As the bear market continues in the cryptocurrency space, Crypto.com announced on Monday that it has removed 15 cryptocurrencies from its Crypto Earn bounty program. Among these cryptocurrencies are meme coins such as SHIB and DOGE. Here are the details…
SHIB, DOGE removed from Crypto.com bounty program
Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW were among those removed, but Crypto.com added Zilliqa (ZIL), Fantom (FTM) and NEAR to the list. Crypto.com is also changing the reward rates for five different stablecoins. These include TGBP, TAUD, TCAD, TUSD and USDP (Paxos USD), which are digital assets pegged to British Pounds, Australian Dollars, Canadian Dollars and US Dollars. Reward rates for other cryptocurrencies such as Bitcoin, Ethereum, Polygon, Avalanche and Solana remained unchanged. The company did not say in its announcement why these particular tokens were removed. All of the removed coins are as follows:
- XTZ
- MKR
- SHIB
- DOGE
- EOS
- OMG
- FLOW
- KNC
- ICX
- COMP
- BIFI
- ONG
- GAS
- STRAX
- BNT
Crypto Earn changes effective 27 June 2022:
✅ $FTM, $ZIL and $NEAR are now available for Crypto Earn
✅ Select tokens no longer available
✅ Revised rewards rates for select stablecoins pic.twitter.com/cqkklGHZC3— Crypto.com (@cryptocom) June 27, 2022
Reaction to the news was mixed. Many users said on Twitter that it was “a shame” that the Shiba Inu and Dogecoin rewards were no longer an option. Others said that the interest rates on the currencies are very low and comparable to a traditional bank. One user commented, “Not worth locking any money!” used the expressions. The popular meme coin Dogecoin (DOGE) is up nearly 10 percent in the past day. DOGE is currently trading at $0.077 and is the tenth largest cryptocurrency, according to data from CoinMarketCap. SHIB is changing hands at $0.00001102, down 5.5 percent.
Users are disappointed
While many were disappointed with the news, others argued that Crypto.com is taking positive steps towards “long-term sustainability”. Crypto.com’s changes to Crypto Earn come just two weeks after the company announced it was laying off 5 percent of its staff due to a “market downturn”. Meanwhile, bear market narratives continue in the crypto space. According to the data, most Bitcoin traders continue to sell their BTC at a loss and at a loss.
