Main navigation

Shibarium-Loving PAW Spikes 44% as News of Upcoming PawSwap Burns Announced

Mon, 03/06/2023 - 12:41
article image
Yuri Molchan
PawSwap announced release of PAWBURNS coming soon
Shibarium-Loving PAW Spikes 44% as News of Upcoming PawSwap Burns Announced
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents

According to a recent tweet of the multi-chain DEX that intends to be built on Shibarium, soon PawSwap burns are going to be launched.

At the same time, the price of PAW meme token has surged by almost 44%. At the time of this writing, it is changing hands at $0.00000009616, according to data provided by CoinMarketCap crypto website.

Over the past few weeks, PAW has been listed on eight crypto exchanges, including some platforms on the top 25 list, such as Gate.io, LBank, Canadian exchange Biconomy and so on.

PAWCMCjumps00q34gr
Image via CoinMarketCap

PawSwap burns coming

The official account of the PawSwap decentralized crypto exchange (@PawShibarium) has made an announcement that it plans to start burning its native PAW tokens and told the SHIB community to "expect amazing things coming next week." The post shared in the tweet features a Shiba Inu dog with its backside on fire, saying "PAWBURN launching soon."

Burning means transferring tokens to dead-end wallets, from which they cannot be withdrawn or spent in any other manner. For this reason, these addresses are also known as "unspendable."

This allows the community of a token to greatly diminish the circulating supply of it and make this token a more scarce asset. In theory, then, tons of tokens get locked in unspendable wallets, and the price may go high. The overall supply of PAW constitutes one quadrillion tokens, per CoinMarketCap.

This is what the communities of many meme coins are targeting — the Shiba Inu army makes regular token burns, and so does the community of BabyDoge and other small-cap meme tokens.

@PawShibarium has also tweeted to warn its community that the Twitter account that has the elements "paw" and "burns" in its title — @pawburns — and as "many" as 575 followers is in no way associated with the PawSwap DEX.

Related
Lead SHIB Dev Will No Longer Follow Shibarium Projects, But Here's Good News

Shytoshi Kusama names official Shibarium DEX

As reported by U.Today on Saturday, the lead developer of Shiba Inu, the pseudonymous Shytoshi Kusama, stated in his Telegram chat dedicated to Shibarium that the only official DEX of the Layer 2 solution for Shiba Inu would be no other platform but ShibaSwap.

"Just in case it was not clear," he added to the statement.

At the same time, prominent SHIB-enthusiast "SHIBARMY CANADA" stated that PawSwap and its PAW token is absolutely no threat to Shiba Inu and is not a rival to it, as some may fear.

He mentioned that several pro-SHIB Telegram moderators had kicked off a real campaign of "hatred and lies" against PAW.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.