• Sun. Jun 23rd, 2024

Price of Seven Coins Drop After Binance Announced it’s Delisting

Maria Bartiromo

ByMaria Bartiromo

Jun 4, 2024

Binance has decided to delist seven altcoin trading pairs. Affected trading pairs are WAVES/ETH, WAVES/TRY, OMG/USDT, WAVES/USDT, WAVES/BTC, WNXM/USDT, and XEM/USDT. The choice was made amid severe price drops and worries about these assets’ sustainability and trading volume.

The Delisting is set to happen on June 17, 2024, and will automatically stop accepting orders by June 18. In recent months, there has been a notable weakening of the impacted trading pairs. Market analysts blame this on factors such as general market conditions, investor mistrust, and the inability to meet project goals.

The steep price drop has raised concerns regarding these cryptocurrencies’ prospects for the future. Binance has given customers a transition period to manage their funds, and some investors were shocked by the sudden announcement. The stability of major cryptocurrencies like Ethereum and Bitcoin suggests that the market is distinguishing between the health of individual projects and the cryptocurrency ecosystem as a whole.

Process for the Delisting Explained, Investors Moves to Withdraw Investment

Low trading volumes for the delisted pairs have been observed regularly, suggesting little interest and involvement from investors. Concerns regarding the delisted trading pairs’ long-term viability and compliance with Binance’s criteria were raised after it was reported that they still needed to meet several of these benchmarks.

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OMG dropped by 25.76%, XEM dropped by 28.73%, and WAVES by 27.06%. WNXM, in an unusual manner, rebounded rapidly from it’s original decline, only to fall again by a mere 3.27%. Coins like MobileCoin, pNetwork, and DREP had been previously delisted in March; their values halved a few hours after the announcement.

As at press time, MobileCoin trades at $0.095342, with a total trading volume of $64,633.47 in the last 24 hours on CoinMarketCap platform. DREP on the other hand currently ranks #1853 on CoinMarketCap, with a market capitalization of $1,049,052 as at today. 

Binance Lists Criteria for Delisting Non-Performing Digital Assets 

Binance underlined in a formal statement its dedication to upholding a safe and effective trading platform. The conversation restated that decisions to delist are reached only after extensive assessments and are meant to shield users from the dangers connected to poorly performing or non-compliant projects.

Upholding transparency, accomplishing developmental benchmarks, and actively interacting with their communities are critical for bitcoin initiatives. Binance has explained that they engage in periodic reviews of all the listed cryptocurrencies to confirm the superiority and sustainability of their values.

While announcing the delisting procedure, the company says that the process was done using specific criteria, which included the amount of dedication put in by the assets teams, the quality of the coin in terms of its development, compliance to anti-fraudulent activities, the trading activities, the stability of the network, the activeness of its community, the general impact on its blockchain, and it’s compliance to the new government regulatory requirements. 

Binance Advice Investors to Convert to Stablecoins After September 18 

Binance exchange says it will withdraw its support for the blocked coins in all of its other services like Binance Staking, Binance Savings, Binance Pay, Binance Convert, Binance Margin, Binance Earn, Binance Gift Cards, and Binance Futures.

According to the timetable for the delisting process, the WAVES/USDT pairs will go down on June 11, while XEM/USDT and OMG/USDT, considered “perpetual contracts,” will be excluded.  Investors are also advised to move to convert these coins to stablecoins of their choice on the Binance exchange.

Affected investors may also sell their assets in a peer-to-peer (P2P) arrangement. The company says it’s facilitating the conversion process after September 18 this year. The value of the affected coins dropped further a few minutes after the official announcement.

However, other new coins like Dogwifhat (WIF/USD)  and Axelar Network (AXL/USD) listed in late March peaked by over 25% after its announcement. Wrapped NXM was the only coin that reacted slightly after the announcement, dropping by 1.5% to trade at $81.20 hours after the news broke out. 

Crypto market is volatile. It is difficult to predict the price of a digital currency. However, with the help of brokers like Corporate Brokers Limited, you can stay updated with the trends of the cryptocurrency market.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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