Crypto exchange Binance is trying to increase trading of the meme-based cryptocurrency Shiba Inu on its platform. For this, new users who register on the exchange’s platform will be given SHIB tokens worth $80,000 (approximately Rs. 61 lakh) on a first-come-first-served basis.

Existing users of the exchange who have traded a total of 1,000 Tether tokens will also be given SHIB tokens worth $20,000 (approximately Rs 15 lakh).

Binance has given this information on its website. Users of the exchange will have to complete their Know Your Customer (KYC) details to receive these tokens.

To withdraw the free SHIB tokens, users will need to reach a mining trading volume of 50 Tether (USDT), including sales and purchases. SHIB was created about two years ago by an unknown creator, Ryoshi. It was introduced as a dogecoin wasting token. The major reason for SHIB’s attempt to increase trading is the fall in its price in the recent past.

Free SHIB tokens will be awarded only to users who pass Binance’s screening process. In this regard, the exchange said, “Binance reserves the right to disqualify trades that are made from illegal bulk accounts.” The registration for the free tokens will end on March 21.

According to CoinMarketCap, the current price of the SHIB token is $0.00002428 (approximately Rs.0.0019). Its market cap is $ 13,333,084,438 (about Rs 1,02,134 crore).

The number of wallets holding SHIB tokens is approximately 11,97,988. Recently Shiba Inu announced its foray into the Metaverse. It plans to issue 99,000 plots for Shiberse. The price of a plot on Shiberse will be decided according to its location, with plots around the park being expensive.

After the first batch is completely sold, the rest of the plot will be sold gradually. Everyone will be given a chance to buy all these remaining plots. All the plots will be sold through the bidding system and the developers say that the details of the bidding system will be given along with the release date of the project.