Buy Shiba Inu in Canada
Shiba Inu made simple
Everything you need to know about Shiba Inu and how to start investing in it.
-$0.00 (-0.60%) past 24 hours
Shiba Inu 101
Shiba Inu is a meme coin inspired by Dogecoin. Meme coins are cryptocurrencies inspired by jokes. Their value is determined more by the social media presence of the groups that back them than by the intrinsic value of the coins themselves (although devout believers of meme coins may vehemently dispute this).
Despite the canine-themes, Dogecoin and Shiba Inu are not related. Dogecoin was created in December 2013 by Billy Markus and Jackson Palmer. Although intended to be a joke, the coin rose to a market cap of nearly $85 billion in May 2021. (It’s since come back to a still-absurd $15.5 billion market cap as of March 10, 2022.) Shiba Inu was created in 2020 and called itself the Dogecoin killer. At its peak, in 2021, Shiba Inu had a market cap of just over $37 billion before settling back down to $12.4 billion as of March 10, 2022.
There are a couple major differences between the two coins. The first is that Dogecoin runs on its own blockchain and is backed by its own set of miners. SHIB, however, runs on Ethereum. The second is functionality: SHIB is creating a raft of decentralized finance services, such as the decentralized exchange ShibaSwap and an NFT ecosystem, each of which have their own SHIB-related tokens: LEASH and BONE.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Shiba Inu?
Unlike other assets like stocks, meme coins are particularly responsive to social media events. That’s why many investors hold onto SHIB as a speculative asset: if Elon Musk tweets something positive about it, there’s a good chance the price will shoot up.
If you want to do more than just speculate, you can use SHIB within Shiba’s ecosystem, where you can trade it within a decentralized exchange or “bury” it in Shiba’s staking mechanism. Since SHIB is an ERC-20 token, you can actually use it in any Ethereum-based DeFi protocol that will accept it. For instance, you could become a liquidity provider in Uniswap, a popular decentralized exchange on Ethereum, to earn a commission whenever someone swaps SHIB for a pairing you’re providing liquidity for.
Is Shiba Inu a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Shiba Inu or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Shiba Inu safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Shiba Inu prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Shiba Inu to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Shiba Inu
Want to take a deeper dive? Check out these articles about Shiba Inu and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
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What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Shiba Inu with just $1. It’s that simple.
SHIB is a meme coin that functions as a spiritual successor to Dogecoin. It’s one of many, many, many Dogecoin spinoffs, and the most successful after Dogecoin. Its main innovation is that it powers a panoply of Ethereum-based decentralized finance services, including staking and swapping. It’s not officially related to the original Dogecoin; it was created in August 2020 by a pseudonymous developer called “Ryoshi”.
This is a controversial question. When the developers launched the token, they claimed to have put 50% of the starting supply of 1 quadrillion tokens on Uniswap before throwing away the keys, and then burned the rest. However, burning actually involved sending the tokens to the wallet of Vitalik Buterin, the co-founder of Ethereum, who promptly donated $1 billion SHIB to India’s Covid Crypto Relief Fund, and then sent the remaining 40% to a defunct wallet. The price crashed shortly thereafter. As of this writing, CoinMarketCap records a circulating supply of 549 trillion.
You can spend SHIB within the token’s decentralized finance ecosystem, use it in other Ethereum applications that accept it, or simply hold it for speculative purposes. Like other meme coins, SHIB’s value is highly speculative, and people who invested small amounts of money at the right time became, albeit briefly, immensely wealthy when the coin rose in price in May and October of 2021.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Shiba Inu transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Shiba Inu’s current market cap is 6,253,028,549.
The current price for Shiba Inu in Canadian dollars is $0.00.
Buying Shiba Inu with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Shiba Inu 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Shiba Inu. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.