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The price of Shiba Inu has been in a decline with many investors holding onto it hoping the price will return to its previous highs. Many owners are now turning to learn how to stake crypto to earn a passive income. This article will explore the best places to stake Shiba Inu to earn additional SHIB tokens.
Best Crypto Exchanges To Stake Shiba Inu
These crypto exchanges are the best for staking Shiba Inu (SHIB):
Where To Stake SHIB: Reviews 2023
Centralized cryptocurrency exchanges such as Binance and ByBit that offer SHIB staking are best suited for beginners as there is a lower barrier to entry in terms of knowledge and expertise. These platforms are simple to use and remove the need to find a suitable validator.
1. Binance - Best For Highest SHIB Rewards
Binance is a world-leading digital currency exchange with millions of users worldwide and is currently the largest exchange in terms of trading volume and liquidity. The exchange is highly regarded for providing a wide range of products and services such as Binance Earn, which gives users the ability to earn interest on their crypto assets or be rewarded with additional tokens.
Shibu Inu staking was officially launched on the Binance platform on 22nd August 2021 for its customers to earn SHIB token rewards. The staking reward for Shiba is a maximum of 4.29% APY at the time of writing. Binance offers a fixed-term arrangement where the SHIB tokens can be locked for either 30, 60, 90 or 120 days. The longer term of 120 days offers the highest staking reward, however, participation is on a first-come-first-serve basis.
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All users with a verified Binance account are eligible to stake SHIB tokens. There is a minimum requirement of 1 million tokens, which is the equivalent of USD 50 at current prices. The staking reward is paid out daily in SHIB tokens directly to the user's wallet.
Overall, Binance is an excellent platform to stake Shibu Inu and currently offers the highest rewards for staking Shibu Inc. A secondary benefit of using Binance is SHIB tokens can be bought and sold on the exchange with low trading fees of 0.1% which is very competitive in the industry. However, investors in the USA should be aware that Binance.US does not currently support Shiba Inu staking and will need to use another provider. For a list of coins that can be staked, read our full review on Binance.US.
2. ByBit - Best For Flexible SHIB Staking
ByBit is a popular destination for speculators that are looking to trade crypto with margin or on the futures exchanges. To accommodate investors on the platform, ByBit Earn enables its users to deposit their crypto to earn staking rewards. Investors can buy Shiba Inu on the exchange and transfer the SHIB tokens to a flexible staking wallet to earn SHIB rewards.
While there isn't a fixed staking option like Binance, this won't trouble traders too much that are actively trading SHIB tokens on the exchange as they can accrue passive rewards in between trades. the minimum amount to begin staking on ByBit is 2,000,000 SHIB.
As one of the few exchanges that support SHIB staking, Bybit offers a staking reward rate of 0.34% APY. Traders can subscribe to the staking pool at any time. Yields are calculated and distributed daily which is similar to Binance. The benefit of flexible terms is the tokens can be withdrawn at any time without penalty. While there is no mechanism to compound rewards with Shiba staking on ByBit, it is a stable and secure trading platform for investors to rest assured their Shiba Inu investment is earning staking benefits.
Crypto Exchange Comparisons For Staking Shiba Inu
The table below provides a comparison of the best places to stake Shiba Inu based on fixed rates and pay-out frequency. These figures are estimates based on the time of writing and are subject to change.
What Is Shiba Inu?
Shiba Inu (SHIB), also known as Shiba Token, has exploded on the scenes and surged in popularity. The coin has a market capitalization of 4.3 Billion and is the 16th largest cryptocurrency in the world at the time of writing. The decentralized meme token was founded in 2020 by a person with the nickname "Ryoshi". The ecosystem has since rapidly evolved with its own DeFi platform, staking and rewards system, and NFT marketplace known as the Shiba Inu Incubator. Read our guide on Shiba Inu and how it works for more information.
Can You Stake Shiba Inu?
The Shiba ecosystem is based on the Ethereum network which is currently upgrading to a Proof-of-Stake consensus model. This means investors can stake SHIB tokens using a supported wallet or staking pool on a crypto exchange. Staking participants contribute to the security and governance of the Shiba Inu network. In return for validating and verifying SHIB transactions, they are rewarded with newly minted tokens which are added to the circulating supply.
Shiba Inu tokens can be staked directly on ShibaSwap which is a safe and decentralized environment to trade and swap crypto. Users can delegate their SHIB tokens using the platform (referred to as 'Bury') to earn staking rewards. An alternative method is to use a centralized exchange such as Binance or ByBit. These exchanges are one of the best crypto staking exchanges for 1-click soft staking of Shibu Inu which is better suited for beginners.
How Much Can You Earn Staking SHIB?
Investors and enthusiasts can stake SHIB tokens to earn approximately 0.5% to 4.29% Annual Percentage Yield (APY) depending on the wallet or staking pool. As with most soft-staking exchanges, the displayed APY is adjusted daily based on the on-chain staking rewards. This presents a risk when staking crypto as the ROI offered by the exchange can suddenly change based on the supply and demand metrics of the token. In a short period of time, Shiba Inu has become one of the top staking coins in the market.
How To Stake Shiba Inu Using An Exchange?
The quickest and easiest way to stake Shiba Inu tokens is to use a cryptocurrency exchange that supports SHIB staking. Binance and ByBit are reputable crypto platforms that offer staking rewards between 3% and 5% APY.
To stake Shiba Inu using a crypto exchange, follow these steps:
- Visit an exchange that supports staking such as Binance
- Complete ID verification then purchase or deposit SHIB tokens
- Navigate to 'Binance Earn' and select 'Locked Staking'
- Choose 'Shiba Inu' from the coin staking list
- Select a fixed term duration (i.e. 30, 60 or 90 days)
- Enter the amount of SHIB to stake and 'Confirm'
Frequently Asked Questions
No, Coinbase does not currently allow the staking of Shiba Inu tokens on its exchange. The supported assets that can be staked are limited to Ethereum 2.0 (ETH2), Tezos (XTZ) and Cosmos (ATOM) only.
Hardware wallets from Ledger such as the Nano S and X models currently does not support the storage or staking of Shiba Inu tokens on their products.
SHIB can be stored on the official Shiba Inu software wallet to hold and manage their SHIB tokens. Other software-based wallets that can store Shiba Inu include Trust Wallet, Metamask and Atomic Wallet. Alternatively, centralized exchanges for digital assets such as Binance and ByBit can store the tokens, however, the private keys are held by the exchange and not the investor.
To conclude our article on where to stake Shiba Inu, there are pros and cons between using a crypto exchange and the official Shiba Inu software wallet. However, for beginners using a centralized exchange such as Binance or ByBit is a better option. These platforms have industry-leading security measures, and 1-click staking and do not require extensive knowledge to earn SHIB staking rewards.