Crypto exchange Binance has announced a giveaway of up to $100,000 in SHIB for new customers. Announced on March 8, new users who sign up through a referral link in the post will receive a "welcome gift".
Split into $80,000 for new users and $20,000 for those that complete additional tasks, this totals over 4.3 billion SHIB based on current prices.
While only new customers can take advantage of the SHIB giveaway, it could still be good news for existing holders. Here's why.
Binance SHIB Giveaway
In an attempt to attract new subscribers through SHIB, Binance will give each user between 100,000 and 310,000 SHIB. This works out to between $2.31 and $7.19 at current prices.
However, this SHIB giveaway will be allocated out on a first-come-first-served basis.
Of the $100,000, $80,000 worth of SHIB will be allocated for new sign-ups. The remaining $20,000 is split between users who trade "at least 1,000 USDT equivalent across eligible SHIB spot trading pairs".
Several ShibArmy members complained about the giveaway on Twitter, stating it did not benefit existing holders or users.
While these Welcome Gifts may not benefit SHIB holders already using Binance, or who prefer to use crypto wallets, it is yet another example of crypto exchanges using SHIB and the ShibArmy in its marketing to drive new customers.
As such, it could indicate the belief exchanges have in the long-term popularity of SHIB to attract users to cryptocurrency.
Many top crypto exchanges, such as Coinbase and Crypto.com, also previously referenced SHIB directly in their App Store listings.