Add the chicken to the stainless steel liner of the Instant Pot (you do not need the rack). Top with the coconut oil and broth.
Cook the chicken on manual high pressure for 7 minutes. Release the pressure manually.
Remove the cooked chicken from the Instant Pot. Shred in a large bowl using two forks or barbecue claws. Slowly add in the cooking liquid until the chicken is moist. You don't want it swimming like soup, you just want to add enough to moisten all the chicken thoroughly.