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Bring Instant pot to SAUTE mode. When it turns hot, add chopped bacon. Cook bacon until crisp and brown.
Remove bacon and any extra fat.
Add chicken, chicken stock, ranch seasoning, garlic, and Sriracha(if using).
Set IP to MANUAL mode. Set time to 7 minutes. It will cook on high. Then do natural pressure release for 10 minutes followed by a quick release. The time depends on the size of the chicken and if it's frozen. For frozen chicken refer to the Notes.
Once the pressure is completely released, take out the chicken breast. Using two forks shred it.
If you feel the amount of liquid is more, then reserve 1/2 cup of liquid from the pot and keep aside.
Switch IP to SAUTE mode again. Stir in cream cheese, cheddar until mixed well.
Add shredded chicken back to the pot. Mix well. If the chicken looks too dry, then add back the reserved liquid in the previous step as required.
Switch off the IP.
Top crack chicken with crispy bacon and green onion while serving.