As a seasoned crypto investor with a portfolio that has seen its fair share of ups and downs, I find myself once again navigating the tumultuous waters of delistings on Binance. The recent announcement of the delisting of five tokens has sent shockwaves through the community, triggering a sell-off that left even the most resilient investors reeling.
By December, the digital currency trading platform Binance plans to remove five cryptocurrencies from its listings due to non-compliance with industry regulations and norms.
Based on an announcement made on November 26th, Binance plans to stop trading for Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX) and Ren (REN) by December 10th. All related arbitrage strategies, loans, and futures positions will be closed on December 3rd. Additionally, isolated and cross-margin borrowings will be suspended starting from November 27th.
The news caused a large-scale selling spree, causing the tokens to nosedive by around 40%, bringing their prices down almost to pennies when this was written.
In terms of cryptocurrency trading, Binance ranks as the biggest exchange based on daily trading activity, as reported by CoinGecko. As of November 26th, it offers 386 different tokens and 1,275 various trading pairs for users to trade, with a total trading volume of approximately $44 billion on that day – an increase of almost 20% compared to the 24 hours preceding it.
As an analyst, I’d rephrase that statement as follows: Among the de-listed tokens, you’ll find projects aimed at various blockchain applications. These range from platforms facilitating blockchain-based gifting, to decentralized trading exchanges, and services ensuring seamless interoperability within the Decentralized Finance (DeFi) ecosystem.
As a researcher, I’ve noticed a significant decrease in the trading volumes for tokens like REN and OAX over the recent months. According to data sourced from CoinMarketCap, the trading activity of REN dropped dramatically from approximately $34 million in March to nearly $6 million by early November. Similarly, the trading volume for OAX plummeted from a high of around $101 million in March down to just $468,000 by October.
A small amount of trades being conducted can frequently serve as a warning sign for both projects and investors, since it suggests insufficient liquidity and low levels of acceptance.
As an analyst, I’ve observed a sentiment within the Gifto community on Telegram, where some members have expressed dissatisfaction towards the development team for lack of updates about the project on social media platforms. One member voiced their frustration by stating, “I’ve lost quite a bit in this project and had to walk away because the developers haven’t shared any information related to this issue on their social media channels.
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2024-11-26 19:59