Here’s Why Dogecoin (DOGE), Shiba Inu (SHIB) Prices Tumbled

Dogecoin (DOGE) and Shiba Inu (SHIB) fell on Tuesday after Crypto.com said it will stop offering rewards on the two most popular memecoins.

Crypto.com, a major cryptocurrency exchange, removed Shiba Inu and Dogecoin along with 13 other tokens from its earn program. In the announcement on Twitter, Crypto.com also revealed the addition of FTM, ZIL and NEAR tokens to the earn program.

Following the announcement, DOGE and SHIB are down 7% and 5% respectively. 

DOGE And SHIB Suffer Losses

Following the announcement, DOGE is down by more than 7% to reach $0.07209. Only yesterday, DOGE looked set to clear the resistance at $0.077 and even reach $0.0934. It also received reaffirmation by Elon Musk, who revealed that he is still buying DOGE.

On the other hand, SHIB is also down by more than 5% to fall to $0.00001095. It was also showing a substantial upward trend before the news. SHIB had also surpassed TRON and DAI to become the 12th largest cryptocurrency in the world by market cap. However, following the price fall, it has fallen back to the previously held 14th place.

Crypto.com to stop offering rewards on memcoins 

Outside of DOGE and SHIB, Crypto.com also removed 13 other tokens from its earn program. XTZ, MKR, EOS, OMG, FLOW, KNC, ICX, COMP, BIFI, ONG, GAS, STRAX and BNT are the tokens that were removed from Crypto.com’s Earn program.

Earn is Crypto.com’s scheme to which users can allocate their tokens to accrue daily rewards. Earn supports many popular tokens like BTC, ETH, USDT, USDC, etc. while the reward rates range up to 14%. 

Crypto.com assured that the existing fixed term allocations for the de-listed token will continue till the end of the term. Moreover, funds from any flexible term allocations for those tokens will be returned to the user’s Crypto.com wallet. 

It also announced the rewarding rates for the newly added tokens. The rate for FTM is 5% p.a. and 6% for ZIL and NEAR. Crypto.com’s private users are also entitled to an extra 2% p.a. on fixed-term allocations.

Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society’s biggest issues. He is a fim believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.