How to Stake Shiba Inu

Last Updated January 28th 2022
12 Min Read

In our article, how to stake Shiba, we explain all you have to do to stake Shiba. 

While Bitcoin has significantly impacted the world, we are still governed by a centralized society telling us how to conduct our daily lives. Shiba Inu is the first community-run token aiming to create a decentralized standard for the world, and they're serious about their task.

The Shiba Inu token website describes Shiba Inu as 'A Decentralized Meme Token that Evolved into a Vibrant Ecosystem.'

The ever-expanding Shiba Inu community are known as the Shib Army. The community makes all decisions regarding Shiba Inu. They are determined to lead the way to test if decentralization can work without direct leadership or funding and no centralized team.

Shiba Inu has a downloadable Woofpaper (PDF), available from the website homepage, suggesting that if a cryptocurrency cannot maintain independence, it may ultimately be doomed to failure. Shiba Inu are determined to retain its independence and secure it for others.

Shiba Inu is the network, and SHIB is the token. When launched, the anonymous founder, Ryoshi, sent half of the token's supply to Vitalik Buterin, the Ethereum founder. The other 50% is locked on the decentralized finance platform, Uniswap, for liquidity.

Apparently, in May 2021, Vitalik Buterin burned 90% of his SHIB tokens, valued at approximately $6.7 billion. He sent the 10% left to an Indian Covid-19 relief fund. That's still a substantial amount of SHIB, and it's unknown what the relief fund will do with their tokens. If they suddenly appeared on the crypto market, it could impact the price of SHIB.

This guide to Shiba Inu will inform you about this exciting meme coin and show you how to invest money in Shiba Inu (SHIB) and stake this token that may take the crypto industry by storm.

Continue reading to see why Shiba Inu (SHIB) is becoming a popular market asset, garnering support from the ever-expanding community. And discover how you can invest money in a token that could change the face of decentralized finance.

If you want to buy Shiba quickly and easily, check out eToro

Cryptoasset investing is highly volatitle and unregulated in some EU countries. No consumer protection.
Tax on profits may apply.

Contents

What Is Shiba Inu?

The Shiba Inu is a Japanese dog bred for hunting small game.

In August 2020, the creation of the meme coin Shiba Inu came about anonymously under the pseudonym "Ryoshi."

Shiba Inu aimed to be the Ethereum based equivalent to the script-based mining algorithm of Dogecoin. Interest in and support for Shiba Inu snowballed, assisted by positive public comments and tweets from Elon Musk, CEO of Tesla and Vitalik Buterin, founder of Ethereum.

As popularity for Shiba Inu grew, many other dog-themed cryptocurrencies emerged, such as Baby Dogecoin (BabyDoge), BabyDoge ETH (BABYDOGE), Jindo Inu (JIND), Mini Baby Doge (MINIBABYDOGE), Alalska Ini (LAS), Baby Doge Cash (BABYDOGECASH), Alaskan Malamute Token (LASM) and Baby Doge Millionaire (BABYDB).

These doggy meme coins attracted the attention of crypto investors because of their low entry prices and investment potential. Shiba Inu (SHIB), for instance, is $0.00002, which presents an opportunity for investors hoping to see the dog-themed coin reach a price similar to the Dogecoin (DOGE) high of $0.7376 in May 2021.

Indeed, the Shiba Inu website says that SHIB will be the Dogecoin killer.

What Makes Shiba Inu Unique?

Shiba Inu is based on Dogecoin (DOGE), a crypto asset that started in December 2013 as an internet joke. Interest in and support for Dogecoin was rapid. Today, Dogecoin has a significantly sized community of loyal supporters and experienced massive growth this year.

Shiba Inu wants to help the average person claw back control, particularly in the cryptocurrency community where decentralized protocols may be advantageous over centralized equivalents.

The community invites artists inspired by dogs to get behind the artistic Shiba movement to bring the Shiba Inu community into the non-fungible tokens (NFTs) market. The value of an NFT derives from rarity. Much like a one-off painting by an artist, and incredibly, some sell for millions of dollars. Many are suggesting that NFTs are the future of art.

Shiba Inu recently created an Amazon Smile campaign to help raise donations for the Shiba Inu Rescue Association to help rescue and take care of real Shiba Inu dogs. This breed of dog can be challenging. Many dog owners new to the breed find their intelligent, courageous, but stubborn behaviour overwhelming, and, consequently, many Shiba Inu end up in rescue care.

Read Also: Pros and Cons of Investing in Shiba Inu Coin

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How Does Shiba Inu Work?

The SHIB coin is an ERC-20 token. It is powered by Ethereum on the Ethereum network, leveraging smart contracts, thus creating decentralized financial products.

The DeFi space is gaining momentum. Shiba Inu wants to be part of that as SHIB adoption increases and protocols rise through the artist incubator and decentralized exchange. Artists will be able to use the Ethereum network for auctioning NFTs with smart contracts, thus creating a non-fungible token market without the need for third parties.

However, SHIB is not alone. Shiba Inu is an ecosystem of three Shiba Inu tokens. The other two tokens are, unsurprisingly, the BONE token and the LEASH token.

LEASH was to be a rebase token pegged to Dogecoin's price. But after the launch, Shiba Inu decided not to rebase, so LEASH continues as an independent ERC-20 token. The supply of LEASH is limited to 100,000 tokens, which could mean demand could quickly outrank supply, leading to higher prices for LEASH.

The BONE token is limited to 250,000,000 tokens. If you own BONE tokens, you have the right to vote on essential Shiba Inu matters for the year. The more BONE tokens you hold, the more weight your vote carries. Shiba Inu announce that, in their opinion, BONE will be the token to take DeFi to the next level.

The three tokens established themselves via the launched in July 2021 ShibaSwap exchange, a platform for creating a safe, decentralized environment for cryptocurrency trading. Shiba Inu plan to develop ShibaSwap further. Users can stake their coins for BONES on the exchange, which can only be mined by staking SHIB on ShibaSwap.

Who Are The Founders Of Shiba Inu?

We know little about Ryoshi, the anonymous founder of Shiba Inu, and it seems he prefers to keep it that way. In May 2021, he posted on the Medium writing platform and said, "I am nobody. I am not important. The efforts to unmask my "identity" even if successful would be underwhelming. I am just some guy of no consequence tapping at a keyboard, and I am replaceable. I am Ryoshi."

Whoever Ryoshi is, undeniably, he has chartered strong support for Shiba Inu and the ecosystem. The Shib Army has over a million members to date and 848,000 Twitter followers. They have Telegram channels for SHIB, LEASH and BONE and 212,000 loyal followers for Reddit and 94,500  members for Discord. They are building a vast community, which will continue to serve and support growth for Shiba Inu.

What Gives Shiba Inu Value?

In Shiba Inu's Woofpaper, Ryoshi said that "there is no greatness without a vulnerable point and as long as VB doesn't rug us, then Shiba will grow and thrive."

Using Ether (ETH - Ethereum's native asset), Shiba Inu has a solid foundation for users to buy, sell, HODL or trade for rewards and outperform the value of other staking platforms.

Add to that the fact that Ethereum is upgrading to Ethereum 2.0, where it transitions from proof of work (PoW) to a proof of stake (PoS) consensus mechanism. This upgrade means cheaper and faster transactions. Therefore, ShibaSwab could become a popular decentralized exchange with the highest volume, focusing on the Ethereum blockchain and ERC-tokens.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

How Is the Shiba Inu Network Secured?

When you stake SHIB, you are helping to secure the Shiba Inu network, which you may remember is based on the Ethereum network currently transitioning from PoW to PoS consensus mechanisms for mining. PoW is not energy-efficient, and it is time-consuming. So, once the ETH2 upgrade completes (2022), it will benefit Shiba Inu in many ways.

PoW requires superior computer power, all competing to process transactions to receive rewards. But PoS reaches consensus by an algorithm that selects a winning node to win a block of transactions, and these nodes are known as stake pools.

How To Choose A Shiba Inu Wallet

A secure wallet for your SHIB tokens is a must. You can choose from an offline wallet, called a cold wallet, or an online (hot) wallet. Two of the most secure cold wallets are Ledger and Trezor, and they are not connected to the internet, meaning there is no threat of hacking.

They look like a USB memory stick, which you simply plug into your laptop or computer. The Ledger Nano S is a popular cold wallet retailing with thousands of positive reviews. The Trezor is the more expensive of the two, typically three times the price of the Ledger.

Hot wallets are more vulnerable to attack because they are connected permanently to the internet, but they are popular because of ease of access. If you opt for a hot wallet, make sure you buy from a trusted, reputable source. Ideally, look for a user-friendly hot wallet that lets you store and trade your SHIB tokens hassle-free.

Don't Miss: Is Now the Right Time to Buy Shiba Inu?

How To Stake Shiba Inu

The SHIB token was designed to outpace the growth of Dogecoin without reaching $0.01. Many investors see SHIB as an addition to their cryptocurrency portfolio, as an asset to buy and hold. Now, the ShibaSwap exchange launch creates a far broader utility for SHIB because holders can stake (bury) and farm (dig) their tokens.

Shiba Inu is unique because, whilst it runs on Ethereum (currently PoW), the initial supply of SHIB was minted on launch, which means that you can't mine the token.

On the ShibaSwap exchange, SHIB holders can stake (bury) their Shiba coins, representing their original SHIB holdings and staking rewards are BONE tokens and 0.03% of ETH swap transaction fees on the exchange.

Conclusion Of How To Stake Shiba Inu

Shiba Inu has yet to reach a significant milestone.

The principles behind the Shiba Army community are sound. But it's early days to look for groundbreaking changes, though if decentralization becomes a daily standard, Shiba Inu will make history. The Shiba Army community has 100% control over what happens next, but they have yet to determine if a community without direct leadership can work.

The artist incubator will help boost the NFT market and demonstrate multiple benefits of building a spontaneous, decentralized community via the three flagship assets – SHIB, LEASH and BONE.

Shiba Inu is an ecosystem with three different tokens – SHIB, LEASH and BONE. You can swap SHIB and LEASH for BONE by burying and digging.

Bury is when you stake SHIB/LEASH in exchange for BONE. Digging is primarily liquidity farming which is where you place your SHIB or LEASH in a pool and receive a percentage of the transaction fees collected in BONE.

Remember, all three Tokens have different price points and, therefore, different returns.

Will the Shiba Inu ecosystem turn out to be the Dogecoin killer? It's early days, but undoubtedly it is making progress. If you stake Shiba Inu (SHIB), it could be a great decision.

Please note that the above information is not providing advice on tax, investment, or financial services. We provide the above information without consideration for risk tolerance and a specific investor's financial circumstances.

Trading or investing in financial instruments such as cryptos may not be suitable for all investors. It does involve risk and the possibility of a loss of capital. There are no guarantees for profiting from cryptocurrencies, and it's advisable only to risk what you can comfortably afford to lose.

eToro – Best Exchange To Buy Shiba Inu

eToro have proven themselves trustworthy within the crypto industry for years – highly recommend them. 

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Read Also:

Beginner’s Guide: How To Start Investing In Shiba Inu?

3 Reasons To Buy Shiba Inu, And 1 Reason To Sell

15 Reasons Why You Should Invest in Shiba Inu Today

Shiba Inu (SHIB) Price Prediction for 2025 and 2030

FAQs

Where can I buy Shiba Inu (SHIB)?

SHIB is available on multiple cryptocurrency platforms, including Binance. eToro, the leading social trading platform, recently added SHIB to its platform.

To buy SHIB from eToro is simple:

  •  Go to the eToro website and click on join now
  •  After registering, eToro ask for proof of ID and address. You'll need a copy of your passport or driving licence and an up to date utility bill
  • Make your deposit. It varies from $50 for the USA, but in some countries, the deposit requirement is $200. You can check this when signing up
  • Buy your SHIB. Yay! Click on Trade Markets and then crypto and SHIB

That's it. You are ready to stake SHIB or HODL by putting your SHIB into your secure crypto wallet. eToro has a secure online wallet, by the way.

Now you're a SHIB holder, and you may want to go and join the Shib Army Community

Is it worth investing in Shiba Inu (SHIB)?

Only you can decide whether to invest in SHIB. Today's price is $0.00002, so it is a very low priced investment, depending on how much SHIB you purchase. Cryptocurrency price predictions can only be speculative because there isn't sufficient historical data for analysis. But, SHIB could be a good buy if the Shib Army community continues to make progress.

What will the Shiba Inu coin be worth by the end of 2022?

There have been speculative rumours of the SHIB coin hitting $0.01 by the end of 2022, which would mean a 48,209.18% climb. Crypto experts suggest that SHIB could be $0.1 by 2025.