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Top crypto exchange Binance has announced an exciting airdrop for its Web 3 wallet users, wherein it will be giving out various cryptocurrencies, including SHIB.

As stated in an X (formerly Twitter) announcement, Binance would be giving out $500,000 worth of cryptocurrencies ranging from 1 SHIB to 1 BTC. To qualify for the airdrop, Shiba Inu users only need to make a swap using the Binance Web3 Wallet.

The Binance Web3 wallet, which was introduced in November, allows users to swap tokens and earn yields, as well as access a selected collection of decentralized applications. Users can activate their Web3 Wallet and switch between CeFi and DeFi with a single swipe within the Binance app.

At the end of November, Binance's new CEO, Richard Teng, announced a new milestone for the Binance web3 wallet: 1 million wallets had been created.

Shiba Inu price

Shiba Inu broke beyond the $0.000010 barrier for the first time in months, reaching highs of $0.00001024 in early Wednesday trading.

SHIB was outperforming at the time of writing, with an 11% rise in the last 24 hours to $0.00000994. In the last seven days, the token has also risen by 20%.

Shiba Inu revealed some network changes earlier this week. Shibarium's testnet, Puppynet, is experiencing a significant shift, with its underlying Layer 1 (L1) switching from the Goerli Network to the Sepolia Network.

Shibarium would also implement a transformational token-burning mechanism, which is critical to the network's economic architecture. This approach is intended to strategically reduce token supply, potentially raising the token's value and benefiting its ecosystem.

The burn mechanism would have two phases. The first phase is manual, where the burn process will first be managed manually by the official deployer wallet. The second is the Automated Transition, which will begin in January and will see the mechanism transform into an automated system.