In a move that may significantly impact the cryptocurrency market landscape, Binance, the world’s largest cryptocurrency exchange, has announced the delisting of spot trading pairs for seven cryptocurrencies. Effective from June 28 at 03:00 UTC, traders will no longer be able to perform spot transactions in Shiba Inu (SHIB), Chainlink (LINK), Blur, Memecoin (MEME), Metis, NFPrompt (NFP), and Osmosis (OSMO). This decision comes as part of Binance’s regular review of digital assets to ensure they meet the platform’s high standards for performance.
The recent announcement has led to conversations on potential price movements for the impacted cryptocurrencies. History has shown that delisting notices from a major player like Binance can prompt immediate reactions in crypto pricing. This stems from Binance commanding a 48% share of the global cryptocurrency market, a significant indicator of its influence on digital asset valuation.
Specific reasons cited by Binance for the delisting include declining trading volumes and issues with TUSD stablecoin support, particularly for Shiba Inu and Chainlink trading pairs. Furthermore, Binance aims to protect its users and maintain a quality trading experience by removing trading pairs that display poor liquidity and trading volume.
As a result of the announcement, the Shiba Inu price saw an initial 3% hike, before pulling back. Shiba Inu is now trading at the current price of $0.00001755, with a daily fluctuation ranging between a low of $0.0000171 and a high of $0.00001818. Chainlink, on the other hand, experienced a 1% rise in price, with its current trading price hovering near $14.10. Notably, there was a 46% drop in its trading volume over the last 24 hours.
Memecoin, another affected cryptocurrency, currently stands at a value of $0.01997, witnessing a 1.43% increment in the last 24 hours, yet suffers from a slump in its trading volume during the same time frame. Binance has also decided to cease Spot Trading Bots services for these specified spot trading pairs immediately after their delisting.
This delisting action is inevitably raising concerns among investors and traders over potential price dips as liquidity and support for these assets may decrease. Market participants will likely keep a watchful eye on the affected cryptocurrencies to monitor how they will adapt to these changes and whether this will reflect broader market trends.
Traders holding spot positions in any of the mentioned cryptocurrencies on Binance will need to consider their strategies and may need to adjust their portfolios accordingly before the given deadline. The crypto community awaits further updates as the situation develops.
