Both Canine themed meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) values tanked after Crypto.com ceased offering rewards on the two most popular memecoins.
Crypto.com is one of the top cryptocurrency exchange has removed Shiba Inu and Dogecoin and 13 more tokens from the purview of its earn program. The announcement was made by Crypto.com on Twitter. The tweet also added that FTM, ZIL and NEAR tokens have been included in the earn program.
The announcement led to an immediate tanking of DOGE and SHIB memecoins which are down 7% and 5% respectively.
Dogecoin And Shiba Inu Values Fall
DOGE which 24 hours earlier was trying to clear the resistance at $0.077 and even reach $0.0934 was hit by the news and it tanked by 7% to remain at $0.07209. However Elon Musk the maverick CEO of Tesla continued to have faith in the meme coin and revealed that he is still buying DOGE.
The same fate awaited SHIB which also tanked by 5% to fall to $0.00001095. Earlier it also showed an upward trend and was surging in values to surpass TRON and DAI to become the 12th largest cryptocurrency in the world by market cap. However, following the news their value tanked by 5% and it has fallen back to the previously held 14th place.
Crypto.com Ceases To Offer Rewards On Memecoins
Besides DOGE and SHIB, there are 13 other meme coins which has been axed and this includes XTZ, MKR, EOS, OMG, FLOW, KNC, ICX, COMP, BIFI, ONG, GAS, STRAX and BNT
Earn is a process under Crypto.com which designates the tokens to receive daily rewards. The Earn scheme is available for lot many popular tokens like BTC, ETH, USDT, USDC, etc. The rewards also vary and can go up to 14%.