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.
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 staking platforms for 1-click soft staking of Shibu Inu which is better suited for beginners.
How Much Can You Earn Staking SHIB?
Investors and enthusiast 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 supply and demand metrics of the token. In a short period of time, Shiba Inu has become one of the most popular crypto assets for staking.
Best Crypto Exchanges To Stake Shiba Inu
These crypto exchange allow one-click soft staking of Shiba Inu (SHIB):
The table below provides a comparison of the best places for to stake Shiba Inu based on fixed rates and pay-out frequency. These figures are estimates based at the time of writing and 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.
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.
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.
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.
Annulized Interest Rate
Minimum Staking Amount
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'
Where To Buy Shiba Inu?
Shiba Inu can be bought on the major cryptocurrency trading platforms. The largest exchanges with the highest trading volumes for SHIB tokens are Binance, Coinbase Pro, Huobi, KuCoin and Gate.io. The accumulative volume of the top Shiba Inu tokens at the time of writing is 24 billion dollars.
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 anddo not require extensive knowledge to earn SHIB staking rewards.
Kevin GrovesKevin is the founder and chief editor at hedgewithcrypto that he started in 2019 which has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space.
A professional trader growing his portfolio since 2016, he has a strong understanding of investing in the market using exchanges, brokers and derivatives platforms. After leaving his full-time job at the start of 2021, his mission today is to share information guides on crypto and to find the best exchanges via hedgewithcrypto through detailed reviews and comparisons.
To stay up to date with the latest exchange reviews and guides on Bitcoin, trading, DeFi, staking and more, follow us via our newsletter and social media channels.