The Phemex cryptocurrency exchange has ended its Dogecoin (DOGE) giveaway campaign, an exercise that recorded success when the level of participation is profiled. The campaign was launched on March 1 in which the company, through a note to traders announced the launch of its DOGE/USD futures contract trading pair with up to a 20x leverage, and that it will be giving its newly registered users a fair share of 1,000,000 Dogecoins that can be used for the trading.
Dogecoin, a Shiba Inu themed cryptocurrency that was created as a joke back in 2013 has seen increased hype in the past weeks, coming off at a time as the most talked-about cryptocurrency on the Twitter social platform, the first time any altcoin will be beating Bitcoin to the record. Elon Musk, the iconic and vocal founder of SpaceX and the electric vehicle company, Tesla Inc, was at the forefront of the Dogecoin hype, often tweeting about the coin, an act that was seen as a bullish prompt by his crypto-savvy followers.
Coupled with a retail buying storm fueled by the Reddit group dubbed SatoshiStreetBets, with the aim of turning Dogecoin into the GameStop of cryptocurrencies, the coin saw increased demands, and exchanges around the world, including Phemex, had to adjust to the yearning of the retail army in the cryptospace.
The defined qualification for the Phemex Dogecoin giveaway involved completing three tasks including registration, following the exchange, and retweeting its Dogecoin post.
Massive Embrace of the Giveaway and Ensuing Adjustment
Phemex told Coingape that in 24 hours after announcing the giveaway, as many as 24,000 new users had registered on the platform, a figure that beats the projected 5,000 new users by the initially scheduled closure of the giveaway, which was the 15th of March.
The demand made the trading platform close the first exercise earlier than but, but in a bid to strategize and relaunched to give away a total of 4 million Dogecoin.
“Due to unprecedented engagement with our campaign, we have had to end the competition earlier than anticipated. We will now be giving away the equivalent of over 4 million Dogecoin thanks to all of your participation!” the exchange said in a March 10th revised update.
The prize’s expansion created room for more people to participate, and the exchange reported 46,000 new registrations. The prize, when adjusted for those who played by the books – those who completed the laid down three tasks – was paid out to a total of 20,080 new registered accounts.
The Phemex initiated Dogecoin giveaway exercise came with its challenges and was accompanied by massive requests to withdraw funds. The firm was able to communicate with its users and appreciated its community for contributing to the overall success of the exercise.
Adjusting to trends in the cryptocurrency ecosystem amidst the growing number of competing in the space has become the primary hallmark that defines a trading platform’s growth. With the exercise, Phemex’s commitment to the retail users was redefined, and a bar has been set for a sustained performance by the exchange.