As a seasoned analyst with years of experience navigating the volatile and ever-evolving landscape of the cryptocurrency market, I find myself both intrigued and cautious about Binance’s recent decision to delist several tokens.
Binance, one of the top cryptocurrency exchanges, has revealed its intention to delete Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) from all trading pairs. This action is based on a regular evaluation process aimed at keeping listed assets of high quality and adaptable to the changing needs of the industry.
As a result of the announcement, prices for the impacted tokens have fallen by 25% to 40%. The platform assures continued dedication towards creating a safe and open trading space, adjusting to the ever-changing market and regulatory landscape.
Binance to Remove GFT, IRIS, KEY, OAX, and REN
On November 26th, Binance disclosed that it would no longer support several cryptocurrencies, such as Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN). This news led to a significant drop in the value of these digital coins, with prices plummeting by 25% to 40%, as investors hurriedly sold off their holdings, worried about potential additional losses.
The pairs including GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT will no longer be available for trading from the cutoff date that’s been set. Users have been alerted by one of the major cryptocurrency exchanges that any remaining orders will be terminated once trading concludes. After the delisting date, deposits for these tokens won’t be added to accounts, and withdrawals will stop after February 2025.
This action is in line with Binance’s regular asset assessment, where factors such as trading activity, project progress, and network reliability are scrutinized. This action signifies their dedication to upholding stringent listing criteria while staying agile in response to market fluctuations. Investors holding these tokens are advised to take action before the delisting cutoff date to prevent any disturbances within their investment portfolios.
Price Movements and Volume Trends Amid Delisting
In light of Binance’s delisting announcement, I’ve noticed a substantial dip in the prices of several cryptocurrencies. As of now, Gifto (GFT) is trading at $0.01212, representing a 32% drop over the past 24 hours. The price range for Gifto within this period has been quite volatile, with its lowest point being $0.01176 and the highest reaching $0.01814. Similarly, IRISnet (IRIS) has seen a significant decline, dropping to $0.01058 since the announcement, equating to a 36% plunge. The 24-hour low for IRISnet was at $0.009892, while its high stood at $0.01735.
In the last day, SelfKey (KEY) has declined by approximately 30%, currently trading at around $0.002651. Its trading range for the period was between $0.002565 and $0.004157. Similarly, OAX has dropped by 31% to $0.114, with its lowest point being $0.1096 and highest reaching $0.1692. Ren (REN) is currently valued at $0.03942, representing a decrease of 32%. Its 24-hour range was between $0.0352 and $0.05911. Notably, despite this recent drop, Ren has seen a 15% increase over the past month.
The decision by Binance to delist certain tokens sparked a wider market sell-off, leading investors to swiftly offload their holdings, resulting in substantial price declines for various cryptocurrencies.
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2024-11-26 15:12