Binanceone of the leading cryptocurrency exchanges, has unveiled an attractive opportunity for Web3 wallet users – a significant airdrop for various cryptocurrencies, including SHIB.
Airdrop Announcement and Eligibility
In an announcement on X (formerly Twitter), Binance declared plans to distribute $500,000 worth of cryptocurrencies ranging from SHIB to BTC. To participate in this sweepstakes, Shiba Inu users will need to perform a simple swap using their Binance Web3 wallet.
Airdrop time š
We offer between 1 and 500,000 USD worth of cryptocurrency. $SHIB to 1 #BTC
Even better, all you have to do is #Binance Web3 Wallet qualifies.
Go ā”ļø https://t.co/Sn9EgPxypf pic.twitter.com/aGCANh5sbP
ā Binance (@binance) December 5, 2023
Binance Web3 Wallet: Features and Accessibility
The Binance Web3 wallet, launched last month, provides users with features such as token exchange and monetization. This wallet also grants access to select decentralized applications (dApps). Seamless integration within the Binance app allows users to easily switch between the CeFi and DeFi realms.
SHIB price surge and network update
Experiencing a bullish trend, Shiba Inu broke above $0.000010 and reached a recent high of $0.00001024 in Wednesday trading. At the time of reporting, SHIB had surged 11% in the past 24 hours, reaching $0.00000994, marking a 20% rise in 7 days.
Also read: Would you invest in a Shiba Inu in December? Know These Essential SHIB Price Levels
Recent network developments within the Shiba ecosystem have revealed significant changes. Shibarium’s testnet, Puppynet, has undergone significant changes, including switching its base layer 1 (L1) from the Goerli network to the Sepolia network.
Token Burn and Network Evolution
Shibarium is set to implement a groundbreaking token burn mechanism that is a critical element of the network’s economic structure. This strategy aims to strategically reduce token supply, potentially strengthening the value of the token and supporting the ecosystem. The token burn will take place in two stages: an initial manual stage managed by the official distributor wallet and an automatic conversion stage starting in January, transforming the mechanism into an automated system.