Known for its animal-themed concept and based on BRC-20, altcoin RATS has attracted attention in the cryptocurrency markets as its community launched a boycott against the famous exchange Gate. The controversy stems from accusations of fabricated trading volumes on Gate’s platform. In other words, the RATS community, which represents the BRC-20 token, launched a boycott against the cryptocurrency exchange Gate, which it accused of fabricating transaction volume for RATS. After being listed on Gate, RATS’s transaction volume increased to over 800 billion within two hours. Thus raising suspicions of artificial inflation leading to a significant but temporary increase in price. Here’s a closer look at the resulting situation…
Altcoin community stood up
Fueled by concerns about the integrity of transaction volumes, the RATS community took action by launching a boycott against Gate. The main allegation revolves around suspicions of artificial inflation as RATS transaction volume on Gate rose to a staggering 880 billion in a two-hour period. This figure raises eyebrows, especially considering the total RATS tokens in circulation are 1 trillion. The movement gained momentum on social media platforms. The community used X (formerly known as Twitter) to voice their concerns and rally support for the boycott.
According to some, allegations of fraudulent trading volumes have tarnished Gate’s reputation. Comments from the community on X have prompted some users to reconsider their participation in the exchange. However, it is worth noting that these developments are only allegations. Controversy surrounding RATS intensified after it was listed on Gate in mid-November. The token experienced a rapid increase in trading volume and attracted the attention of the crypto community. However, skepticism quickly emerged, leading to claims that trade figures were artificially inflated.
Increases and decreases in RATS value drew attention
Before listing, RATS was valued at $0.000051. After the listing, it rose to $0.000087, a significant increase of 70 percent. However, amid the allegations and market reaction, the price has recently experienced a decline of 17.34 percent. As of the last update, RATS is trading at $0.00006491. RATS is an animal-themed token that runs on the Bitcoin (BTC) Blockchain and uses the BRC-20 protocol. The token, named after mice, exemplifies the variable and sensitive nature of cryptocurrency markets.
Moreover, recent events underscore the importance of trust in market behavior. As the boycott gains momentum, the cryptocurrency community is closely watching how Gate responds to the allegations. Discussions regarding RATS and Gate Exchange highlight the importance of robust mechanisms for the accuracy of volumes. As the situation progresses, the crypto community awaits potential ripple effects on the value of RATS and broader market sentiment.
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