Binance recently announced that it had opened up Dogecoin withdrawals after it had limited the capability due to an issue with Doge’s latest update. The reinstatement had been a big relief for users who had been unable to withdraw their Dogecoin on the platform. Following this, Binance CEO Changpeng Zhao announced a giveaway for the community.
How To Participate
The sign-up process for participating in the giveaway was a pretty straightforward one according to what was posted by the CEO. Zhao said on Twitter that to be eligible, all users would have to do it retweet the tweet announcing the giveaway, follow his account, Elon Musk’s account, and the official Binance Twitter account. Lastly, users need to tweet the prize they want and why they should get it using specified hashtags.
I'm giving away a DOGE Tesla & $50,000 in $DOGE. Which do you want?
Our favorite answer from each 'team' will win. pic.twitter.com/A2VLB6fh4a
— CZ Binance (@cz_binance) November 29, 2021
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The CEO announced that users stood a chance to win either $50,000 in Dogecoin or a brand-new Tesla. Each of these prizes would go to lucky winners who would be picked based on their tweets using the hashtag. The tweet included a 13-second video illustrating the things that would be won in the contest.
The contest began on September 29th and will run until December 13th, at which point the winners of both categories would be picked and awarded their prizes. The winner of the car will get a Tesla Model 3, with the option to get the BNB value equivalent of the car.
Tweets vying to win the contest have already begun to fly around on the platform. Twitters users have been using the hashtags to reveal what they would do if they won the prices. This range from holding to purchasing real estate to paying for school, among others. Users only get one chance to enter the contest.
Doge continues downtrend | Source: DOGEUSD on TradingView.com
Dogecoin has been seeing some upside in the market but not large enough to make much of a difference. The digital asset’s price had trended low around $0.2 point, more than 60% less than its all-time high. Although the hype around meme coins has not died down, it seems the market seems to have forgotten the original meme coin.
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Despite the downtrend, the meme coin has continued to dominate social media and Google search trends. For the month of November, Dogecoin made the top of the list for most searched cryptocurrency across 30 U.S. states.
The beginning of December has not been too bad for the price, although indicators point to sell signals being in the majority. The price continues to hold above the $0.2 range.
Featured image from Interesting Engineering, chart from TradingView.com