With the continuation of the bear market in the crypto industry, it was declared by Crypto.com on Monday that the platform will remove 15 crypto tokens from Crypto Earn (its reward program). Among the tokens that are to be removed by the venue, FLOW, Tezos (XTZ), Shiba Inu (SHIB), and Dogecoin (DOGE) are included, however, Crypto.com incorporated NEAR, Fantom (FTM), and Zilliqa (ZIL) into its list.
Crypto.com’s Exclusion of Shiba Inu and Dogecoin from Reward Program and Other Latest Moves
Crypto.com – which is known as a well-known crypto exchange based in Singapore – has also mentioned that the present allocations for the respective tokens will not be manipulated and will keep on going as they are till the end of the current term. Funds related to any allocations of the above-mentioned tokens that deal with flexible terms will be delivered back to the crypto wallets of the owners by default on the 28th of June.
The Earn program counts as an application feature permitting the consumers to collect interest recompensed in the token staked by them instead of in the US dollar or some other fiat currency. This development is witnessed in the program nearly a couple of weeks following the disclosure by the business that it was setting free five percent of the workforce thereof owing to the downturn occurring within the market.
As the meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and the rest of them have established their dominance within the market (with having 40% gains) at a point when most of the stablecoin have been dropping in their value, a lot of interest has been taken by the investors in meme tokens. Despite the changing made in the reward rates, Crypto.com will not make any changes in the case of the majority of other crypto tokens such as Ethereum (ETH) and Bitcoin (BTC).
Crypto.com Receives a Huge Backlash
Shiba Inu, considered to be a network that is driven on the behalf of its community, holds one of the maximum loyal followings, and such is the case with Dogecoin. Notwithstanding their status as meme coins, the community has been believing in them to a great extent. That is why a series of Twitter posts commented on the scenario in terms of the steps taken by Crypto.com.
A Twitter consumer noted that it is not a noble act that the platform is getting continuously worse so far as the staking rates are concerned, by excluding Shiba Inu from the list. In the words of the user, the demand of the firm is higher purchase prices as compared with the market and the lower trading rate simultaneously which is horrifying. Some of the Twitter customers moved further to categorize Crypto.com as a scam exchange as – in their words – it is manipulating the staking gains.
Paxos USD (USDP), TUSD, TCAD, TAUD, and TGBP are included among the stablecoins (pegged to the USD, Canadian Dollar, Australian Dollar, and British Pound) the reward rates of which are being modified by Crypto.com. Nevertheless, the venue did not declare the exact time when it will remove the aforementioned meme tokens.