The token launched on ShibaSwap on March 26, attracting over 3,000 holders in less than a day.
PawZone, a project based on Shiba Inu’s Shibarium network, has officially launched its native token PawZone (PAW). However, following the launch, accusations of insider trading surfaced. JD, founder of PawZone and a Shiba Inu community member, recently dispelled these claims.
PawZone’s Token Launch
The PawZone team officially launched the token two days ago on ShibaSwap, Shiba Inu’s decentralized exchange. The launch came almost two weeks after the team behind the project announced plans for an impending “fair launch” on ShibaSwap.
$PAW is now available on ShibaSwap. Our journey has just begun ShibArmy.
Token Address: 0x1AA51bc7eb181ce48CE626Bf62f8956Fa9555136 pic.twitter.com/VWXdatkHKS
— PAW (@PawZoneToken) March 26, 2023
Shortly after the launch, the token saw a massive trade activity and renown surge. Notably, leading crypto price-tracking resource CoinMarketCap (CMC) listed the asset less than a day after its launch. The asset is currently on the watchlists of 458 CMC users.
We are excited to announce $PAW has been listed on Coin Market Cap! We are still working on changing the logo and text of the listing.
Link: https://t.co/npcIVWSqeO
— PAW (@PawZoneToken) March 27, 2023
The PawZone token also saw a rapid increase in unique holders, as its total holders soared above the 3,000 thresholds in less than 24 hours. The token now boasts 3,392 holders. Moreover, trade volume increased to $40 million as of March 27.
JD Addresses PawZone FUD
Amid the bullish turn of events, DeFi Kraken, a pseudonymous Shiba Inu community member, called attention to an alleged insider trading scheme carried out in tandem with the PawZone token launch.
Hey Crypto Army,
So it seems alot of stuff has been going on in the crypto space and I want to remind people that we shouldn't accuse others of inside trading without valid proof.
In other news, I would like to congratulate @PawZoneOfficial on their https://t.co/xToijVnILX…
— Defi_Kraken (@Defi_Kraken) March 27, 2023
He pointed out a transaction carried out by an unidentified wallet address involving a large volume of PawZone tokens. The address had procured 28.4 billion tokens minutes before the announcement. The disclosure triggered insider trade speculations, defeating the “fair launch” narrative.
Responding to the growing FUD, JD took to Twitter today to dispel the claims of insider trades. He said he had to mitigate the tokens and allocate them in smart contracts before the token launch to confuse trading bots. This underscores the magnitude of efforts he put in to reduce the chances of insider trading.
“There were no insider trades. I didn’t even tell my own admin that have stuck by my side through the years to be as fair as possible. I’ve been in this community longer than most and have been supporting it ever since. I didn’t work this hard on #PawZone to just make a quick profit off of a token,” he added.
In light of FUD I was recently made aware of I felt the need to clear the air.
In regards to the fair launch, I mitigated the tokens around before launch to confuse bots and placed the allocations in smart contracts. With the remaining 50% I placed into initial liquidity. It…
— JD’s Updates (@jds_updates) March 28, 2023
JD further disclosed that he still holds his PawZone bag and even amassed more tokens following the launch. In addition, he highlighted that 100% of the token’s liquidity is locked, with an unlock rate of 20% for the next 6 months and 80% for the next 2 years.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
