The original "Dogecoin killer", Shiba Inu (SHIB) is now one of the most popular memecoins in the world, with a total market capitalisation in the billions of dollars. It's also up more than 100% in 2024.
In Australia, the easiest way to buy SHIB is via a crypto exchange that lets you use Australian dollars like CoinSpot, Kraken, Swyftx or CoinJar.
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.
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 $0.0001326864 in October 2021.
While this has helped make SHIB the #15 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 $0.0000363594, which is slightly up from yesterday's trading price of $0.0000395218. Shiba Inu has seen a price increase of 133% over the past year.
Before you buy Shiba Inu, make sure you understand these unique risks as well as its legal, regulatory and tax status here in Australia.
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 Australia.
How to buy Shiba Inu in 5 steps
If it's your first time buying SHIB all you'll need is a smartphone or
computer, an internet connection, photo
identification and a way to pay.
Compare crypto exchanges
The easiest way to buy Shiba Inu is from a cryptocurrency exchange. Comparing in the table helps you find a platform with the features you want like low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – payments are widely accepted.
Buy Shiba Inu
You can now exchange your funds for Shiba Inu. On beginner-friendly exchanges, this is as simple as entering the AUD or SHIB amount you want to purchase and clicking "buy".
Secure your Shiba Inu
Consider transferring your SHIB to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
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Where to buy Shiba Inu in Australia
If this is your first time buying cryptocurrency you'll need to look for a platform that accepts Australian dollars, like Cointree or CoinJar.
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.
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What is Shiba Inu?
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 is the foundational cryptocurrency investors can trade on all popular crypto exchanges.
LEASH provides staking rewards for those validating transactions on the Ethereum blockchain, where the Shiba ecosystem operates.
BONE is used as a governance token to vote for network changes.
SHIB originally had 1 quadrillion authorised tokens. However, it has a deflationary supply, and many of these coins have since been burned.
To 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 AUD.
If you want to buy Shiba Inu with Australian dollars, you'll need to pass a Know Your Customer (KYC) check.
This is a standard security procedure for most exchanges in Australia 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.
What are the best ways to buy Shiba Inu?
Once you've set up your account, you'll need to deposit funds to buy Shiba Inu with. We've listed out some popular ways to buy SHIB and what you should know about each payment method.
Many exchanges support free and instant bank transfers in Australia.
Some offer other options like Osko, PayID and wire transfers, but make sure you check if you'll be charged a deposit fee first.
How you transact with a debit card will depend on the platform.
Some exchanges let you transfer funds from your debit card to spend as you like.
Others will only let you use a debit card to make instant purchases, which often involves higher fees.
Lots of exchanges accept credit cards as an instant purchase method. But you should think carefully before buying Shiba Inu with a credit card, because:
Credit card fees are higher than using bank transfers.
Some card issuers may block cryptocurrency transactions.
Your purchasing options will be limited and more expensive.
You may end up losing your initial investment and being charged fees and interest by your credit card provider.
Buying Shiba Inu with cash isn't common in Australia, but it can still be done.
There are a few ways to buy SHIB with cash:
Shiba Inu ATMs. You can purchase SHIB with cash using a specialised Shiba Inu ATM. These can be found in many major cities in Australia. You will still need to hand over some photo ID and pass a Know Your Customer (KYC) check.
blueshyft. A handful of Australia exchanges like CoinSpot and CoinJar let you deposit cash via blueshyft. You'll be issued a QR code to take to a participating newsagent to complete your cash payment.
Peer-to-peer (P2P). You can use a P2P platform to find someone who will sell you SHIB directly in exchange for cash. Beware that this comes with a high risk of fraud if you attempt to settle the transaction in-person or without an escrow service. Look for an established and reputable platform that provides an escrow service and facilitates your trade online.
You can swap any cryptocurrency you already own for SHIB using the "swap" or "convert" service on some platforms. This lets you instantly exchange one crypto for another even if there is no trading pair on the spot market.
What is the cheapest way to buy Shiba Inu?
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 AUD 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.
Instant buy
If it's your first time buying Shiba Inu this will be the fastest method – but also the least cost-effective.
You'll usually find the instant buy section 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 Australian 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.
Spot market
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 price.
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.
Market order. This will buy you the amount of Shiba Inu you specify at the lowest possible price available. This makes it like an instant buy order, but with much lower fees.
Limit order. This is the most common order type and lets you purchase Shiba Inu at the price you specify. Traders use this to time the market and capitalise on price dips or increases.
How to find the best place to buy Shiba Inu in Australia
There are dozens of different trading platforms to choose from when buying Shiba Inu in Australia, so to help you find your best option, keep these factors in mind:
Where it's registered. Using a locally registered exchange is a good idea. It's more likely to accept Australian dollars and local payment methods like PayID, which helps avoid foreign exchange fees. Choosing from Australia-based exchanges also means it's likely to be registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) which means it has to comply with local laws in Australia.
Security. Look at the security features the platform has to offer, like 2-factor authentication and PGP-encrypted emails. Cold storage of user funds is considered industry standard, but insurance funds are less common and indicative of good security practices.
Fees. Check the fine print to find out exactly how much your transaction will cost. Depending on the platform you choose, these could include spreads, trading fees and deposit and withdrawal charges.
Transaction limits. Are there any minimum or maximum limits on the amount of Shiba Inu you can purchase? Does the exchange restrict the amount of funds you can withdraw from your account in any 1 transaction or 24-hour period?
Other platform features. Look out for other features that suit your investment or trading needs. For instance, many exchanges now let you earn yield on your holdings, while some issue crypto debit cards to help you spend your coins.
Customer support. If you ever have a problem with a transaction, will you be able to quickly and easily get in touch with the customer support team? Are they based in Australia? Check what contact methods are available and find out how quick the team is at responding to enquiries.
Insurance fund. A small number of exchanges now insure user funds. Beware that policies vary greatly between exchanges, so you'll need to research this thoroughly if insurance is important to you.
Reputation. As a young industry, reputation can provide a lot of clues when choosing an exchange. For instance, who are the founders? Have there been any controversies? Are their business practices transparent? If you can't find any of this information, that may be a red flag.
Range of coins. If you're thinking about adding other cryptos to your portfolio in the future, check to see what other coins you can buy through the platform.
Read reviews. Finder's crypto exchange reviews include user feedback, which helps you get a better idea of what the exchange is like to use for other people starting out just like you.
Using AUSTRAC-registered exchanges
There are plenty of places to buy Shiba Inu, and people in Australia 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.
Pros
Australia-based exchanges must comply with AUSTRAC Anti-money Laundering (AML) and Counter-terrorism Financing (CTF) reporting obligations.
You can usually buy Shiba Inu with AUD.
Exchanges in Australia typically support local payment methods, such as Bank Wire, Osko and PayID.
You may be able to access local customer support.
Subject to local laws.
Cons
You'll need to provide your personal details and proof of ID – a disadvantage if you want to trade anonymously.
Overseas trading platforms may provide better liquidity.
AUD-to-crypto prices are often slightly higher than USD-to-crypto prices, meaning you sometimes pay a premium for buying directly with Australian dollars.
Some features are simply not available on AUSTRAC-registered exchanges. For example, high leverage margin trading, DeFi features and some altcoins.
Recent Shiba Inu developments
2 November, 2023: Shiba Inu may be losing favour with memecoin traders, slipping to the 19th largest coin by market cap, and only rising by 8.6% over October while most other coins had double-digit gains. 3 October, 2023: Approximately US$17,173 worth of SHIB tokens were burned from 426 transactions in September, as part of the networks burn function. 1 September, 2023: Total Value Locked on Shibarium u2013 a layer-2 blockchain part of the Shiba Inu ecosystem.
Is Shiba Inu safe to invest in?
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:
Price volatility. Shiba Inu's price is largely based on speculation, which means it can rise or fall in a short time. It's not uncommon for SHIB to lose more than 10% of its value in a single day.
Perceived value. SHIB is a unique asset that does not have any tangible value. It derives most of its value from utility and speculation.
Exchange vulnerabilities. Leaving your Shiba Inu on a crypto platform exposes you to several counterparty risks, including:
Scams. Scammers frequently try to trick exchange users into handing over their username and password, often by phishing with malicious emails or fake website links. Use 2FA and encrypted emails to help protect your funds.
Hacks and theft. Exchanges are vulnerable to hacks and theft, so choose one with good security practices and a track record of safety.
Fiscal mismanagement. In mid-2022 a number of crypto platforms froze user funds after it was revealed they had engaged in irresponsible funds management.
Insurance. Unlike stocks, only a small handful of exchanges provide insurance on your cash deposits.
Regulatory uncertainty. The regulatory environment for Shiba Inu and other cryptos is constantly changing. It's important to understand how international rulings have the potential to impact Shiba Inu's future – for better or worse.
Novel technology. Shiba Inu was created in 2024 which makes it relatively new as a form of technology and as a currency. SHIB doesn't yet have the same track record or performance history as some other asset classes.
Technical learning curve. Evaluating the tech behind SHIB before you invest is important, but requires a deep understanding of the blockchain and other aspects of decentralised finance. You should be prepared to do plenty of research.
Competitor projects. Shiba Inu was launched in August 2020 with no real objective in mind other than becoming the "Dogecoin (DOGE) killer". It has since tried to mature beyond memecoin status by introducing a decentralised exchange (DEX), ShibaSwap. Even so, other DEXs offer far more advanced ecosystems and services.
Community-driven. As a memecoin, the price of SHIB is largely dictated by its community and their efforts to send "Shiba to the moon". If the community hype starts to die down, the price will likely slump with it.
Macro environment. Economic uncertainty in 2024 has triggered a "risk-off environment" for investing. In times like these, many investors offload speculative investments. Most cryptos including SHIB are considered high-risk investments and prices are down significantly from 2021's highs.
Shiba Inu is treated as an asset by the Australian Tax Office (ATO), which means that if you've bought, sold or earned SHIB during the financial year, you will need to report it at tax time. Investors will need to declare any profits as capital gains, while losses can be used to reduce your tax bill or offset any future gains.
If you make frequent BTC trades in a professional capacity you may be classified as a trader, which is a bit more complex. Learn more in our guide to crypto tax in Australia or use our round-up of the best crypto tax software to make tax reporting easier.
After you've bought Shiba Inu
Once you own some SHIB, you have 2 options – keep it on an exchange, or move it to a personal wallet. Each comes with its own set of pros and cons.
Keeping your Shiba Inu on an exchange
Pros
Convenience. Keeping your Shiba Inu on an exchange is convenient because you can buy and sell at any time.
Security. Holding Shiba Inu on an exchange does come with significant counterparty risks, but reputable platforms also invest heavily in security so you don't have to worry about the pitfalls of self-custody.
Insurance. A small handful of exchanges now operate insurance schemes. These can range from insuring user deposits held in cold storage to reimbursing customers if a hack occurs.
Earn yield. Many exchanges let you earn yield on your Shiba Inu. This is done in 1 of 2 ways: the exchange will either stake your SHIB on your behalf, or lend it to other users. Each carries its own set of risks, though lending is generally associated with higher risk. Make sure you understand which method is being used to generate yield before handing over your assets.
Cons
Phishing. Exchange users are frequently targeted by scammers trying to steal login information through malicious emails and fake website links.
Hacking. Exchanges are major targets for hackers. While security practices have improved substantially, hacks still occur from time to time.
Account freezing. Exchanges have been known to occasionally freeze user accounts, whether due to security concerns, technical issues or market turbulence. This could see you temporarily lose access to your crypto.
Moving your Shiba Inu to a non-custodial wallet
Pros
Self-custody. A mantra repeated by crypto investors is "Not your keys, not your coins." This comes from the idea that the only way to guarantee ownership of your Shiba Inu is to own the private key — which isn't the case when you hold on an exchange.
Security. Shiba Inu and cryptocurrency wallets vary greatly in their features and security. For the most secure experience, consider purchasing a hardware wallet, which is usually a small USB device that keeps your private keys offline at all times for an extra layer of security.
Utility. If you plan to use your Shiba Inu for transactions, daily spending or decentralised finance (DeFi), then storing it in a wallet rather than an exchange will be more convenient.
Doggy DAO. By transferring your SHIB to a non-custodial wallet, you can interact with the on-chain Shiba Inu managed by the Doggy decentralised autonomous organization (DAO). You can stake tokens to earn rewards, provide liquidity to ShibaSwap and vote on network changes using BONE, Shiba's governance token.
Cons
Learning curve. It's no secret that learning how to use a crypto wallet takes some time and effort. Spend some time learning how Shiba Inu wallets work before transferring any of your funds.
Personal responsibility. Owning your own money can be liberating, but it also means the responsibility is all yours. If you lose your private key, the only way to regain access to your wallet is through the seed phrase. Make sure to store both of these privately and securely.
Inheritance. A challenge presented by crypto wallets is how to pass access on in the event of death or disability. Several companies are experimenting with ways to solve this problem, like the Trezor Model T wallet's Shamir backup feature.
Smart contract risk. Shiba encourages engagement with Web3 applications, such as ShibaSwap and Doggy DAO. Using Web3 apps comes with additional risks, such as interacting with faulty or malicious smart contracts. This can result in the loss of funds. Depending on the type of breach, it may extend to all of the assets in your Ethereum wallet, not just SHIB.
Bottom line
If you want to buy Shiba Inu, start by comparing a range of crypto brokers and exchanges available in Australia. Look at their features, fees, security and overall reputation to decide which platform is the right fit for you. Consider an exchange registered with AUSTRAC 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 what your short and long-term goals are. This will help you decide whether to keep it on an exchange, or move it to your own wallet.
FAQs
Is Shiba Inu a good buy?
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 589255491345561.2 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.
Where could you first buy Shiba Inu?
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.
What exchanges can I buy Shiba Inu on?
Shiba Inu (SHIB) can be purchased on 25+ exchanges in Australia, including Cointree and CoinJar.
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.
Tom Stelzer is a publisher and writer for Finder, covering investing and cryptocurrency.
He previously worked for Finder as a writer in Australia and the UK, covering things like personal finance, loans, investing, insurance as well as small business and business loans.
He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio
James Edwards was the cryptocurrency editor at Finder. He led the editorial strategy and reported on the latest industry news to further Finder's mission of helping people make better financial decisions.
A relatively early adopter, James has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in his ability to boil down complex topics into language his parents can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think, and he has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq and is frequently called upon for market commentary in Australia and abroad. See full bio
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