The Shiba Inu (SHIB) network has been making noise to boost utility. Earlier today, the network made a new announcement that caught the eye of many. SHIB holders will now be able to take part in an airdrop. The network announced that those who own the meme coin and participate in the airdrop can pocket the Philtoken (PHIL).

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Looking Into Shiba Inu’s Latest Airdrop

The airdrop includes a staggering 10 million PHIL tokens. According to the latest announcement, the airdrop is solely for Shiba Inu holders who have owned the meme coin since August 28, 2024. In addition, these investors are required to hold SHIB in non-custodial wallets like Trust Wallet and MetaMask.

The announcement further read:

“Those who left their SHIB on centralized exchanges, however, are out of luck this time. This airdrop is exclusively for the self-custody crowd.”

It should be noted that the airdrop is first-come, first-served. A minimum of 500 PHIL will be distributed to the first 10,000 qualifying wallets, but holders can win up to 500,000 PHIL.

The latest airdrop is part of a Phil and Shiba Inu partnership. Every time Philtoken collaborates with another cryptocurrency project, it intends to launch a charity event. The airdrop is the result of this collaboration. The PHIL team has been posting memes that imply a partnership is imminent.

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How Are The Meme Coins Faring?

Amidst this announcement, Shiba Inu seemed to be struggling to get back on top. During press time, the asset traded at $0.00001825 after a 3% drop over the past 24 hours.

Meanwhile, at $0.04483, PHIL’s price has increased by over 130% in the last seven days. With a $44.83 million market capitalization, it is now the 604th largest cryptocurrency. The network’s daily volume was up by 34% to $16.77 million.

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