How to buy Shiba Inu (SHIB) on Binance
Shiba Inu, also known as the doge coin killer, is a cryptocurrency that has skyrocketed in recent days as you can see in the graph, with returns of 7,000% in less than a month. This has been due to the great boost it has received by the community that has decided to make it the new doge coin, although this time, it seems that it is going to have some more utility than dogecoin, where they are working to create their own decentralized Exchange
Where to buy Shiba Inu
Currently, Shiba Inu Token is only supported by the international version of Binance.com and is currently not supported on its US exchange just yet on Binance.us.
- Visit the Binance crypto exchange website, Binance.com
- Complete the registration process and pass the KYC verification (Check our beginner crypto guide if you need help to open an account)
- On the top left nav menu under “Buy Crypto” select “Bank Deposit”
- Once you have deposited funds into your account, you are ready to purchase some SHIB token
- On the top left nav menu under “Trade” select “Advance”
- Search for SHIB and from there you are able to officially buy and sell SHIB coin directly on the Binance exchange.
Who is the better Doge?
The SHIB coin was created in August 2020, but little is known about its founder, who goes by Ryoshi.
Ryoshi has promoted the coin’s “Dogecoin killer” nickname, arguing that SHIB’s technology is more “community-driven” than its counterpart, which uses the Shiba Inu as its mascot. And Ryoshi has heralded its minuscule worth. “We have the ability to outpace the value of Dogecoin, exponentially, without ever crossing the $0.01 mark,” the founder wrote in a SHIB “woofpaper,” better known as a white paper.
Ryoshi, in the paper, says that the coin—along with the “Shiba Inu Ecosystem” that includes the ShibSwap exchange and a decentralized Shib Army of developers, coin holders, and fans—was an experiment in “spontaneous community building.” Ryoshi says in the paper that Shiba Inu are “incredible dogs” and encourages people to donate to the Shiba Inu Rescue Association. Ryoshi could not be reached for comment on this article.
“SHIB coin is a meme coin and embraces that,” says Caselin, referring to the new class of coins based on memes and promoted on platforms like TikTok and Reddit. “The meme coin movement rejects formalities and protocol…Hence Dogecoin started off as a joke, and the Shiba white paper is called the woofpaper,” he says.
Ryoshi claims to not hold any coins and gave 50% of the coins to Ethereum cofounder Vitalik Buterin after creating the currency. In theory, the move gives Buterin the ability to single-handedly control the market and crash SHIB’s value should he sell off his holdings. But giving Buterin this power was intentional.
“[The Shib Army] believes that all types of successes need some type of vulnerability,” says David Hsiao, CEO of crypto magazine Block Journal.
The SHIB coin lived in relative obscurity from August until earlier this year, when a surge in interest for Dogecoin drove traders to find the next big thing.
“[SHIB coin’s] rise has obviously been due to Dogecoin’s success,” says Hsiao.
Dogecoin’s meteoric rise can be traced, in part, to fallout from the GameStop saga in March, as individual retail traders who fueled GameStop’s rise turned to joke cryptocurrencies. Periodic tweets in support of the Dogecoin from Tesla CEO Elon Musk also helped it gain legitimacy.
Dogecoin’s big moment came in late April when NBC announced Musk would appear on Saturday Night Live in May.
In the weeks leading up to the event, cryptocurrency traders and observers openly wondered if Musk would mention Dogecoin on the show. The discussion gave the coin more exposure, and sparked interest from prominent figures like billionaire Mark Cuban.
Musk’s SNL appearance disappointed some crypto traders, as he jokingly called the Dogecoin a “hustle,” a comment that sunk its value 30%. SHIB seemed to capitalize on the hype surrounding SNL. Two days after Musk’s appearance, Binance listed SHIB on its platform, and the price for SHIB doubled.
Hsiao says that even if Dogecoin didn’t directly benefit from Musk’s hosting duties, his appearance and the weeks leading up to it drew the attention of millions to meme coins.