Leading cryptocurrency exchange Binance announced on June 26th, 2024, that it will delist spot trading pairs for seven cryptocurrencies. These include Shiba Inu (SHIB), Chainlink (LINK), Blur (BLUR), Memecoin (MEME), Metis (METIS), NFPrompt (NFP), and Osmosis (OSMO). The delisting is expected to take effect on June 28th, 2024, at 3:00 UTC.
Specific Trading Pairs Affected
The official announcement from Binance clarified the specific trading pairs that will be delisted. These pairs involve the aforementioned cryptocurrencies and various stablecoins, including Tether (USDT), TrueUSD (TUSD), Turkish Lira (TRY), and Binance USD (BUSD).
Read Also: Binance Announces Delisting of Six Major Trading Pairs
Notably, the delisting specifically targets pairs with TUSD, which Binance is reportedly phasing out due to unspecified issues. High-volume trading pairs for these cryptocurrencies with USDT, TRY, and BUSD will remain available on the exchange.
Reasons for Delisting
Binance cited its commitment to protecting users and maintaining a high-quality trading market as the primary reasons for the delisting. The exchange conducts regular reviews of all listed spot trading pairs. In this instance, factors like low liquidity and trading volume led to the delisting decision of the pairs.
Additionally, after the delisting is complete, Binance will immediately cease its Spot Trading Bots services for the affected trading pairs.
The announcement from Binance, which controls a significant portion of the global cryptocurrency market, could potentially influence the prices of the delisted tokens. Historical data suggests that delisting announcements on major exchanges can trigger price movements.
This news comes when the market is already facing uncertainty due to factors like upcoming inflation data and monthly options expiry, which may further influence investor sentiment.
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Read Also: We Asked ChatGPT If Chainlink (LINK) Could Hit $30 In 2023, Here’s What It Said
Current Market Status for SHIB, LINK, and MEME
As of June 27th, 2024, SHIB experienced over 3% price decline in the past 24 hours. Chainlink (LINK) also saw a small price decrease of 3.5% in the last 24 hours and is currently trading at $13.67. Memecoin (MEME) is trading at $0.01867, reflecting a 7.16% decrease over the past 24 hours.
The delisting of these cryptocurrency trading pairs on Binance is likely to impact their liquidity and potentially lead to price fluctuations. Investors holding these tokens or considering trading them should closely monitor the situation and conduct their research before making any investment decisions.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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