Prices of OMG, WAVES, WNXM, and Xem dropped more than 20% because of Binance delisting
The crypto market is extremely harsh, while there are strong coins like NOT, which increased by 30% today, there are also many coins that plummet.
For example, OMG, WAVES, and Xem are all recording a decrease of more than 20% in a few hours because Binance announced delisting. On the "farewell" list on June 17 is also WNXM - wrapped token of Nexus Mutual (NXM).
According to information from the exchange, the reason for delisting is because these 4 names no longer meet Binance's standards. Therefore, the exchange will stop all related spot, margin and futures trading pairs.
The pairs OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, Xem/USDT will be canceled at 10:00 AM on June 17, 2024 (Vietnam time). ). Users should pay attention to this timeline to close open positions and withdraw assets.
The delisting on Binance, the largest exchange today, immediately affected the token price.
OMG fluctuates around 0.54 USD, down 23% in 24 hours.
WAVES is down 24%, currently trading at $1.80.
Xem is currently priced around 0.026 USD, down 26% compared to 1 day ago.
Among these, only WNXM has not decreased too much, just over 4%, currently priced at 80.8 USD.
The announcement from Binance caused a stir in the community, especially for users who have been participating in the market for a long time. WAVES, OmiseGo (OMG), NEM (XEM) are considered "last season's coins", having received a lot of attention and had "a glorious time".
But over time, these projects were unable to compete with newer, more "trendy" competitors, so they were left far behind. Most users choose to buy and sell "new" tokens rather than old tokens, leading to a sharp decrease in trading volume of "old" tokens.
Some analysts believe that the main reason why the exchange delisted these coins is because the trading volume is too low and does not meet the exchange's criteria.
