Beginning in March, Phemex, the fastest cryptocurrency trading platform introduced DOGE/USD contracts with up to 20x leverage for the first time, and to celebrate, kicked off a giveaway campaign offering 1,000,000 DOGE to the first 5,000 new users.

From there, the floodgates opened, and more than 46,000 new users signed up within the first half of the entry phase. In the end, Phemex generously distributed four times the originally intended amount of DOGE, shocking its rapidly expanding user base in the process.

During the recent bull market, few coins have been as hot and trending as Bitcoin, Ethereum, or Dogecoin. In fact, Dogecoin might have even surpassed the top two coins in terms of overall interest and buzz.

The coin created based on the Shibu Inu meme that says phrases such as “much wow” has recently been tending everywhere from TikTok to Twitter and has been the talk of mainstream media ever since the coin began soaring. The altcoin has even caught the attention of the celebrity world, ranging from Snoop Dog to Tesla CEO Elon Musk, who has been affectionally dubbed the “CEO of DOGE.” 

The soaring interest and recurring requests from users prompted Phemex to respond by listing DOGE/USD contracts with up to 20x leverage at the start of March. A DOGE/USDT spot trading pair was also added later in the month.

The plan was to launch a giveaway coinciding with the debut of the contract, offering an impressive 1,000,000 DOGE to the first 5,000 new users to register to the Phemex advanced trading platform between March 1 and March 15.

The demand for new accounts on Phemex was overwhelming, reaching a total of 46,000 new users by the halfway point on March 8. Phemex was forced to close the campaign early; however, it generously raised the maximum prizing of DOGE to a staggering 4,000,000 coins.

Phemex began a painstaking process of eliminating duplicate IPs and ensuring all participants strictly adhered to the contest rules and completed all necessary tasks. Phemex then selected a grand total of 20,080 new registered accounts that fully qualified for the promotion and awarded the 4,000,000 Dogecoin accordingly.

A blog post from Phemex shared transparent details regarding the entire distribution of the prize. In the end, more than 20,000 users received a share of 4,000,000 DOGE, valued today at approximately $200,000 USD.

The incredible demand for both Phemex combined with the soaring interest in Dogecoin and crypto, in general, caused an unprecedented wave of new users flooding the platform like never before.

As each cryptocurrency gets its time in the spotlight, traders can take advantage of the various trading tools on Phemex to increase their chances for success, manage risk, and more.

Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.

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