On Monday, Crypto.com banned 15 alternative currencies from its Crypto Earn program, including the infamous Dogecoin (DOGE) and Shiba Inu (SHIB).
An update to the Crypto.com Earn program
Cryptocurrency exchange Crypto.com said that it was withdrawing memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) from its Crypto Earn program in the midst of a bear market. 13 additional tokens, including Tezos and FLOW, are also being removed from the program in addition to memecoins.
Crypto.com did not, however, provide any information as to why these coins were taken off the Crypto Earn list. Significantly, Crypto.com noted in the same report that it has expanded the list of gains to include currencies like Fantom (FTM), Zilliqa (ZIL), and NEAR. Additionally, the corporation adjusted the interest rates for 5 stablecoins.
The company is providing up to 10 percent on stablecoins and up to 14.5 percent on cryptocurrency deposits through the Crypto Earn program. More than 40 tokens are supported by the Earn program.
- “ The existing fixed-term allocations for these tokens will remain unchanged and will continue until the end of the term. Funds from any active flexible term allocation for the tokens listed above will be automatically returned to users’ Crypto Wallet by June 28, 2022, 10:00 UTC ,” Crypto.com said in its statement.
Various reactions from the community
We are all aware of memecoins like Dogecoin’s appeal among cryptocurrency investors, which has even led to the organization of events like The Million Doge Disco Party.
Even though many memecoin investors claim that crypto.com has betrayed them, many Internet users on Twitter remind us that the company must consider the long term and would rather have projects working on Web 3.0 accepted into the Earn program than focus on memecoins, whose volatility is largely caused by Elon Musk’s tweets.
