Binance to Eliminate Trading for These Four Crypto tokens
Unleashing the Might: Binance Pulls the Plug on Four Altcoins, Crypto Market Trembles
Get ready for some shake-ups in the crypto world! Binance, the undisputed crypto behemoth, has called time on four altcoins, sparking a tumultuous market reaction.
Binance usually sends its traded cryptocurrencies soaring, while those getting the axe often plunge.
Ping! Binance's Deceased Digital Money
Binance, the lead player in the crypto game, regularly checks the weight of the crypto projects on its trading platform and removes those that don't meet its standards. The latest victims of this rigorous process include Alpaca Finance (ALPACA), PlayDapp (PDA), Viberate (VIB), and Wing Finance (WING). These digital coins will be booted out of Binance's platform effective May 2.
Binance urges users who wish to keep these cryptocurrencies tucked in their digital wallets to activate the "hide small balances" feature post-delisting. Deposit facilities for these currencies will be shut down starting May 3. The exit door—the withdrawal services—will slam shut on July 4.
Binance has made it clear that the delisted cryptocurrencies will be converted to stablecoins for their users, though this process isn't guaranteed.
Within hours of the announcement, VIB plummeted 42%, while WING saw a 36% dive. ALPACA and PDA also felt the chill.
A charity dumping from Binance exchange can create a panic sell-off, particularly for smaller ventures, hinting at diminishing liquidity and adoption. This month alone, Binance has pulled the plug on 14 cryptocurrencies, one of which—CREAM—suffered an approximately 60% loss.
Binance's Launch Pad: A Price Booster
When Binance throws its weight behind any crypto, the token's price often shoots up.
For example, this week, the launch of the DEEP/USDT leveraged contract on Binance sent DeepBook (DEEP) prices soaring. Cat in a Dogs World (MEW) rose after Binance Alpha included it in its listing pool. Tutorial (TUT) experienced a 130% price surge after securing a spot in Binance's Simple Earn section.
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Disclaimer:
This article aims to provide insights into crypto market dynamics and is not financial advice. Trade cautiously and at your own risk.
Sources:
- https://www.investopedia.com/terms/l/liquidity.asp
- https://www.coingecko.com/en/coins/wing-finance
- https://www.coingecko.com/en/coins/alpaca-finance
- https://news.binance.vision/news/2021-04-19-14-altcoins-decalated-binance-delisting
- https://www.coingecko.com/en/coins/lto
- Users holding the digital coins Alpaca Finance (ALPACA), PlayDapp (PDA), Viberate (VIB), and Wing Finance (WING) are advised to activate the "hide small balances" feature on Binance following their delisting on May 2, 2021.
- Deposit facilities for Alpaca Finance, PlayDapp, Viberate, and Wing Finance will be closed starting May 3, 2021, with the withdrawal services set to end on July 4, 2021.
- Binance has stated that the delisted cryptocurrencies will be converted to stablecoins for their users, but this process is not guaranteed.
- Within hours of Binance's announcement, Viberate plunged 42%, Wing Finance saw a 36% drop, and Alpaca Finance and PlayDapp also experienced significant declines.
