Altcoin
Why Binance Will Delist These 4 Altcoins?
Binance, one of the world’s largest crypto exchanges, has declared the delisting of four altcoin’s spot trading pairs.
This action, set to take effect on November 6 at 03:00 UTC, reflects Binance’s attempts to enhance market quality.
What Token Holders on Binance Need To Do?
Binance periodically evaluates the performance of its listed trading pairs to ensure they progressively meet a high level of standard and industry requirements. Based on this, it removes or delists those that fall below the bar. The exchange claims these measures protect users and uphold a high-quality trading environment amidst a changing market.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
Against this backdrop, the exchange will delist trading pairs for Rupiah Token (IDTR), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). Specifically:
- USDT/IDRT
- KP3R/USDT
- OOKI/USDT
- UNFI/TRY, UNFI USDT, and UNFI/BTC
Noteworthy, Binance will remove all trade orders after trading ceases in each respective trading pair. This means that token holders would no longer be able to view the valuation of these tokens in their wallet after delisting.
Amidst these Binance delistings, the exchange has given a window for token holders, noting that deposits after November 7, 2024, at 03:00 (UTC) will not be credited to users’ accounts. Furthermore, withdrawals of these tokens from Binance will not be supported after February 6, 2025, at 03:00 (UTC).
Binance might convert the delisted tokens into stablecoins on February 7, 2025, at 03:00 UTC. While this is subject to confirmation, the exchange committed to a separate notification before the conversion.
“A separate notification will be made before the conversion where applicable, and the stablecoins will be credited to users’ Binance accounts after the conversion,” the crypto exchange explained.
This means users with an interest in these pairs should revise their trading strategies accordingly. Importantly, the exchange will also eliminate KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/USDT cross, and isolated margin pairs from Margin. Binance advises traders to either cancel or update their automated trades to avoid potential financial losses.
In the immediate aftermath of this round of delisting news, the value of KP3R, OOKI, and UNFI tokens has severely dropped.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
This is unsurprising, given the history of token delistings on Binance has often resulted in price volatility, leading to substantial price drops for concerned altcoins
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The renowned dog-themed meme crypto SHIB has once again fueled optimism among crypto market traders globally, recording a remarkable surge in the Shiba Inu burn rate on Wednesday. Latest burn data suggests that nearly 27 million coins were taken out of the supply, igniting market optimism surrounding the meme coin’s future movements. Additionally, it’s noteworthy that the SHIB community vouched for a $0.01 price target previously, adding optimism surrounding the coin’s future movements in light of recent developments.
Shiba Inu Burn Rate Explodes 6750% Sparking Bullish Investor Sentiments
Per the latest Shibburn data as of October 23, the Shiba Inu burn rate witnessed a 6750% surge in the past 24 hours. This surge is primarily due to 27.10 million coins being taken out of the meme coin’s circulating supply. As per the data, the total circulating supply as of writing totaled 589.26 trillion coins, with the massive burn coming into play.
Simultaneously, weekly burn data indicates that roughly 58 million coins were taken out of the meme token’s supply. The constant reduction in the token’s market supply propels optimism on the coin’s future price movements, abiding by the law of supply and demand as supply takes a hit while demand remains the same. Besides, it’s also worth mentioning that demand for the leading dog-themed meme coin could see further rise in the wake of latest advancements.
Notably, recent ‘ecosystem’ developments have garnered additional optimism toward the meme token, Shiba Inu. A recent CoinGape Media report reveals that the token witnessed another phenomenal burn rate surge previously, sparking optimism over a 2021-like Shiba Inu price rally looming for the token. Further, the report also revealed that the meme coin’s Layer 2 Shibarium saw a notable surge in activity, indicating robust growth for the meme coin’s ecosystem. Overall, recent ecosystem developments, such as the ones mentioned above, project a bullish path for the crypto ahead.
SHIB Price To $0.01 Ahead?
However, SHIB price saw significant turbulence today, plunging nearly 2.5% as of writing to reach $0.00001806. Its intraday low and high were $0.00001785 and $0.00001851, respectively. Notably, the coin’s waning action aligns with the broader market trend today, sparking speculations contrary to the burn rate surge and positive developments.
Nevertheless, the massive continued burning has projected optimism on SHIB’s long-term prospects. Notably, the Shiba Inu marketing lead LUCIE has sparked noteworthy intrigue surrounding a potential $0.01 price target for the meme coin ahead. Earlier this year in March, Lucie revealed that she has been HODLing the token since 2021 and strongly believes in its potential to reach $0.01 ahead, although achieving this feat may take time.
On the other hand, Coinglass data indicated a 5.9% drop in the crypto’s futures OI to $52.65 million today. Further, the derivatives volume dropped nearly 22% to $106.71 million. This data aligns with the coin’s tumbling movement today, although broader prospects shine with optimism, attributable to the abovementioned developments.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Robinhood Crypto EU on Wednesday said it has decided to add Stellar (XLM) to crypto transfers, increasing the number of cryptocurrencies supported in the service. XLM price continued to drop as traders considered a broader market sentiment, with price down 1% in the last 24 hours. Will this likely lead to adding XRP next?
Robinhood Crypto Now Supports Stellar (XLM)
Commission-free investing app Robinhood Europe’s crypto arm in an official announcement on October 23 revealed that it has added XLM to cryptocurrencies supported in crypto transfers.
Moreover, users can withdraw and deposit their XLM on the platform for a 1% deposit bonus. It will be available for a limited time.
Robinhood Crypto now supports $XLM transfers.
Withdraw and Deposit #XLM with a 1% deposit bonus for a limited time.
Terms apply. Download the app: https://t.co/sb4gDoO6Ls#RobinhoodOnchain pic.twitter.com/sONd3LIhuY
— Robinhood Crypto EU (@RobinhoodCrypto) October 23, 2024
Crypto transfers allow European customers to deposit and withdraw over 25 cryptocurrencies, including Bitcoin, Ethereum, Solana, and USDC. It offers users control, security, and crime insurance, along with educational program benefits.
This week, the crypto platform also added Solana to crypto transfers as the Solana ETF launch odds buzz in the crypto community. Similarly, a potential launch of XRP ETF has also witnessed rising speculation. Robinhood listed XRP on the platform for trading, but for EU users only.
As CoinGape reported, the company excluded tokens from the crypto transfer feature launched earlier this month. These are Ripple’s XRP, zkSync (ZK), Wormhole (W), Arbitrum (ARB), Cosmos (ATOM), Polkadot (DOT), EOS, Fantom (FTM), Jupiter (JUP), Near Protocol (NEAR), Optimism (OP), Celestia (TIA), Toncoin (TON).
“With the launch of crypto transfers in Europe, we’re making self-custody and entering DeFi simpler and more accessible for our customers,” said Johann Kerbrat, VP and GM of Robinhood Crypto.
XLM Price Fails to Rebound
Traders didn’t respond to the announcement by Robinhood. XLM price continues to trade 1% lower in the last 24 hours. XLM price currently trades at $0.09429. The 24-hour low and high are $0.09434 and $0.09663, respectively. However, the trading volume has increased by 17% in the last 24 hours, indicating interest among traders.
On the contrary, the derivatives market has seen positive buying in the last 24 hours. Total XLM futures OI jumped over 3% to 320.31 million valued at $30.18 million, as per Coinglass data.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a riveting turn of events, leading cryptocurrency exchange Binance announced plans to delist four crypto on Wednesday, raising eyebrows among market participants globally. The digital asset exchange highlighted plans to delist the Rupiah Token, Keep3rV1, Ooki Protocol, and Unifi Protocol DAO cryptocurrencies shortly ahead. Simultaneously, IDRT, KP3R, OOKI, and UNFI prices slipped 0.5%-46% in tandem with the announcement.
Market enthusiasts speculate whether the coins’ prices could witness further dips in light of the discontinued support by one of the leading cryptocurrency exchanges.
Binance To Delist IDRT, KP3R, OOKI, and UNFI Raising Market Concerns
According to an official Binance release dated October 23, the cryptocurrency exchange giant will delist IDRT, KP3R, OOKI, and UNFI crypto on November 6. “The exact trading pairs being removed are: KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, USDT/IDRT,” the announcement spotlighted.
Notably, the exchange will cease trading and remove all trade orders in each respective trading pair on the mentioned date. This implies that the aforementioned tokens’ valuation will not be available in users’ wallets after the delisting process concludes.
Also, the exchange clarified that deposits of these tokens will not be credited to any user’s account after November 7. Simultaneously, withdrawals for the same will not be supported by the exchange after February 6, 2025, starting 03:00 UTC. The usual stablecoin conversion process may be applied after February 7, the next year, for a seamless delisting process for users. However, the announcement clarified that this mover is still not guaranteed, and the digital asset trading platform will notify its users if this were to happen.
Simultaneously, Binance Simple Earn will delist the four tokens after November 11 this year, per the announcement. Moreover, the UNFIUSDT USD-Margined perpetual contract will cease as of October 30 at 09:00 UTC. The cryptocurrency exchange also announced discontinued support for KP3R, OOKI, and UNFI Cross and Isolated Margin pairs, among other things. Overall, the announcement has reverberated bearishness for these four digital assets across the broader industry.
How Are The Crypto Performing?
At press time, KP3R price witnessed a 41% crash in value and is currently trading at $31.47. The coin’s intraday low and high were $32.53 and $54.08, respectively.
Simultaneously, IDRT price traded at $0.00006377, down nearly 0.5% at press time. The coin’s 24-hour low and high were $0.00006374 and $0.0000641, respectively.
UNFI price crashed 42% intraday and is currently sitting at $1.57. Its intraday low and high were $1.60 and $2.78, respectively. Lastly, OOKI price tanked 46% over the past day and is now trading at $0.0007154. The coin’s intraday low and high were $0.0007115 and $0.001373, respectively. Notably, the mentioned crypto witness a price crash primarily mirroring a bearish market sentiment in light of Binance’s discontinuation of support.
On the other hand, the cryptocurrency exchange also recently ‘listed’ Simon’s Cat, conversely sparking CAT price gains. Collectively, the abovementioned chronicles underscore the digital asset firm’s remarkable influence across the broader sector.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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