Hundreds of Trillions of PawSwap (PAW) Staked in Less Than 24 Hours – Will It Impact Price?
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As the mainnet for PAW staking has gone live, nearly 200 trillion PAW meme tokens have been added to it in less than 24 hours.
The official Twitter handle of Paw Chain has announced the launch of the mainnet for staking, rolling out the first major product of the PAW ecosystem. Within the next few days, per the tweet, the team will share with the PAW army a report on the audit status. However, CertiK has already said that the PAW code "meets their standards" and now, therefore, the company is busy making the final audit score.
The PAW Staking Mainnet is Live!
— PAWChain (@PawChain) April 30, 2023
We are happy to report our staking platform, which is our first major PAW Ecosystem product delivery, has been deployed.
You can visit https://t.co/VVNxUpRThp to get started and get staking!
In the next few days, the PAW team will provide the… pic.twitter.com/LjsGxfiC7w
190 trillion PAW staked for 13 weeks, price remains down
The pseudonymous admin of the PAW Discord channel, Ryboshi Nakamura, tweeted that after the staking mainnet was launched, 190 trillion PAW tokens in total were staked in less than 24 hours, for 13 weeks.
He commented that this is an enormous amount against the total supply of PAW and wondered if that may have any significant impact on the PAW price. "What's to come is really exciting," he added.
190 trillion $Paw tokens have been staked for 13 weeks in under 24 hours. That's a huge amount against total supply. I wonder what will this do to price 🤔
— Ryboshi Nakamura (@RyboshiNakamura) May 1, 2023
This is just the beginning of the #Crypto revolution.
What's to come is really exciting 👀https://t.co/TOzE79Ujw9 pic.twitter.com/YlWJ3PsMIU
PAW-focused Twitter account @Dezaxe has tweeted that should anyone have difficulty staking PAW from their MetaMask or Coinbase wallets from their smartphones, they should use the web browser that is integrated in their wallets.
Yuri MolchanPAW price down in red
So far, the native token of the multi-chain PawSwap DEX is changing hands at $0.00000002873, according to data shared by CoinMarketCap. That is a nearly 12% drop within the last 24 hours, per the same source.
Since Wednesday last week, PAW has seen a tremendous plunge, falling more than 45% by now — from the $0.0000000546781 level.
As reported by U.Today a week ago, the PAW team spread the word about a coming listing on the major Coinstore exchange. That did not affect the price of the coin either.
Prior to that, the team had been negotiating seven listings overall, with three large centralized exchanges (CEXes) and four smaller platforms.
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U.Today Editorial Team