Prominent crypto exchange Binance announces the launch of a memecoin duel between Shiba Inu (SHIB) and its major rival Dogecoin (DOGE).
Binance is offering $100,000 rewards in token vouchers for the two-week competition, dubbed Battle of the MEME Dogs. Notably, the contest will run from July 12 to July 26, 2024. During this period, participants are expected to join either the SHIB or DOGE team and complete daily or permanent tasks to earn points.
Battle of the meme: Doge vs Shiba Inu
Join the Memecoin Duel to share $100,000 in token vouchers!
Find out more ⤵️https://t.co/AKjz84IMjh pic.twitter.com/JgDxykRhLd
— Binance (@binance) July 16, 2024
Participation Procedures and Points Structure
Participation in the promotion is easy and does not require any technical expertise. To participate in the event, users must log in to their Binance accounts, visit the activity page, and confirm their participation in the promotion by joining Team Shiba or Team Doge.
Once participation is confirmed, Binance will redirect users to the mission page, where they can complete daily tasks to earn points for their team.
Notably, Binance structured the points into six categories- 20 points for sharing the activity on social media, 30 points for daily login, 200 points for referring new users who complete KYC verification, and 250 points for depositing $100 worth of SHIB or DOGE on Binance.
Additionally, users will receive 350 points when they place a spot or convert order of $100 in SHIB or DOGE and another 500 points for trading a minimum of $1,500 on any of these assets during the promotion period. Besides referring new users, all other activities can be performed every 24 hours.
Reward Calculation
After the activity ends, Binance will determine which team has the highest collective points. Users must accumulate at least 3,000 points individually to receive a share of the $100,000 price pool in token vouchers.
The winning team’s first 50,000 participants will share $50,000, with a cap of $50 per user. Similarly, the first 20,000 users from the losing team will split a prize pool of $20,000, with the maximum allocation per user capped at $50.
Furthermore, Binance will give $200 each to the top 25 traders from the winning team and $10 each to 2,500 new users who trade SHIB or DOGE during the promotion period. According to Binance, the winner of the competition will be revealed on July 29, 2024, at 00:00 (UTC).
Shiba Inu Vs Dogecoin Debate Heats Up
This competition will further enhance the rivalry between Shiba Inu and Dogecoin. Enthusiasts of both assets have been embroiled in a multi-year heated debate over which token is superior. The discussions mainly revolve around utility, market cap, and community support.
At press time, Dogecoin is currently the world’s biggest memecoin, with a market cap of $18.32 billion. Shiba Inu’s valuation of $11.55 billion puts it directly behind Dogecoin in the memecoin ranking.
In addition, while Shiba Inu’s official X account has 3,880,059 (3.88 million) followers, Dogecoin boasts 3,981,261 (3.98 million) followers.