardware device stores your assets’ private keys and safeguards your data. Hardware wallets are considered the safest way to store Shiba Inu as they are not connected to the internet, which means they can’t be accessed by hackers as an online exchange would.
These types of wallets are also known as software wallets. They are usually browser extensions or programs downloaded to your device that allow you to manage your Shiba Inu coins. Some examples of hot wallets include MetaMask, Exodus, Trustwallet, etc.
Cryptocurrency Exchanges to Buy Shiba Inu
Here’s a list of cryptocurrency exchanges in Singapore and how to buy Shiba Inu on them:
To buy Shiba Inu on Crypto.com you’ll need to make at least 2 trades. This is because the cryptocurrency exchange does not support SGD. So you’ll need to convert SGD to USD to purchase Shiba Inu. That said, Crypto.com supports Xfers which makes crypto trading a lot more seamless in Singapore.
Here are the steps to follow to buy Shiba Inu on Crypto.com:
Sign in to your account.
Head to Crypto Wallet. To do so, open the Crypto.com app, tap on the central icon, and head to Crypto Wallet.
Find SHIB by scrolling through the list of available cryptocurrencies. You can use the search function to find SHIB a lot faster.
Click or tap on Buy SHIB. This is necessary to initiate the trade.
Choose your preferred payment method. If you’re using the Crypto.com App you’ll only be able to buy Shiba Inu at the market rate. However, if you’re using the Crypto.com Exchange you’ll be able to trade the coin with other users.
That said, Crypto.com supports only 3 payment methods for Singaporeans including your credit or debit card, crypto deposits, or fiat wallet.
If you intend to use your debit card, you’ll be charged 3.5% in trading fees. Though this is the quickest option to buy Shiba Inu, this is considered a high trading fee and may not be the best option.
The crypto deposit option allows you to buy Shiba Inu by buying USDT or USDC and then trading it for SHIB. Xfers only supports a couple of cryptocurrencies so you won’t be able to use it to buy Shiba Inu on the exchange.
That’s it. Next, confirm the purchase to finalize the transaction.
This cryptocurrency exchange offers one of the simplest ways to buy Shiba Inu for Singaporeans as it allows you to buy the coin with SGD. Here are the steps:
After signing in to your Coinhako account, you’ll need to fund your account. Coinhako offers 2 ways to do so for Singaporeans: Xfers and Direct FAST Transfer. Xfers acts as a middleman between your fiat bank and the cryptocurrency exchange. With FAST, you won’t incur deposit fees. Xfers, on the other hand, charges up to 0.55% in trading fees. That said, while FAST is a much more efficient payment method, Xfers is a lot faster.
Once you’ve deposited your funds, head to Trade. It is usually located at the upper right on the top menu on your dashboard. In the Trade section, you’ll be able to buy and sell Shiba Inu. Coinhako does not allow you to choose the price you want to buy Shiba Inu, the cryptocurrency exchange will match your order to the prevailing market rate.
Next, scroll down within the Trade tab, find SHIB, and click on Buy. Enter the amount of SGD you want to use to buy Shiba Inu. Again, the amount that will be shown to you would be the prevailing market rate.
Coinhako only allows you to buy and sell SHIB, you cannot send or receive Shiba Inu from an external wallet address. For trading fees, Coinhako charges 1%. The cryptocurrency exchange also supports credit and debit card purchases but charges a 3% fee for such transactions.
Lastly, verify the transaction and SHIB will be credited to your account in the crypto exchange.
To buy Shiba Inu (SHIB) on Binance, you will need to open a Binance account and verify your identity. You can register via the website using your email or mobile number. Once your account verification is complete, go to the Binance website, scroll to the left-hand side of the website and click on “Buy Crypto”
Binance allows you to buy Shiba Inu with different payment methods using SGD. You can buy the coins with either a credit card or a debit card. Binance accepts both Visa and Mastercard. Buying your SHIB coins with a debit or credit card is the easiest way to buy Shiba Inu on the Binance platform.
Other methods of buying Shiba Inu (SHIB) on Binance include Bank transfer and P2P trading.
Bank Deposit: You can transfer SGD to your Binance account. Once the funds have been deposited in your Binance account, you can buy Shiba Inu with the SDG.
Third-party Payment: Binance supports different third-party payment channels. This includes Simplex, Bank Transfer, Inswitch, GEO Pay, Bifinity, etc.
P2P Trading: You can also buy SHIB directly from other Binance users via the Binance peer-to-peer service.
Once you make the payment for the Shiba Inu, using your preferred payment method, it will be deposited into your Binance wallet address. You can keep the coins in your Binance wallet or move them to an external wallet.
Kraken supports the trading of Shiba Inu on both its website and mobile app. Kraken is good for traders who want an advanced trading experience. It gives users access to charting functionalities. They can also visualize price alerts, positions, and orders.
To buy SHIB, you need to first open an account on Kraken. To sign up, you will need to provide your email address, a username, and a strong password. You will need to verify your account by providing the required documents.
Once you have verified your account, you can fund your Kraken account. To top up your account, go to the “Deposit” section or the “Funding” tab and follow the onscreen prompt to complete the funding process. Unfortunately, Kraken does not support SGD so you’ll have to deposit USD, EUR, or GBP.
Once your account is funded, go to the “Trades” section and input the amount of SHIB coins you wish to purchase. Once this is done, confirm the purchase of the coins. After this, your coins will be deposited in your Kraken wallet.
How To Choose The Right Crypto Exchange
If you wish to buy SHIB in Singapore, it is best to buy from a good exchange. Buying from a locally registered exchange is best especially if it accepts Singapore dollars and local payment methods like SWIFT.
There are a lot of aspects you should consider when choosing an exchange to buy SHIB on. Let’s take a look at some of these factors:
A major factor you should consider before depositing your funds or crypto on any exchange is the security of the platform. Crypto exchanges are the targets of various hacking and other malicious attacks.
While most crypto exchanges are not immune to security breaches, some platforms have better security than others. An ideal exchange should have good security measures against phishing scams and hacking attacks.
The exchange should also have security features like 2-factor authentication, strict KYC standard, biometric login, encrypted emails, etc. It should also store users’ funds in cold storage and have insurance on their assets.
Any local exchange you are using should be registered with the Monetary Authority of Singapore. This means the exchange will comply with local laws in Singapore. The exchange should also be licensed to operate in Singapore and be compliant with the different regulations.
Most exchanges charge fees for different transactions including deposits, withdrawals, trading, balance transfer, etc. You should choose an exchange that has low trading fees especially if you intend to trade often. This will help you to maximize profit.
Any crypto platform you choose should have good customer support. You should choose an exchange with a local support team in Singapore, this will enable you to easily contact the support team whenever you wish to without considering the time zone difference. The exchange should also have a responsive team that is readily available to provide the required help whenever the need arises.
Follow the above steps to buy Shiba Inu within Singapore. However, ensure that you adhere to best practices by researching the payment method, trading fees, and other above-mentioned considerations before investing in Shiba Inu.
Our extensive analysis of the Singaporean Crypto Space doesn’t stop here. You can also check out our Guide on how crypto are taxed in Singapore.
Most frequent questions and answers
While both Shiba Inu and Dogecoin are meme coins with similar designs (the same Shiba Inu mascot), they are not the same. Shiba Inu is considered an alternative to Dogecoin. Dogecoin was built using the open-source code of Litecoin (a fork of the Bitcoin blockchain) while Shiba Inu is an ERC-20 token running on the Ethereum blockchain.
Shiba Inu can interact with popular DeFi projects on the Ethereum blockchain. It also supports more complex financial transactions than Dogecoin.
In terms of speed, Dogecoin has a much faster block creation rate which makes it more scalable than Bitcoin. The estimated block creation time is about 1 minute. Shiba Inu on the other hand uses the block creation time and transaction rate of the Ethereum blockchain (14 seconds).
Also, since Shiba Inu is a proof-of-stake blockchain, it does not support mining, unlike Dogecoin which is built on a proof-of-work blockchain. Users can only get more SHIB tokens as a reward for staking the token.
Shiba Inu has 2 companion tokens in the Shiba Inu ecosystem known as LEASH and BONE. BONE is the governance token for the Shiba Inu ecosystem. BONE token holders are part of the Shiba Inu Doggy DAO and can vote on modifications to the Shibaswap protocol. The more BONE coins a user holds, the greater the influence of their vote. BONE has a maximum supply of 250 million coins, but only about 6.98 million are currently in supply.
LEASH, which is also known as the Doge Killer is the incentive token of the ecosystem which was originally developed to be the debase token for Doge. It has however been decoupled from DOGE and is now an ERC-20 token. LEASH has a total token supply of 107,647 this makes it rarer than SHIB and Bone. It is also more expensive than SHIB and BONE.
Shiba Inu is an Ethereum-based altcoin traded under the ticker symbol SHIB. It features the Shiba Inu dog as its mascot. SHIB coin is the foundational currency of the Shiba Inu ecosystem.
The best way to buy Shiba Inu Coins is on a secure cryptocurrency exchange.
Considering the volatility of the crypto market, predicting exactly how high the price of Shiba Inu will go in 2025 is impossible. There are, however, some factors that may cause the price of the coin to appreciate in the coming years. One such factor is the reduction of the maximum supply of SHIB coins through burning.
The rapid burn is Shiba Inu coins have removed trillions of the tokens from circulation. If the burning of the token continues at this rate, in the coming years, the amount of SHIB coins will be drastically reduced and this will increase the value of the coin.
Another factor that could increase the price of Shiba Inu in the coming years, is the launch of its own NFT and Shiba Inu metaverse project known as SHIB: The Metaverse. The metaverse virtual real estate is known as Shiba Inu lands. Considering the positive impact the metaverse has on the value of cryptocurrencies, it is safe to say that with the introduction of the Shiba Inu metaverse, the price of the SHIB coin will increase in the coming years.
Shiba Inu can be stored in Ethereum-compatible software and hardware wallets. Wallets like eToro, Atomic wallet, Ledger wallet, Guarda wallet, Metamask, Trezor Wallet, Exodus wallet, Edge Wallet, Binance, Kraken, Coinbase, and Trezor wallets support the storage of Shiba Inu.
Hardware wallets like Trezor and Ledger are best for storing Shiba Inu coins as they are best for storing SHIB tokens. They are more secure and not susceptible to malicious attacks that are common with software and online wallets.
SHIB is currently one of the top meme coins with lots of potential. But it currently has no real-world value and is highly volatile. It is best you only invest what you can afford to lose.
There is currently no way to determine if the price of SHIB coin in the crypto market will reach $1. Currently, the only way the market price of the coin will reach $1 is if the supply of the coin in the crypto market is reduced drastically.
At the time of writing, the total supply of Shiba Inu coins is 589.36 trillion.
Shiba Inu does not have a specific token burning schedule so it is hard to tell exactly how many Shiba Inu coins will be burned. At the time of writing, the total number of Shiba Inu burnt from the initial supply is more than 410 trillion.
Shiba Inu is a known to have short-term dips and rises which allows crypto traders to pump and dump their assets for profits. This is the reason SHIB is considered a high risk and volatile investment.
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.