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Leading cryptocurrency exchange Binance is giving away the meme-inspired cryptocurrency Shiba Inu ($SHIB) to new users on its platform through a new promotion that is seemingly meant to incentivize users to trade SHIB.
According to an announcement the exchange published, its promotion is running until March 21 and involves a giveaway of $80,000 in SHIB to new users who register through a link the exchange provided.
For users that do adhere to the promotion, Binance will offer between 100,000 SHIB and 308,000 SHIB on a first-come-first-serve basis. That’s between $2 and $6.9 the exchange is offering at the time of writing.
It’s also running another promotion alongside the SHIB offering for users who trade the equivalent of 1,000 USDT on Shiba Inu spot trading pairs. Participants in the latter promotion will share $20,000 in the meme-inspired cryptocurrency, Binance added.
The exchange’s announcement adds that only users who register through its link and complete know-your-customer (KYC) checks are eligible to earn free SHIB, and that eligible trading pairs for the second promotion involve Shiba Inu’s SHIB/USDT, SHIB/BUSD, and SHIB/DOGE trading pairs.
To withdraw received tokens, users must reach a total trading volume equivalent to 50 USDT, counting both buys and sells. The exchange added:
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.
Binance’s promotion comes shortly after leading digital payments platform Wirex, which has over 4.5 million users and allows them to spend dozens of currencies at more than 80 million locations worldwide added support for SHIB.
The SHIB community has recently seen the cryptoasset partner with Italian high-end designer wear John Richmond in a bit to launch a non-fungible token (NFT) based fashion collection later this year.
Through its partnership with John Richmond, the team behind the meme-inspired cryptocurrency has secured advertisements with Milan’s city council, allowing it to place logos on the ‘1825’ numbered tram in the city, exposing it to Milan’s residents.
The partnership comes after the team behind the cryptocurrency announced the upcoming launch of a token burning portal that is set to help the cryptocurrency’s community burn tokens in an effort to reduce its circulating supply.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash