- PawChain is building a new cryptocurrency wallet called PAWallet, a Layer 2 wallet with advanced features.
- PAWallet will enable users to safely store their assets and interact peer-to-peer off-chain.
- The wallet is being built with a focus on simplicity, robustness, and security.
PawChain recently announced on Twitter that the team is working on creating a native Layer 2 wallet, codenamed PAWallet. This wallet will allow users to securely store their crypto assets and also interact peer-to-peer off-chain with holders of PAW (the native token of PawChain and PawSwap DEX). Moreover, the team is developing an extensive range of features for the wallet.
The latest move by PawChain comes after the announcement of SHIB’s team’s plans to build a customized cold storage wallet for their ecosystem. In addition, PawChain recently launched an aggregator which enables users to make swaps across existing pools of liquidity. Each transaction made through the aggregator will result in PAW tokens being burned via transaction fees.
As per Coinmarketcap, PAW’s price has plunged by over 9% after a brief surge of 8%. Nevertheless, PawChain and its ecosystem continue to grow. As such, the team is confident that their Layer 2 wallet will bring more value to PAW and its holders.
PAW/USDT Technical Analysis: Bearish Reversal In Place
PAW/USDT surged to a weekly high of $0.0000003903 following the announcement of the new Layer 2 wallet. Since then, the pair has reversed sharply lower and is now trading below the 20-day exponential moving average (EMA).
Moving forward, traders should watch out for a break below the 50-day simple moving average (SMA) at $0.00000002744. Below this level, PAW could drop to the next major support of $0.0000000200. On the upside, if the pair bounces off this level and rises back above the 20-day EMA, it could move back into an uptrend.
In summary, PawChain is set to launch PAWallet, a Layer 2 wallet that will provide users with secure asset storage and off-chain interaction. This announcement comes shortly after the team’s success in launching an aggregator and expanding its ecosystem. PAW/USDT remains bearish in the short term, with a possible break below the 50-day SMA likely to open up further losses. The team’s plan to create a Layer 2 wallet could be good for the value of PAW coins in the future.
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