Crypto.com removes Dogecoin, Shiba Inu tokens from Crypto Earn Program

Key Takeaways

  • As part of revamping the earn program, Crypto.com added Zilliqa (ZIL), Fantom (FTM), and NEAR to the list.
  • XTZ, MKR, EOS, OMG, FLOW, KNC, ICX, COMP, BIFI, ONG, GAS, STRAX, BNT are the other tokens removed from the program.
  • It is rumored that the current bear market may have triggered Crypto.com to change its Earn program.

Leading cryptocurrency Crypto.com announced new changes in its staking rewards program Crypto Earn. The exchange removed Dogecoin, Shiba Inu and thirteen other tokens from its Earn program.  

As part of revamping the program, Crypto.com also added Zilliqa (ZIL), Fantom (FTM), and NEAR to the list. The exchange is further modifying the reward rates for five different stablecoins: TGBP, TAUD, TCAD, TUSD, and USDP. XTZ, MKR, EOS, OMG, FLOW, KNC, ICX, COMP, BIFI, ONG, GAS, STRAX, BNT are the other tokens removed from the program. The latest changes are effective from 27 June 2022, 10:00 UTC. According to the official announcement, Crypto.com’s users can now enjoy rewards rates of up to 5% p.a. for FTM and 6% p.a. for ZIL and NEAR. 

The company, however did not reveal the reason for the removal of these particular tokens in its official announcement. Despite this, many users believe the current bear market may have triggered the firm to take this decision.” Platforms are acting in their best interests because the market is in a bear market”, one tweet under crypto.com official announcement reads.

Cronos (CRO), the utility token of the Crypto.org chain, plummeted in the wake of the firm’s update announcement on Earn. Removal of Dogecoin and Shiba Inu out of the program and revised rates have caused CRO to plummet. According to a Crypto analyst at HueFin, the ecurrent dip is the beginning of the bottom for CRO.

There are no indications of a rally in the three-month chart and the analyst argues that CRO price could plummet lower. The current crash of CRO is echoing the May dip when the exchange announced changes in its Rewards decision. In the wake of Crypto. com’s May announcement to reduce rewards on the usage of its Visa-enabled cards based on the tiers offered, CRO prices fell 11%.

Dogecoin and Shiba Inu were popularised by the Tesla CEO Elon Musk through his tweets. Both the Memecoins outperformed the broader market, with SHIB posting returns of over 40% and Dogecoin’s DOGE tokens climbing over 30% in the last seven days. The tokens however, fell in the past 24 hours on profit-taking. SHIB lost 6% and DOGE fell 7.4%.

Speculations are surging regarding why Crypto.com decided to remove popular tokens like Doge and Shiba Inu. Surely, the current market volatility has affected the exchange negatively, as is evident from Crypto.com’s recent decision to lay off around 5 percent of its workforce.

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Saniya Raahath

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