TL;DR

Binance introduced a special initiative, where eligible meme coin traders join teams to complete missions and accumulate points for rewards. The company has supported numerous meme coins in the past several months, adding certain trading pairs to its platform.

Battle of the Meme

The worlds largest cryptocurrency exchange Binance introduced an interesting initiative called Battle of the meme: Doge vs Shiba Inu. According to the terms, users can join the Dogecoin team or the rival one to complete daily missions and accumulate points.

After the Activity concludes, we will calculate which team has accumulated the highest number of points on a collective basis, the company said.

The winning teams first 50,000 participants will each receive a reward up to $50. The losing teams first 20,000 participants will also pocket similar rewards. 

The top 25 users from the winning side (those who have the highest trading volume during the Promotion Period) will receive an additional $200 reward. 

Only users who confirm their participation in the Activity will be eligible for reward(s).To be considered an eligible participant, users must fulfill all the requirements during the Promotion Period, the conditions read.

Participants must accumulate at least 3,000 activity points in total to be eligible for the giveaway. The winning team will be crowned on July 29. 

Binance will hand out the rewards in the form of token vouchers within 30 business days after the end of the initiative. Eligible users should claim the vouchers within 15 days of distribution. 

Binance and Meme Coins

This is not the first promotion the exchange has unveiled for meme coin traders. In April, it promised a total reward of 10,000 FDUSD (in token vouchers) to all users who have not traded on Binance Spot in the last 90 days. 

To join the offering, eligible users had to accumulate a total trading volume of at least $100 on certain pairs such as SHIB/EUR, SHIB/USDT, DOGE/BTC, WIF/FDUSD, PEPE/FDUSD, PEPE/TRY, FLOKI/TRY, and many more. 

In the following months, the company showed additional support to some popular meme coins. In June, it added WIF/EUR to Binance Spot and allowed trading bots services for the pair. 

Earlier this week, the firm went even further, saying it will introduce WIF/USD perpetual contracts on July 23. These financial products allow users to speculate on the price movements of the underlying cryptocurrencies without owning them. They offer high leverage, dont have an expiration date, and require traders to maintain a specific margin to keep positions open.