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BRC-20 token RATS launches boycott movement against Gate exchange—here’s why

TL;DR

  • The RATS community, representing the BRC-20 token, has initiated a boycott against the cryptocurrency exchange Gate, accusing it of fabricating trading volumes for RATS.
  • After listing on Gate, the trading volume of RATS spiked to over 800 billion within two hours, raising suspicions of artificial inflation leading to a significant but temporary increase in its price.

The BRC-20 token RATS launched a boycott movement initiated by its community. This action stems from serious accusations leveled against the prominent cryptocurrency exchange, Gate. The central claim by the RATS community revolves around alleged fake trading volumes on Gate’s platform. Observations indicate that within a two-hour period (from 21:00 to 23:00 UTC+8)  on December 4, the trading volume for RATS on Gate astonishingly exceeded 880 billion. This figure is particularly startling given that the total RATS tokens in circulation amount to 1 trillion.

Surge and subsequent decline in RATS’ value

The spotlight intensified on RATS following its listing on Gate in mid-November this year. After its introduction on the exchange, RATS witnessed a dramatic surge in its trading volume. However, this sudden spike in volume attracted widespread attention and skepticism, leading to allegations of artificial inflation of trading figures by Gate. The RATS community has taken to X (formerly known as Twitter) to voice their concerns and initiate a boycott against the exchange.

The price trajectory of RATS post-listing is notable. Prior to its listing, RATS was valued at $0.000051, but it soared to $0.000087 post-listing, marking a 70% increase. However, amidst these allegations and the ensuing market reactions, the price has recently dipped by 17.34%, with RATS trading at $0.00006491 at the time of writing. 

About RATS token

It is important to know that RATS is an animal-themed token built on the Bitcoin (BTC) Blockchain using the BRC-20 protocol. The token shares its name with one of the most populous mammal species on the planet. The token’s journey and recent events highlight the volatile and sensitive nature of the cryptocurrency markets, where perceptions of legitimacy and trust play crucial roles in determining market behavior.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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