Binance Attempts to Push Shiba Inu Trading by Enticing New Users with Free SHIB Tokens

Binance users will have to complete their know-your-customer (KYC) formalities before participating in the giveaway.

By Radhika Parashar | Updated: 9 March 2022 18:30 IST

Binance Attempts to Push Shiba Inu Trading by Enticing New Users with Free SHIB Tokens

The current market cap of Shiba Inu stands at over $13 billion (roughly Rs. 1,02,134 crore)

Highlights

Existing users who have traded 1,000 Tether tokens can also qualify
Binance is trying to ramp up SHIB trading when its seeing losses
The last date for participation is March 21

Binance is trying to escalate the trading of meme-based Shiba Inu cryptocurrency on its platform, which is one of the world's largest crypto exchanges. The company is giving away $80,000 (roughly Rs. 61 lakh) worth of SHIB tokens on a first-come-first-serve basis to new users registering on its platform. Existing users who have traded a total of 1,000 Tether tokens can also qualify in sharing a SHIB token prize pool worth $20,000 (roughly Rs. 15 lakh). Binance made the announcement on March 8 via a support page on its website.

Users on Binance will have to complete their know-your-customer (KYC) formalities before participating in the giveaway, as per the official announcement.

In order to withdraw the free SHIB tokens, users are required to reach a mining trading volume of 50 Tethers (USDT), including sales and purchases.

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SHIB was made by an anonymous creator ‘Ryoshi' in August 2020, and was marketed as a Dogecoin killer. This push on SHIB trading comes at a time when the meme-based dog coin is struggling to see gains in recent days.

Binance has clarified that only users that clear its screening process will eventually receive the giveaway SHIB tokens.

“Binance reserves the right to disqualify trades that are deemed to be wash trades or illegally bulk registered accounts, as well as trades that display attributes of self-dealing or market manipulation,” the crypto exchange wrote on its support page.

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Registrations for this giveaway will close on March 21.

Currently, each SHIB token is trading at $0.00002428 (roughly Rs. 0.0019) as per CoinMarketCap.

Its current market cap stands at $13,333,084,438 (roughly Rs. 1,02,134 crore). A total of 1,197,988 crypto wallets hold SHIB tokens.

Shiba Inu has recently decided to foray into the metaverse and will soon be releasing “Shiba Lands” plots for purchase.

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Further reading: Shiba Inu, SHIB, Cryptocurrency, Binance

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More