What Is PawSwap (PAW) & Why Is It up 120% Today?

Vinod Dsouza
PawSwap PAW
Source: Medium.com / PawSwap

A new token is rising in popularity across social media platforms, garnering the attention of cryptocurrency investors. The new token on the block, PawSwap (PAW) hit the indices on Feb. 5, 2023, at a modest price of $0.000000005200 (eight ‘zeroes’). PAW deleted a ‘zero’ less than a month after its launch and is now looking to knock out another ‘zero’ in the indices. It is currently trading at $0.00000009541 (seven ‘zeroes’) and on the brink of deleting its next ‘zero’.

Also Read: Shiba Inu vs Dogecoin: SHIB Beats DOGE in 3 Different Categories in 2023

Source: CoinGecko.com

What is PawSwap (PAW)?

Source: Watcher Guru

PawSwap is a decentralized exchange that plans to build a DEX on Shiba Inu’s Shibarium layer-2 network whenever it releases. However, the lead developer of ShibaSwap, Shytoshi Kusama, distanced himself from PAW, saying that he and the SHIB team have nothing to do with PawSwap.

Nonetheless, PawSwap is a decentralized swap on its own with no connection to the SHIB team. They will only build their project on the Shibarium network when it is launched.

Also Read: Shiba Inu: How $3,000 Can Fetch You $2.5 Million if SHIB Hits $0.01

Why is PAW Up 120% Today?

Bitcoin nosedived 5% today, falling to $22,500 levels and dragging the entire cryptocurrency market down with it. Despite the crash, PAW chalked out its own path, rising 120% while leading cryptocurrencies bled.

PawSwap’s value is spiking for two apparent reasons currently. The reasons are:

  1. New Listings
  2. Binance teasing PAW on Twitter

Within less than a month of its launch, five cryptocurrency exchanges announced listing PawSwap on their platforms. The exchanges are BitKan, LBank, Bitget Gate.io, and XT.com, which opened PAW trading for their customers.

Also Read: Shiba Inu ‘Buying Pressure’ Rises: Climbs 95% In March 2023

In addition, PAW skyrocketed in price on Friday as Binance tweeted a picture of a dog wearing a hat. The caption read, “Added a Binance hat to his paw-tfolio”.

At press time, PAW was trading at $0.000000093013 and was up 120.2% in the 24-hour day trade. PawSwap reached an all-time high of $0.000000099219 today and is down only 3.04% from its ATH.