How to Lend Shiba Inu (SHIB)

Introduction

Lending Shiba Inu can be an excellent choice for those looking to hold SHIB while earning some returns. The process might seem a bit overwhelming, particularly if you're doing it for the first time. That's why we've created this guide to help you navigate through it smoothly.

Step-by-Step Guide for Ugandan Investors

1. 1. Acquire Shiba Inu (SHIB) Tokens

   To lend Shiba Inu, you first need to possess it. To acquire Shiba Inu, you will have to buy it. You can select from these popular exchanges available in Uganda.

   E-platform	Coin	Cost
   YouHodler	Shiba Inu (SHIB)	0.000008438 APY
   Binance	Shiba Inu (SHIB)	0.00000844 APY
   BTSE	Shiba Inu (SHIB)	0.00000846 APY
   OKX	Shiba Inu (SHIB)	0.00001234 APY
   Uphold	Shiba Inu (SHIB)	0.00001307 APY
   Bake	Shiba Inu (SHIB)	0.00000842 APY

   See all 42 prices in Uganda

2. 2. Select a Shiba Inu Lender

   Once you have SHIB, you'll need to select a Shiba Inu lending platform to lend your tokens. You can explore some options here.

   E-platform	Coin	APY
   YouHodler	Shiba Inu (SHIB)	Up to 16% APY
   CEX.io	Shiba Inu (SHIB)	Up to 1% APY

   View all 6 APY rates

3. 3. Lend Your Shiba Inu

   Once you've selected a platform to lend your Shiba Inu, transfer your Shiba Inu into your wallet on the lending platform. After it's deposited, it will begin to earn APY. Some platforms pay interest daily, while others do so weekly or monthly.

4. 4. Grow Your Savings

   Now all you need to do is relax while your cryptocurrency earns APY. The more you deposit, the higher your potential returns. Ensure that your lending platform offers compounding interest to maximise your earnings.

What to Keep in Mind

Lending your cryptocurrency can be risky. Ensure you conduct thorough research before depositing your crypto. Only lend what you can afford to lose. Review their lending practices, customer feedback, and the measures they take to secure your cryptocurrency.