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Volume Counterfeiting Allegations Rock RATS Token on Gate Exchange
The market has recently been rocked by controversy surrounding the BRC-20 token known as RATS and its association with prominent cryptocurrency exchange, Gate.
The RATS community, which supports this particular token, has triggered a significant movement: a boycott targeting the Exchange Gate.
Their protest is based on serious allegations of fabricated trading volumes, casting doubt on the integrity of the exchange.
有人指称芝麻交易所gate_io使用虚假数据进行砸盘，引发了 #rats 社区的不满。下图为芝麻交易所假数据砸盘的证据，大家团结起来，行动起来，维护市场的公平和透明。提走你存在芝麻交易所的所有币！ pic.twitter.com/hPoDJseGsk
— RATS (@BTC_Rats) December 4, 2023
This dispute came to light following the dramatic increase in trading volume immediately following its listing on Gate in mid-November.
However, suspicions were raised as this increase seemed disproportionately high, leading to accusations of artificial inflation of trading figures by Gate.
The situation escalated when, on December 4, in a span of just two hours, RATS trading volume on Gate skyrocketed to a staggering 880 billion, a shocking figure considering that the total RATS tokens in circulation amount to just 1 billion.
The repercussions of these accusations have been tangible in the trajectory of RATS value
Initially valued at $0.000051, the token skyrocketed to $0.000087 after its listing, marking an eye-catching 70% increase. However, following the accusations and subsequent market reactions, the value of the coin fell by 17.34%, currently trading at $0.00006491.
It is crucial to understand that RATS is an animal-themed token that operates on the Bitcoin blockchain via the BRC-20 protocol.
The seriousness of the situation is underlined by the RATS community’s initiative to boycott Exchange Gate, pointing out their deep concerns regarding the alleged falsification of trading volumes.
Such accusations impact trust within the cryptocurrency ecosystem, potentially affecting investor confidence in the Exchange Gate.
As this controversy unfolds, uncertainty hangs over the value of thetoken and the reputation of the Exchange Gate.
Investors are advised to proceed with caution, closely monitoring developments in this evolving situation before making any significant decisions regarding RATS or the Exchange Gate.