Renowned cryptocurrency exchange Binance has announced that Dogecoin (DOGE) and Shiba Inu (SHIB) will compete in a Memecoin duel.
In exchange for token vouchers, Binance is providing a prize of $100,000 for a two-week competition called Battle of the MEME Dogs. It is worth saying that this competition will take put from July 12 to July 26 in 2024. During this time, members are asked to join SHIB or DOGE teams and complete daily or permanent tasks for points.
Participation steps and point system
Participation in the promotion is simple and requires no technical knowledge. To take part in the event, participants must first log in to their Binance accounts, then go to the activity page and confirm their involvement by joining Team Shiba or Team Doge.
Users can perform daily tasks on the mission website to earn points for their team, which will take them to the top once participation is confirmed.
Interestingly, Binance divided the points into six categories: 20 points for posting about the action on social media, 30 points for logging in everyday, 200 points for introducing new users who effectively total the KYC confirmation prepare, and 250 focuses for storing $100 SHIB or DOGE to the Binance adjust.
In addition, customers will get 500 points for trading a minimum of $1,500 on any of these assets during the campaign and an additional 350 points for placing a $100 spot or convert order in SHIB or DOGE. Every 24 hours, you can perform all activities other than referring new users.
Prize calculation
Binance will calculate which team has the most points at the end of the activity. To get a share of the $100,000 prize pool in token vouchers, each user must earn at least 3,000 points.
The first 50,000 participants on the winning team will split $50,000, up to a maximum of $50 per user. Similarly, the first 20,000 users on the losing team will be divided into a $20,000 prize pool, with a maximum allocation of $50 per user.
Binance will provide $200 to the top 25 traders on the winning team and $10 to each of the first 2,500 new users that trade SHIB or DOGE during the campaign. Binance says the tournament winner will be announced on July 29, 2024, at 00:00 (UTC).
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