Shiba Inu (SHIB) is a memecoin that was built to rival Dogecoin, the coin made most famous by Elon Musk. It became immensely popular during the latest crypto bull run, and if you are reading this article, you are most likely looking at ways to grow your SHIB while waiting for the next bull cycle.
There are not many platforms that allow staking or Earn products on SHIB, but we have found two reputable crypto exchanges where you can easily grow your Shiba Inu holdings.
Best Places For Staking SHIB in 2023
1. Binance (Top place to stake SHIB)
Binance is a household name when it comes to crypto, as the largest exchange in the world based on trading volume. It offers more than 600+ coins, and low trading fees of 0.1%, which makes it an attractive option for so many investors. As you would expect from such a large exchange, staking crypto is available, and SHIB is one of the assets that you can earn interest on.
The rates for SHIB will vary depending on whether you want to keep it flexible, or lock it for 60, 90, or 120 days. The rates are always subject to change, so be wary of sites that claim you can receive over 4% APR. At the time of writing, you can earn a maximum of 0.67% APR if you lock your Shiba Inu coins for 120 days. This drops to 0.55% APR for 90 days, and 0.36% APR for 60 days. For some reason, the flexible staking rewards are 0.41% APR, which is higher than if you lock it for 60 days.
If you plan on keeping your SHIB staked for the long-term, then Binance is the best option, as you can receive 0.67% APR when you lock for 120 days. However, if you prefer to keep it flexible, we suggest Bybit, as the rate for flexible staking is higher than Binance, at 0.55% compared to 0.41%.
- Highest rates for SHIB
- Largest crypto exchange in the world
- Easy to buy and sell SHIB directly on the platform, and begin staking
- Not available in the USA
2. Bybit (Highest rates for flexible SHIB staking)
Bybit is the best crypto exchange, and is an attractive choice for those who want to remain anonymous, as there is no KYC required. It is very easy to stake your SHIB on Bybit, and the rewards at the time of writing is 0.55% APY for flexible staking. This is higher than the rate of 0.41% for flexible staking on Binance, but not as high as the locked rate of 0.67% APR (120 day duration).
The good part about staking SHIB on Bybit is that the coins are not locked in, and you can withdraw them at any time. This means that if the price of Shiba Inu shoots up due to renewed interest in crypto (and memecoins in particular), you are able to quickly un-stake your coins, and sell them directly on Bybit and take advantage of your gains. Then, if the price drops back down, you can buy them again on Bybit, and stake until the next bull cycle.
Currently you are not able to lock SHIB in for a longer period and receive higher rewards, but this may be an added feature in the future. If it does, the yield may be higher than what is offered on Binance, so check the newest rates yourself by visiting the Bybit website.
- No locked periods so you can withdraw SHIB at any time
- Buy and trade SHIB directly on Bybit
- 24/7 Live Chat customer support
- Only 0.55% APY on your SHIB
How to stake Shiba Inu?
The best way to stake SHIB is to use a crypto exchange where you can directly purchase Shiba Inu coins, and then stake it easily, without needing to worry about transferring it to another platform. Our two recommendations of crypto exchange are Binance and Bybit. When you sign up to either of these exchanges, you can purchase SHIB and then stake it immediately, making it very convenient.
Here is an outline of how to stake SHIB:
What is SHIB (Shiba Inu)?
Shiba Inu is a cryptocurrency created in 2020 as a memecoin, and quickly became popular during the last crypto bull run. Currently, it is the 13th largest cryptocurrency in the world with a market cap of $7.3 billion. It is a much-loved alternative to Dogecoin, and features the same breed of dog (Shiba Inu) that Dogecoin is based on.
Can you stake Shiba Inu?
Since the Shiba ecosystem operates on the Ethereum network, individuals can participate in staking SHIB coins. When you stake SHIB, you are helping to verify transactions, which aids the governance and security of the network. In return for your assistance, you receive Shiba Inu coins, which is how you earn interest through staking.
How much SHIB can I earn from staking?
The amount you can earn when you stake SHIB will depend on where you stake, as well as the current rates at the time. While in the past, there was higher rewards, over 4% APY for staking SHIB, at the time of writing, the rates are much lower, at less than 1% APY. On Binance, you can earn a maximum of 0.67% APR when you lock in your coins for 120 days.
As mentioned earlier, these rates change frequently, so the best way to check is visit the staking or Earn pages on Binance or Bybit.
How to buy Shiba Inu?
Buying Shiba Inu is easy if you use Binance or Bybit. All you need to do is register an account, deposit money, and purchase SHIB. Then you can stake it following the steps above to earn interest on your coins.