If you’re a cryptocurrency enthusiast, chances are that you’ve heard of the Shiba Inu Coin (SHIB).
This meme-inspired token has been trending wildly over the past few months and many investors are looking for ways to make the most out of their SHIB investments.
One way to do so is to stake your coins on the Binance exchange.
If you’re wondering how you can stake your SHIB tokens, you’re in luck.
In this article, we’ll break down how to stake Shiba Inu coin on Binance in five easy steps.
We’ll also go through the benefits of staking your coins and why it’s worth considering if you already hold SHIB in your portfolio. Ready? Let’s dive right in!
How to Create a Binance Account and Get Started
Getting started with Binance is simple. All you need to do is create an account, deposit funds, decide which currency to trade and start trading.
To begin, go to Binance website and click on “Sign Up“.
Once you’ve filled out the form, verify your identity by providing proof of identity and address.
After this, you will be able to deposit funds into your Binance wallet.
You can also add more cryptocurrencies to your wallet once you have opened a Binance account.
To do this, head to “Funds” and then “Deposit” from the navigation bar at the top of the page and select the coin you wish to add from the dropdown menu.
Once the funds have been added, head back to “Markets” in the navigation bar and select Shiba Inu Coin (SHIB) from the list of markets displayed in front of you.
Now that your account is ready and funded, it’s time to stake Shiba Inu Coin (SHIB). To do this, click on “Staking” from the navigation bar at the top of Binance’s homepage or go directly via this link.
After selecting Shiba Inu Coin (SHIB), click on “Stake Now” followed by clicking on “Confirm Staking” on the next page.
After successfully completing these steps, You are now officially staking SHIB tokens!
Deposit Funds Into Your Binance Account to Stake Shiba Inu Coin
Ready to start staking Shiba Inu coin?
First, you’ll need to deposit funds into your Binance account.
You can do this by clicking on the “Fiat and Spot” tab in the “Funds” section of your Binance wallet.
Here, you’ll be able to choose which currency you’d like to deposit.
You’ll also be given a unique address that you can use to fund your account directly from your bank account or cryptocurrency wallet.
Once the funds have been received, then you’re all set to stake Shiba Inu coin!
Navigate to the Binance Earn Page to Stake Your Shiba Inu
Ready to get that Shiba Inu coin staked? Navigating to the right page on Binance is easy—here’s how:
Log in to your Binance account and from the home page, click on “Finance” in the upper left-hand corner of the screen.
On the Finance page, select “Earn” from the menu at the top of the page.
Now you should be on the Binance Earn page. Scroll all the way down until you see “Shiba Inu”. Click on it.
On this page, you’ll be able to review any current lockup or promotional campaigns related to Shiba Inu, view your existing balance and stake Shiba Inu coins if desired.
Finally, click on “Stake Now” to stake your Shiba Inu coins and reap those juicy rewards!
Select the Shiba Inu Coin and Staking Period
Ready to put your Shiba Inu Coin to work? Great! Here’s what you need to do.
First, select the Shiba Inu Coin on Binance and pick a staking period.
You’ll have the choice to stake for 1, 3 or 6 months and you’ll receive rewards in proportion with the amount of coins staked, as well as the length of staking.
You can check out the rewards by clicking on “Estimate rewards” which will give you an estimate based on your current holdings.
Don’t forget time is money when it comes to staking so make sure you choose a staking period that will benefit you most.
Once you’ve made your selection, confirm whether all your details are correct and hit confirm.
You’re now officially in for staking rewards!
Review and Confirm Your Staking Details
Once all your details are filled in, including the amount of SHIB you want to stake, it’s time to review and confirm your staking details.
Make sure you double check everything, as once you confirm the transaction, it cannot be reversed.
Your staking period will be displayed.
This is the length of time that you will have to keep your SHIB locked up if you want to receive rewards.
During this period, you won’t be able to access your tokens until they are unlocked at the end of the staking term.
You’ll also be able to see how much rewards you can get from staking your SHIB.
These rewards can come in different forms such as a percentage of your deposited amount or a fixed reward amount in BNBs or other coins depending on Binance’s promotions and offers available at that time.
Keep in mind that these rewards are not guaranteed and may vary depending on market conditions.
Start Earning Rewards and Interest on Your Shiba Inu Stake
Ready to start earning rewards and interest on your Shiba Inu stake? First, you’ll need to decide how much you’re going to stake.
When it comes to cryptocurrencies, the more coins you own, the higher your rewards will be.
As a rule of thumb, aim for about 10% of your total crypto portfolio.
Once you’ve chosen an amount to stake, head over the Binance and log in. Then:
- Select “Wallet” from the left navigation menu
- Click on “Flexible Savings”
- Select “Shiba Inu (SHIB) in the “Assets Type” dropdown menu
- Choose how much SHIB you want to stake
- Click “Savings”
- Confirm the details of your input and click “Confirm”
Now that your funds are staked and earning rewards, there are just a few more steps to complete:
Review any applicable fees associated with staking SHIB
Track your loyalty rewards on the Flexible Savings page in Binance
Ensure you don’t leave your funds staked beyond the set time limit (or you may forfeit part of your rewards)
You can now rest easy knowing that not only have you acquired SHIB tokens, but also that they are generating benefits for you too!
In summary, staking Shiba inu coin on Binance can be a great way to generate returns and diversify your crypto portfolio.
It can also be a great way to support the SHIB project and get access to a range of exclusive benefits.
Staking doesn’t require any technical knowledge and the process is simple and straightforward.
All you need to do is buy some SHIB, deposit it to your Binance wallet and then stake it.
The returns and rewards depend on the amount of SHIB you stake and the amount of time it is staked.
So if you’re looking to increase the size of your portfolio and get some additional returns, staking Shiba Inu coin on Binance is a great option worth considering.
I’m a pharmacist by profession, but my passion for cryptocurrency has led me down a different path. I’ve been staking crypto for years, and I’m always eager to learn more about this exciting and ever-changing field.