EverRise protests favoritism in exchanges, RISE token falls more than 35% in hours

Key Takeaways:

• EverRise added ‘Inu’ to its Twitter handle to protest supposed partiality from exchanges.
• The platform’s token fell 35.7% within a few hours on Thursday.

NEW DELHI (CoinChapter.com) — DeFi security solutions company EverRise token (RISE) believes centralized exchanges are guilty of showing favoritism to cryptocurrencies ending with the ‘Inu’ name.

In a Twitter post, EverRise’s team shared an announcement, stating the team has changed the name of its Twitter handle to EverRise Inu. Moreover, the platform has also updated its logo, adding a Shiba Inu dog to its existing logo.

The platform stated it has been building multi-chain security infrastructure for the past seven months. In addition, EverRise has also released five Decentralized Apps (dApps). However, the firm noted that centralized exchanges have been paying more attention to digital tokens ending with Inu in their name.

Meanwhile, the DeFi platform was quick to note that it harbored no resentment towards other “legitimate” utility tokens. Rather, the announcement attacks the symbolic ‘gate’ in the DeFi space that keeps projects like EverRise from growing further.

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EverRise also raised a call for other projects facing similar issues to join the protest by tweeting #LetUsIn.

RISE Token Prices Crumble

The RISE token, native crypto of EverRise, plotted a dramatic collapse on Feb 10. EverRise token prices reached a three-month high on Feb 10, reaching $0.001723. However, prices later pared, falling nearly 38% within three hours to reach $0.001107.

As a result, the RISE token reached a price level last seen before the Jan 21 crash.

EverRise token prices are in the green on the monthly charts, up 24.42% from Feb 1’s low of $0.000913. The bears’ profit booking might have halted the RISE token’s recent uptrend, leading to Thursday’s drastic fall.

However, the RISE token found bullish support near the day’s low, with bulls buying the dip to pare some of the day’s losses.

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EverRise Finds Support From Other Projects

The protest started by EverRise gained traction with other small-cap projects and crypto users. The firm’s social media volume was up 201.6% on a weekly basis, as per data from Lunarcrush, with social engagement up 129.3%

Several RISE token supporters added INU to their usernames on Twitter, while others praised the platform and the EverRise community for taking a stand.

POODL, a project with a BEP-20 token similar to EverRise’s RISE token, also tweeted in support of EverRise’s protest.

The social media furor led to #LetUsIn trending in cryptocurrencies, with more than 33,000 tweets at one time.

At the time of writing, RISE was trading at $0.001136, down 19.2% on the day.