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The native coin of the PawSwap dex (PAW) that intends to run on Shibarium has begun trading on BitMart – a top 20 crypto exchange, according to the CoinMarketCap rating scale.
The price, however, is deeply in the red zone.
BitMart kicks off PAW trading, but price plummets
This BitMart listing is just another in a series of recent additions of the PAW token by various exchanges. They include other top 20 and 25 ones, like Gate.io, LBank, Biconomy, etc. On March 9, the SuperEx trading platform also announced the start of operations with PAW.
However, a few hours after listing, deposits and withdrawals of the meme token were halted. In a blog post, the exchange explained this with the maintenance of the PAW wallet.
Prior to the current crypto market fall, the PAW price responded to these listings with massive price surges that surpassed 50%, and sometimes the coin even pushed up by more than 150%.
$PAW Trading is now live on @BitMartExchange 🐾🐾 https://t.co/xIp9WfWeni
— SHIBARMY CANADA (@Dezaxe) March 10, 2023
At the time of this writing, the price of the PAW meme token is plunging around 16%, hitting a low of $0.00000004842.
PAW has been going down severely along with the rest of the crypto market, driven south by the 10% Bitcoin plunge. The leading digital currency has dropped below the $20,000 mark – a low last seen in January.
PawSwap preparing to test on Shibarum beta
Earlier this week, the Discord admin of PAW shared on Twitter that PawSwap developers cannot wait for the Shibarium Layer 2 blockchain to launch this week in order to begin integrating the test version of the multi-chain DEX on it.
PawSwap has already integrated the Ethereum chain and is now working to add Binance Smart Chain (BSC, aka BNB Chain). Once the DEX launches at the end of 2023 or the beginning of 2024, the community expects the PAW price to skyrocket.
At the start of the week, the official handle of PawSwap also hinted that next week, PAW burns will be launched. The PAW supply that was released initially totals one quadrillion, the same as popular meme coin Shiba Inu.
More than half of SHIB's total supply has been locked in dead wallets already, but it has not helped the price grow.
On the news of the soon-to-come release of the Shibarium beta, yesterday, the burn rate of Shiba Inu jumped by a whopping 27,000% as more than two billion meme tokens were destroyed within 24 hours. The SHIB army is looking forward to the Shibarium beta start this week.
This was a major outbreak of the burn rate. However, today, it is again in the red zone below zero.
Arman Shirinyan
Alex Dovbnya
