Crypto.com, one of the largest cryptocurrency exchanges, is preparing to launch a promotional event aimed at increasing Shiba Inu’s adoption.
This event will allow users to earn SHIB tokens by staking the platform’s native cryptocurrency, Cronos (CRO). Shytoshi Kusama, the lead developer of Shiba Inu, reacted positively to the announcement, calling it interesting.
Details of the Shiba Inu (SHIB) Staking Program
The new staking program is slated to start on December 6, 2024, and will be hosted on Crypto.com’s Crypto Arena platform. Participants can lock up their CRO holdings to receive SHIB as a reward.
Although the exchange has not formally announced it, this promotion has already appeared in its Crypto Arena’s list of upcoming events.
The initiative provides an additional use case for CRO while promoting SHIB among Crypto.com’s user base. By connecting the two tokens, Crypto.com is aiming to enhance engagement within both communities.
Shytoshi Kusama and the Community React
Shytoshi Kusama has expressed interest in the staking initiative, acknowledging its potential to benefit the SHIB ecosystem. Kusama’s response also informs the SHIB community about the opportunity and encourages participation.
Community members have shown significant enthusiasm for the program. Many have indicated plans to stake their CRO tokens to earn SHIB once the platform launches, reflecting widespread support for the initiative.
Crypto.com’s Ongoing Support
Crypto.com has consistently supported Shiba Inu since the May 2021 listing. The exchange has introduced various initiatives to promote SHIB, such as creating additional trading pairs, holding significant reserves of the token, and showcasing SHIB on platforms like Google and Apple App Stores.
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Additionally, Crypto.com has launched multiple promotions involving meme cryptocurrencies, including Shiba Inu. For example, a previous campaign offered $15,000 worth of BTC incentives for trading popular meme tokens. These efforts underline the exchange’s long-term commitment to increasing the asset’s accessibility and appeal.
Despite the buzz surrounding this upcoming staking program, the asset’s price has not yet seen a positive impact. At the time of press, SHIB is trading at $0.00002439, reflecting a 3.01% decline in the past 24 hours and a 2.08% increase over the past week.
While current market conditions appear unfavorable, the staking initiative could lead to greater adoption by incentivizing CRO holders to engage more actively with the ecosystem.
As the launch date approaches, this program aims to strengthen the relationship between Crypto.com and the Shiba Inu community. Its success will depend on how effectively it drives participation and fosters interest in SHIB and CRO.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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