Coinbase To Delist This a16z-Backed Crypto Token, Price Crashes

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous ups and downs, twists and turns that characterize this ever-evolving landscape. The recent announcement by Coinbase to delist Decentralized Social’s DESO token has sent ripples across the crypto community, reminding us once again of the unpredictable nature of this industry.

Coinbase, a popular cryptocurrency exchange, has revealed intentions to remove Decentralized Social’s token, DESO. This move is causing ripples throughout the crypto world. The announcement has resulted in a 20% decrease in the price of DESO over the last 24 hours as traders swiftly reacted to this news.

Remarkably, I managed to secure over $200 million in funding for our project from esteemed investors like Andreessen Horowitz (a16z), Pantera Capital, Coinbase Ventures, and Sequoia.

Coinbase To Cease DESO Token Trading

Starting November 8, Coinbase is halting trades for the DESO token due to its delisting. From this date onward, users will no longer be capable of conducting trades involving the DESO token.

Moreover, the platform has shifted its DESO trading orders to a ‘limit-only’ system. This means that traders can now only submit limit orders, which can be both placed and withdrawn. These orders will match when their conditions are met.

The exchange frequently checks its listed assets to make sure they adhere to our listing requirements. As a result of recent assessments, the exchange has decided to temporarily halt trading for Decentralized Social.

This choice has ignited dismay within the community of DESO investors, viewing it as a potential hindrance to the project’s decentralized social media vision for the future. Now, these investors are keeping a keen eye on the developments concerning the DESO coin.

In response to the recent announcement, DeSo Protocol founder Nader Al-Naji expressed his disappointment within the community as the token faces legal hurdles. He drew a parallel with Ripple’s XRP token, noting that it was delisted and then reinstated following a court ruling. Additionally, Al-Naji has promised to work towards listing DeSo on Coinbase once again.

It’s unfortunate that Coinbase has taken this action, but it’s not entirely unexpected given the situation. When a digital token encounters legal complications, an exchange like Coinbase, which prioritizes compliance, often finds itself in a position where it must respond accordingly (much like what transpired with Ripple, leading to…).

— nader.deso (@nadertheory) October 25, 2024

 

Token Price Falls 20% On Delisting Announcement

After Coinbase’s announcement and the plunge of the wider cryptocurrency market, the DESO token decreased by 20%, now being traded at $4.81. The lowest and highest points in a single day are $3.62 and $6.29 respectively. Furthermore, the DESO price has dropped more than 30% over the past month, representing an impressive 86% decline since the start of the year.

The trading volume of DESO coin increased by 555% as investors moved to sell the crypto token. while its market cap currently stands at $43.8 million. DESO is currently facing significant price fluctuations and declining investor interest.

Starting from the end of December, Coinbase plans to remove all stablecoins that don’t comply with the upcoming MiCA regulations from its European platforms. This decision is a reaction to the European Union’s impending enforcement of the Markets in Crypto-Assets (MiCA) rules. These regulations aim to strengthen supervision over crypto assets within the European Economic Area, ultimately providing better protection for consumers.

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2024-10-26 16:30