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TL;DR
- Binance’s recent delisting of several tokens led to sharp price drops, with some losing over 40% of their value.
- In contrast, the company’s support toward specific meme coins has fueled significant price rallies.
Heavy Bleeding
Binance regularly lists or delists certain cryptocurrencies based on numerous factors, such as current market trends, regulatory environment, and more. Removing tokens from the world’s biggest crypto exchange impacts their liquidity and credibility and could be followed by a massive price collapse.
Recent examples include the latest delisting spree. Earlier today (October 23), the company announced that the altcoins Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI) will no longer be available on the platform from November 6. Withdrawals involving these tokens will be supported until February 6, 2025.
Quote
"The exact trading pairs being removed are KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, USDT/IDRT. All trade orders will be automatically removed after trading ceases in each respective trading pair."
The token’s valuation will no longer be displayed in your wallet after delisting. To view your assets after trading ceases, please ensure you have not selected "Hide Small Balances" in all of your wallets, the firm explained.
Price Impacts
While IDRT experienced only a minor price decline following the disclosure, this was not the case with the other three assets. KP3R is down almost 40% on a 24-hour scale, OOKI plummeted by 44%, whereas UNFI collapsed by 41%.
The Opposite Effect
Another recent Binance announcement had a polar effect, resulting in a massive price rally for the affected cryptocurrency. The company launched 1000CATUSDT perpetual contracts on its futures program, and shortly after, the meme coin Simon’s Cat (CAT) saw its valuation skyrocket by 65%.
A month ago, Binance embraced three additional meme coins on its platform: Baby Doge Coin (BABYDOGE), Turbo (TURBO), and Neiro (NEIRO). Their prices also witnessed impressive pumps with NEIRO skyrocketing by a whopping 500% daily.
Meme Coin Support
It is essential to note that Binance listed the meme coins under its seed tags category, which includes "innovative projects that might have greater volatility and risks" compared to other assets. It advised users to thoroughly research before engaging with them.
FAQs
Q: Why does Binance delist certain cryptocurrencies?
A: Binance regularly lists or delists certain cryptocurrencies based on various factors, such as current market trends, regulatory environment, and more.
Q: What happens to the token’s valuation after delisting?
A: The token’s valuation will no longer be displayed in your wallet after delisting.
Q: Can I still withdraw my funds after delisting?
A: Yes, withdrawals involving the affected tokens will be supported until February 6, 2025.
Q: Are there any specific guidelines for engaging with meme coins?
A: Binance advises users to thoroughly research before engaging with meme coins listed under its seed tags category, which includes "innovative projects that might have greater volatility and risks" compared to other assets.
