The BRC-20 token RATS has initiated a boycott against the Gate exchange, triggered by allegations of market manipulation. This action comes after an unexpected spike in the token’s trading volume on December 4, reaching an astonishing 880 billion within two hours. This surge is particularly concerning given that the total supply of RATS tokens is 1 trillion.
The market dynamics for RATS have been volatile since its mid-November listing on Gate. Initially priced at $0.000051, the token’s value soared to $0.000087, marking a 70% increase. However, amidst the emerging allegations and market response, RATS’ value has recently decreased by 17.34%, settling at $0.00006491.
Community’s Stand for Market Integrity
The core of the RATS community’s discontent lies in the suspicion of artificially inflated trading figures by Gate. They have presented evidence pointing towards potential fake trading data manipulation by the exchange. The community has taken a stand on social media, particularly on X (formerly known as Twitter), urging members to withdraw their assets from Gate as a protest against these practices.
This development underscores the cryptocurrency community’s demand for transparency and fairness in exchange operations. It reflects the growing scrutiny and expectations for ethical practices within the digital currency market. As the situation unfolds, the broader impact on the cryptocurrency sector and its perception by the mainstream remains to be seen.
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