Bitrue, a leading exchange that supports XRP, has introduced a new trading competition for users, offering a total prize pool of $50,000. The exchange revealed the details of the contest on its official X account and website, stating that it is exclusively focused on spot trading for recently listed XRP pairs.
Bitrue recently added XRP trading pairs for popular meme coins like Shiba Inu, PEPE, BONK, and Ordinal (ORDI). Additionally, utility coins such as Optimism (OP), Xahau (XAH), Worldcoin (WLD), and Uniswap (UNI) have also been listed against XRP on Bitrue.
The trading competition is specifically for these pairs: SHIBXRP, PEPEXRP, BONKXRP, ORDIXRP, XAHXRP, OPXRP, WLDXRP, and UNIXRP. Participants can trade any of these pairs to have a chance at winning a share of the $50,000 prize pool.
The contest began on March 21 and will run for a week, with six days and two hours remaining until it concludes. The distribution of prizes is based on the number of participants. For one to 500 entrants, the prize pool is $1,000, which increases to $3,000 for 501 to 1,001 participants.
Currently, there are 2,527 traders taking part in the XRP trading contest, resulting in a prize pool of $16,000. If the number of participants exceeds 5,000, Bitrue plans to increase the prize pool to $50,000.
It is important to note that prizes are awarded based on participants’ ranking in trading volume. The first-place winner receives 20% of the prize pool, followed by 15% for second place and 10% for third place. The remaining 10% is distributed among ranks 4 to 30. Participants in ranks 31 to 100 share 15%, while the remaining 20% is split among participants below rank 100.
Bitrue has established specific eligibility criteria for the contest. Only registered users are eligible to participate, and market makers are excluded from both participation and rewards. The rewards will be deposited in USDT into users’ futures trading wallets within two weeks after the contest concludes.
This is not the first time Bitrue has organized a trading competition of this nature. Last month, the exchange launched a similar XRP trading contest with a prize pool of $1 million.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.