Should you start staking Shiba Inu? – CryptoMode
Shiba Inu is one of the several cryptocurrencies referred to as “meme coins” inspired by the well-known internet memes Dogecoin (DOGE), which entered the market in 2020. It has quickly risen to become one of the most valuable cryptocurrencies by market cap, gaining 48,000,000% between 2020-2021.
But, according to conventional financial theory, past performance is not indicative of future results.
Yet, Shiba Inu coin has many reasons to remain at the top, allowing investors to earn large profits and giving everyone a way to make a passive income by staking SHIB.
But before going any further, let’s find out more about Shiba.
What exactly is a Shiba Inu?
The Shiba Inu coin features the Shiba Inu dog breed as an official mascot. But looking at it more technically, the token is based on the Ethereum blockchain and has a total quantity of one quadrillion coins.
Compared to DogeCoin, it serves a significantly broader purpose and is equipped with more outstanding technological capabilities.
Moreover, the Shib is a decentralized cryptocurrency project driven by its community, primarily concerned with trading and purchasing the coin.
And as many are looking for the next Dogecoin, there is a good chance that Shiba Inu will do well in the short future.
Certainly, the entire cryptocurrency movement is dependent on the mood inside the realm of social media. And it is common knowledge that crypto-tweeting superstar CEO Elon Musk was responsible for the price increase of the Shiba Inu.
After the announcement, there was a significant uptick in the amount of investor interest in the coin. This spike has persisted since it pushed the SHIB token to new all-time highs before the latest market sell-off.
But how can you turn Shiba into a source of passive income?
In SHIB’s case, staking is one of the most straightforward and practical methods available to earn a passive income.
If you believe in the power of memes, it would be worthwhile to stake SHIB only to keep yourself current on the company’s governance processes and valuations.
And if you have Shiba Inu tokens, staking them is a way to earn extra money without doing anything more than keeping your private keys safe in your wallet. It is possible to begin earning a passive income with Shiba Inu through various platforms, including ShibaSwap, StakingCrypto.io, and many others.
StakingCrypto.io, a free staking rates comparison tool, in particular, allows you to find the best place to stake Shiba inu, and many other of your favorite coins from your favorite exchanges while earning a high annual percentage yield (APY). When you stake Shiba Inu using StakingCrypto.io, you have a wide variety of platforms to select from and the option to choose the package and programs with an APY varying from 0.5% to 12.09%.
Another alternative for staking is to use ShibaSwap, which is the largest decentralized memecoin exchange and is developed and maintained by the Shiba Inu community. This platform acts as the largest decentralized memecoin exchange.
Investors have the opportunity to stake their tokens with the platform’s help in order to generate revenue.
By operating on ShibaSwap, users have the opportunity to earn an annual percentage yield of up to 60% by staking SHIB, BONE, and LEASH on their platform (APY).
Overall, staking Shiba Inu is a new way to get additional revenue from tokens without having to do much other than possessing them. And the longer the staking period, the better the return will be.
Also, it is well known that Staking is a way for users to help maintain the security and efficiency of the blockchain, where they do not require any equipment.
Nevertheless, it appears that everything is falling into place for Shiba Inu. This meme coin has attracted enormous attention, which could lead to building a dedicated community of users in the long term.
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