Investors around the world flocked to buy Shiba Inu (SHIB) when the cryptocurrency exploded in price last year and overtook its close rival Dogecoin as the most popular meme coin. Since then, 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 allow one-click soft staking of Shiba Inu (SHIB):
Centralized cryptocurrency exchanges 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.
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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 9.4 Billion and the 9th 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 Crypto.com. 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 3-5% 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.
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 at the time of writing and are subject to change.
Top Exchanges To Stake SHIB: Reviews 2022
The popular cryptocurrency trading exchanges providing soft staking to give its users the ability to earn passive income. The following exchange allow SHIB staking to earn 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 5.25% APY at the time of writing.
Binance offers a fixed-term arrangement where the SHIB tokens can be locked for either 30, 60 or 90 days. The longer term of 90 days offers the highest staking reward up to 5.25%, however, participation is a first-come-first-serve basis.
|Duration||Annulized Interest Rate||Minimum Staking Amount|
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 on daily in SHIB tokens directly to the users wallet.
Overall, Binance is an excellent platform to stake Shibu Inu and currently offers the highest rewards for staking Shibu Inc. A secondary benefit with 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, visit the Binance.US website.
Crypto.com is a global digital asset service with over 4 million customers worldwide that is best-known for their all-in-one Crypto app and Crypto.com Exchange. The app supports more than 40 different coins that can be staked on the platform including SHIBA tokens. A major benefit with the Crypto.com App is the ease of use and simplicity to stake Shiba Inu using a mobile phone.
UPDATE: Crypto.com have recently removed SHIB staking.
The return on investment for staking SHIB tokens on Crypto.com varies depending on the fixed-term duration and amount of CRO staked which is the Crypto.com native platform currency. The highest ROI for retail investors is 3% APY, although Private Members can earn up to 5%. Unlike Binance, users can opt for a flexible staking arrangement however will give lower returns of 1% APY.
|Duration||Annulized Interest Rate||Minimum Staking Amount|
|30 days||2%||8 Million|
|90 days||3%||8 Million|
The staking rewards are calculated daily based on a snapshot of the funds within the staking wallet. The accumulated interest is paid out in SHIB tokens every 7 days which can be available to use on the platform immediately. On completion of the fixed term, the deposit will be returned to the user's wallet.
The downside with using Crypto.com to stake Shiba Inu is that user's need to also stake CRO tokens to obtain a higher staking reward. For example, there is a 1% difference in the annualized ROI on a 3 month term for users that 4,000 or more CRO tokens.
How To Stake Shiba Inu Using An Exchange?
The quickest and easiest way to stake Shiba Inu tokens is to use cryptocurrency exchange that supports SHIB staking. Binance and Crypto.com 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'
How To Buy Shiba Inu?
Shiba Inu can be bought in 4 simple steps using a reputable exchange that supports Shiba Inu and has reasonable trading volume. The basic steps involve selecting a crypto exchange, creating an account, funding a wallet and purchasing Shiba Inu using the available funds. The tokens can then be transferred or withdrawn to an external wallet. For more information, read our full guide on how to buy Shiba Inu.
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|Up to $100 welcome bonus||Visit Binance||Binance Review|
|$5 BTC bonus (USA only)||Visit Coinbase||Coinbase Review|
|600+||0.2% / 0.2%|
|None available at this time||Visit Huobi||Huobi Review|
|Up to 500 USDT in bonuses||Visit KuCoin||KuCoin Review|
Frequently Asked Questions
Coinbase offers cryptocurrency staking to residents in the USA. The exchange does not currently allow staking of Shiba Inu tokens at the time of writing. The supported assets that can be staked include Ethereum 2.0 (ETH2), Tezos (XTZ) and Cosmos (ATOM).
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 Crypto.com 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 Crypto.com is a better option. These platforms have industry-leading security measures, 1-click staking and do not require extensive knowledge to earn SHIB staking rewards.
This post contains affiliate links. Read our disclaimer for more information.