thecryptobasic.com
A new campaign on the popular crypto exchange wants to reward users who trade Shiba Inu (SHIB) and other meme coins.
As the crypto market continues its uptrend, several exchanges seize the opportunity to boost trading volume while rewarding users. Crypto.com is the latest exchange to undertake such an effort with a new program targeting memecoin traders.
According to a Tuesday announcement, the platform will distribute $15,000 worth of bitcoins to traders who buy and sell selected meme coins between now and December 25. The reward will be distributed to 2,000 users based on badges collected during the campaign.
We’re spreading holiday cheer with a little help from $DOGE, $SHIB, $ELON, and more 🐶
❄️ Until Dec 25, trade eligible meme coins to win a share of US$15,000 in $BTC! ❄️
🎁 2,000 reward recipients
T&Cs apply
Learn More 👉 https://t.co/gFNFquN1kD
— Crypto.com (@cryptocom) December 19, 2023
Crypto.com’s latest campaign covers two of the largest meme coins by market capitalization, namely Dogecoin (DOGE) and Shiba Inu (SHIB). Dogelon Mars (ELON) and CorgiAI (CORGIAI) are the two other coins completing the list.
Meanwhile, the platform’s decision to focus on rewarding memecoin traders is not entirely surprising. Memecoins now constitute a large percentage of crypto trading volume, with popular exchanges such as Binance and Coinbase listing top meme coins over the past few weeks.
CoinMarketCap data shows that the total market capitalization of the top meme coins hovers around $28 billion. At the same time, over $2 billion was traded in the past 24 hours.
Shiba Inu Impresses With 7% Increase
Crypto.com’s rewards campaign featuring Shiba Inu (SHIB) coincides with a period in which the cryptocurrency has enjoyed significant gains. Aside from a 7% increase in the past 24 hours, SHIB gained 22% in the past month.
The uptrend has largely been buoyed by improved crypto market conditions and increased adoption of Shiba Inu’s layer-2 network, Shibarium. Activity on the new network contributes to the reduction of SHIB’s token supply, which makes the asset more scarce and improves market sentiment around the Shiba Inu ecosystem.