Investors proved to have faith in meme coins like Shiba Inu [SHIB], Dogecoin [DOGE], and others even when the bears unleashed their dominance. Over the last couple of days, meme coins went on to amass gains of up to 40 percent. This further got the community speculating that investors had more faith in meme coins as opposed to altcoins during the bear market. However, prominent exchange Crypto.com seemed to lack this trust in not just meme coins but a few other assets as well.
Earlier this week, Crypto.com took to Twitter and revealed that it was dropping support for 15 cryptocurrencies from its Crypto Earn rewards program. This list entailed SHIB, DOGE, FLOW as well as XTZ, MKR, EOS, OMG, FLOW, KNC, ICX, COMP, BIFI, ONG, GAS, STRAX, and BNT.
In a recent blog post, Crypto.com affirmed that the current fixed-term allocations would persist until the term ends. However, from 28 June any allocations of Shiba Inu and other afore seen assets would be automatically returned to the users’ wallets.
In addition to this, the crypto exchange onboarded NEAR, Zilliqa [ZIL], and Fanton [FTM] to its list.
While the reward rates for most of the other cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] remained the same, SHIB and DOGE’s dismissal did not sit well.
Crypto.com garners immense backlash
Community-driven network, Shiba Inu has one of the most loyal followings. Dogecoin isn’t far away. Despite being meme coins, the community has put all their trust into these networks. Therefore, an array of tweets calling out how Crypto.com’s latest move surfaced.
One Twitter user wrote,
“What a shame, this company keeps getting worse on staking rates, removing shib Inu from it. They ask for higher buying prices than the market and sell at a lower rate as well. Horrible…”
Some even went on to label Crypto.com a “scam exchange” for meddling with the staking benefits mid-way through. These angry users wanted the exchange to be fined heavily for its move.
Furthermore, the reward rates for a few stablecoins were also modified. It caused further unrest as the community believed that they could get better /similar interests in a bank.
“Reduction of interest rates on stable coins again… no point holding them in your app. Get similar interest in a bank”