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

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.

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.

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.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.