Significant developments are unfolding in the crypto market as multiple exchanges announce plans to delist certain altcoins. With assets being removed from major platforms, concerns over liquidity and accessibility are mounting. Here are the details of the recent delisting announcements.
Phemex and KyberSwap to Delist Multiple Altcoins
Effective October 30, 2024, Phemex will remove several trading pairs, including CCX/USDT, VOLT[1K]/USDT, GOMING/USDT, UNFI/USDT, and KP3R/USDT. For smaller projects like GOMING, this removal could impact liquidity and access, raising concerns for investors. KyberSwap also announced its decision to remove Cronos (CRO) and BitTorrent chains from its platform by October 27, 2024, affecting users’ ability to trade on these networks. These changes are seen as part of KyberSwap’s strategic adjustments, driven by factors like user demand, technical considerations, and security.
Coinbase to Delist Decentralized Social (DESO)
Advertisement Banner
On November 8, 2024, Coinbase will delist Decentralized Social (DESO), a platform aiming to revolutionize the social media landscape with a decentralized approach. This delisting will take effect at 2 PM (UTC). DESO allows users and content creators to store their data independently of big tech companies, supporting features like social tokens, DAOs, and NFTs for revenue generation. Launched in January 2019 by Nader Al-Naji, a Princeton graduate and former Google engineer, DESO is designed to offer a censorship-resistant environment for social media users.
The delisting announcement impacted DESO’s price, which dropped by 18% in 24 hours, from $6.29 to $3.62, according to CoinMarketCap. While delistings can occur due to various reasons, including low liquidity, trading volume, security, or regulatory issues, they highlight the risks for altcoins on major exchanges.
- https://twitter.com/Thebitjournal_
- https://www.linkedin.com/company/the-bit-journal/
- https://t.me/thebitjournal
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
