Gate.io, one of the leading cryptocurrency exchanges, will add support for PawSwap (PAW), one of the most important coins of the Shiba Inu ecosystem. announced.
To celebrate this development, the exchange has also planned an airdrop of $30,000 worth of PAW. This support caused the meme coin price to skyrocket. While PAW was trading at $0.00000003621, it suddenly went up to $0.000000009848 and experienced an increase of 171%. This price increase enabled the transaction volume to increase by 1323%.
Transaction volume refers to the total volume of coins exchanged between buyers and sellers. Volume is often a double-edged sword as it indicates both buy and sell side trades. However, the rise in the meme coin price could be proof that there is a preponderance of purchases.
PawSwap is known as the first multi-chain decentralized exchange (DEX) to be built on the Shibarium Layer 2 solution.
In addition, as we reported yesterday, South Korean crypto exchange Gate.io announced that it has added support for the meme coin Bone ShibaSwap (BONE) in the Shiba Inu ecosystem. BONE has been listed by many exchanges recently, which causes the price to increase. This meme coin will be used as payment for transactions on Shibarium. Some of the transaction fees will be converted into Shiba Inu and burned by the developer team. The community expects this to increase the amount of burns tremendously.
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BONE’s price increased by over 33 percent on the news of the Gate.io listing. PAW has grown much more than that. At the time of this writing, PAW is trading at $0.00000000931.
You can follow the current price action here.