PAW Discord admin Ryboshi Nakamura has noticed a massive growth of 40% demonstrated by the PAW token (native on the PawSwap dex and Paw Chain) over the past seven days. PawSwap decentralized exchange is expected to launch in late 2023-early 2014 with several changes integrated on it, including BNB Chain, Shibarium and Ethereum.
PAW price surges on weekly basis
PAW is changing hands at $0.00000001976, according to CoinMarketCap, with a weekly rise of around 33% at the time of this writing.
Nakamura believes this large price growth is mainly due to the staking mechanism of PAW tokens launched at the end of April. Back then, on May 1, more than 200 trillion PAW were locked in the staking contract within merely 24 hours. They were staked for 13 weeks.
Now, according to Nakamura's tweet, about 20% of the whole PAW supply has been staked. Staking puts coins temporarily out of circulation, increasing their scarcity.
Nakamura tweeted "to the moooon" as he, apparently, expects the price to rise even higher in the near future.
PAW devs working on Pawallet
As reported by U.Today earlier, the Paw Chain development team began working on a Layer 2 wallet called Pawallet. Per their statement, the wallet will allow users to hold, buy and sell crypto, as well as interact peer-to-peer off-chain.
There is also a wide range of features that will be launched on the wallet, but the team did not disclose any details about that.
The announcement about building Pawallet was made right after the team of SHIB meme coin spread the word about beginning to work on its own customized cold wallet in cooperation with wallet producer Tangem.