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

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

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

DOGE and SHIB suffer losses

Following the announcement, DOGE is down more than 7% to $0.07209. Yesterday DOGE looked poised to clear resistance at $0.077 and even reach $0.0934† It was also reconfirmed by Elon Musk, who revealed that he is still buying DOGE.

On the other hand, SHIB is also down more than 5% to $0.00001095. It also showed a significant uptrend for the news. SHIB had also outpaced TRON and DAI for the 12th largest cryptocurrency in the world by market capitalization. However, after the price drop, it has fallen back to the previously occupied 14th place.

Crypto.com Stops Offering Rewards on Memcoins

Besides DOGE and SHIB, Crypto.com has also removed 13 other tokens from its earning program. XTZ, MKR, EOS, OMG, FLOW, KNC, ICX, COMP, BIFI, ONG, GAS, STRAX, and BNT are the tokens that have been removed from Crypto.com’s Earn program.

Earn is Crypto.com’s scheme that users can allocate their tokens to to earn daily rewards. Earn supports many popular tokens such as BTC, ETH, USDT, USDC, etc. while the reward percentages go up to 14%.

Crypto.com assured that the existing fixed term allotments for the delisted token will remain until the end of the term. In addition, the funds from any flexible term allotments for those tokens will be returned to the user’s Crypto.com wallet.

It also announced the reward rates for the newly added tokens. The rate for FTM is 5% per annum and 6% for ZIL and NEAR. Crypto.com private users are also entitled to an additional 2% per year on fixed-term allocations.

Nidhish is a technology enthusiast whose goal is to find elegant technical solutions to solve some of society’s biggest problems. He is a big proponent of decentralization and wants to work on the mainstream adoption of Blockchain. He also likes almost all popular sports and likes to talk about a wide variety of topics.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.





This post Here’s Why the Prices of Dogecoin (DOGE), Shiba Inu (SHIB) Dropped

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