The cryptocurrency market started the week in the red, with negative news triggering steep declines for certain altcoins. Leading Bitcoin exchange OKX announced the delisting of 5 altcoins, which led to sharp price drops for several tokens.
OKX Announces Delisting of 5 Altcoins
In a surprising move, OKX announced the removal of 6 spot trading pairs involving 5 different tokens. The pairs affected include REN/USDT, REN/USDC, JEWELRY/USDT, LEASH/USDT, ORB/USDT, and KINE/USDT. According to the exchange, this decision was made to maintain a healthy trading environment. OKX clarified that the delisting process was based on a routine performance review, user feedback, and compliance with the OKX Token Delisting/Hidden Guide.
OKX Sets Delisting Date for October 8, 2024
The delisting will take place on October 8, 2024, between 11:00 AM and 11:30 AM UTC. OKX advised users to cancel all open orders related to these pairs before the delisting takes effect. Otherwise, the system will automatically cancel remaining orders within 1-3 business days. Additionally, deposits for REN, JEWELRY, LEASH, ORB, and KINE were suspended on September 29, 2024.
Altcoin Prices Plummet After Delisting Announcement
As The Bit Journal has been tracking, the crypto market began the new week with significant losses. The delisting news further exacerbated the decline in some token prices. Doge Killer (LEASH), for example, saw its price drop from $357 to $262 in a matter of hours. Although LEASH attempted to recover slightly, it continued trading near these lower levels. At the time of writing, LEASH was down approximately 16% on the day, trading at $299. Meanwhile, its trading volume surged by 168%, likely indicating a wave of sell orders from traders.
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Another token that suffered a sharp decline was OrbCity (ORB), which dropped from $0.019 to $0.0128. ORB was trading at $0.01281, reflecting a 33.5% drop, with trading volume up by an astonishing 347%, likely due to heavy selling.
Similarly, Kine (KINE) experienced a significant drop, plunging from $0.1142 to $0.06413, representing a 46% loss.
Meanwhile, REN and JEWELRY saw losses of up to 6%, adding to the overall negative sentiment in the market.
The delisting decision by OKX has had a substantial impact on the affected tokens, leading to dramatic price declines and increased trading volumes. As Binance and other exchanges continue to make similar adjustments, the market is expected to experience further volatility.
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