Binance, an eminent cryptocurrency exchange, has now turned to Shiba Inu (SHIB) to market its wallet. The platform touts itself as the easiest way to purchase, sell, trade, and hold SHIB.
Shiba Inu coin (SHIB) is a meme-based cryptocurrency that is named after the Shiba Inu dog breed. It was launched in 2020 as part of a collection of dog-themed cryptocurrencies by an anonymous developer named Ryoshi. It’s also known as “the doge-killer” because it’s a competitor to Elon Musk’s favorite meme coin, Dogecoin (DOGE). It’s meant to be an Ethereum-compatible counterpart to DOGE.
SHIB is an ERC-20 coin that is in the process of converting to a Proof of Stake settlement mechanism. ShibaSwap, a decentralised exchange, is at the heart of the SHIB ecosystem. It also funds an NFT art incubator, which invites dog-inspired artists from all around the world to enter the NFT market with their Shiba Inus.
The meme-coin began with a one-quadrillion-circulation supply, with its founder Ryoshi locking 50% of the token in Uniswap’s decentralised exchange to provide liquidity. Furthermore, the remaining 50% of the currency was transmitted to Ethereum co-founder Vitalik Buterin’s wallet, where the majority of it was burnt. The Shiba Inu cryptocurrency is traded on Binance under the symbol SHIB.
Binance rewards its users through different promotions
With SHIB, the exchange has introduced two promotional programs.
The first offer, dubbed “Promotion A” on Binance’s website, states that all new customers who enroll with Binance through their referral link will receive a share of $80,000 in Shiba Inu tokens between March 8th and March 21st, 11:59 PM (UTC).
The second promotion, titled “Promotion B,” requires participants to complete tasks to win SHIB vouchers. Users who register by clicking the [Register Now] button on the event page and trade at least 1,000 USDT equal across all applicable SHIB spot trading pairs will be qualified to win a share of the $20,000 prize money in SHIB token vouchers. However, the reward for Promotion B would be calculated accordingly;
The reward for each qualified user = (Each user’s total effective trading volume / All qualified users’ total effective trading volume) * $20,000 in SHIB token vouchers
Furthermore, the website stated a few terms and conditions to the give away. It stated that only users who finish KYC by the end of the activity session and press the [register now] button on this web page are eligible to win.
The Welcome Reward under Promotion A will be given immediately upon completing the registration. Tokens earned through Promotion A are the only ones that can be traded. It further added that within two weeks following the promotion’s completion, Promo B incentives will be distributed. At the time of writing, Shiba Inu (SHIB) was priced at $0.0000232 with a rise of 0.68% over the last 24 hours.