Shiba Inu’s PawSwap [PAW] is set to go live on the South Korean exchange Gate.io. The exchange also revealed airdropping PAW tokens worth $30,000 to celebrate the occasion.
Following the announcement, the token skyrocketed by a whopping 150%, according to CoinMarketCap. Right now, the meme token is ranked 6687 on this leading crypto reference platform.
Pawswap is inspired by the Shiba Inu and is slated to be the first multi-chain decentralized exchange [DEX] built on Shibarium, an upcoming Layer 2 blockchain, focused on increasing transaction speed and lowering costs to grow the Shiba Inu ecosystem.
The listing also comes after another token of the Shiba Inu trifecta BONE scored entry in the South Korean crypto firm as reported by TronWeekly.
BONE is to serve as the governance token for Shibarium and will be used as payment for transactions. The price of the token jumped by over 33% percent after the news of this listing.
Compared to that, PAW went up a lot much more. At the time of this writing, PAW is trading at $0.00000137 and is up by over 10% in the last 24 hours.
Initially launched on the ETH network, PAW recently expanded its footprint by deploying on both the BSC and Polygon networks.
PAW symbol for their token was introduced by the PawZone project, which is currently building an NFT marketplace for Shibarium.
That being said, news surrounding Shiba Inu’s upcoming scaling protocol has also impacted the meme ecosystem’s burn rate.
Here’s Why Shiba Inu’s Burn Rate Is Down
Despite the fact that fewer SHIB tokens are being burned each day this week, the burn rate of the Shiba Inu meme token continues to be high.
As of right now, the SHIB burn rate is almost 20% lower than it was in the early hours of 23 Feb.Yet, there are a number of potential reasons why the SHIB army may not now be able to burn more meme tokens.
They include the SHIB price oscillating with a noticeable amplitude and the community’s diversion from burn prevention due to news of the impending Shibarium launch.
Some members of the SHIB community are unsure if it will really happen this week or even if it will happen at all in the upcoming few months.
The release of the Shibarium beta this week was confirmed by the lead developer Shytoshi Kusama last weekend.