The value of Shiba Inu (SHIB) exploded about a year ago, overtaking the value of the most popular meme coin Dogecoin. Shiba Inu’s price has been in decline ever since. However, a huge number of investors are still holding on to the cryptocurrency, hoping its price will go back up. In this article, we are going to talk about the best places for staking Shiba Inu.
Best Places For Staking SHIB in 2023
1. Binance (Highest SHIB Rewards)
Binance is the largest exchange by trading volume, and boasts millions of users all over the globe. This world-leading digital currency exchange is also one of the best in terms of liquidity and range of cryptocurrencies. Another thing Binance is well-known for is providing an extensive line of services and products such as Binance Earn.
Shibu Inu staking was officially launched on 22 August 2021. The maximum staking reward for Shiba is 4.29% APY. This platform offers fixed-term arrangements where your SHIB tokens will be locked for a certain period. In other words, you can agree to lock your tokens for either 120, 90, 60 or 30 days. But keep in mind that the longer they are locked, the higher the staking reward will be.
Anyone with a verified Binance account can stake SHIB tokens. However, there is a minimum requirement of 1 million tokens, which is only about $10 at current prices. Staking rewards are paid out every day in SHIB tokens. If you are planning on staking Shibu Inu, Binance currently offers the highest rewards for staking.
- Quite simple and straightforward
- Extremely quick transactions
- Highest staking rewards
- Not available in the USA
2. Bybit (Ideal For Flexible Staking)
People who want to margin trade crypto or trade futures often choose Bybit. To accommodate their users, Bybit allows you to deposit assets and earn staking rewards. What’s more, you can actually buy Shiba Inu tokens on the platform and use them for flexible staking.
In other words, the staking option on this platform doesn’t require you to lock your assets. A lot of traders find this method much more convenient as they can increase the amount of assets they want to stake at any time. However, the minimum required amount of SHIB tokens to start staking is 2 million.
There is no option for fixed staking on this platform, something that is available on Binance. As this is flexible, the staking reward rate is not as high as the one on Binance. Still, Bybit offers a reward rate of 0.34% APY and traders can easily subscribe to the staking pool whenever they want. The greatest thing about the flexible staking option is you can withdraw tokens anytime without any penalty.
- No locked periods
- Advanced trading tools
- Excellent customer support
- Lower APY on your SHIB
How To Stake Shiba Inu Using An Exchange?
The easiest and most efficient way to stake Shiba Inu tokens is by using an exchange platform that supports SHIB staking. Bybit and Binance offer great staking rewards and are based on simplicity.
To stake Shiba tokens, follow these steps:
What Is Shiba Inu?
Although the Shiba token was founded by a person known as “Ryoshi” only in 2020, at the time of writing it is the 14th largest cryptocurrency in the world, with a market capitalization of $5 billion. An Ethereum-based coin, Shiba Inu is widely considered to be an alternative to Dogecoin, and called “The Dogecoin Killer” by supporters from its community.
Can You Stake Shiba Inu?
As the ecosystem of Shiba is based on Ethereum network, you can stake SHIB tokens using a staking pool or a supported wallet. People who stake SHIB tokens contribute to the governance and the overall security of the Shiba Inu network. In return for verifying and validating transactions of SHIB tokens, they are rewarded with newly minted ones.
How Much Can You Earn Staking SHIB Tokens?
It depends on the staking pool or the wallet you are using but investors earn from 0.5% to 4.3% APY. However, as is the case with most soft-staking exchanges, the APY is adjusted every day based on the on-chain rewards for staking. This poses a risk as the ROI offered by the exchange platform can suddenly change based on the demand metrics and supply of the token.
How To Buy Shiba Inu?
Buying Shiba Inu is so simple. All you need to do is select the crypto exchange you want and create an account. Once you have done that, make sure you have available funds in your wallet to buy Shiba tokens. Later on, you can withdraw or transfer the tokens to an external wallet.
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