There are important developments in the Bitcoin and altcoin markets. Recently, it was announced that various cryptocurrencies will be removed from some major exchanges. Here are the details…
Phemex and KyberSwap announced delisting for multiple altcoin projects
As of October 30, 2024, the Phemex exchange announced that it will remove the CCX/USDT, VOLT[1K]/USDT, GOMING/USDT, UNFI/USDT and KP3R/USDT trading pairs from its platform. According to some, the delisting of relatively smaller altcoin projects such as GOMINING can be dangerous. Because it can create a risk of decreasing the liquidity and access rate of these assets. KyberSwap has decided to remove the Cronos (CRO) and BitTorrent chains from its platform. With this delisting move, which will be implemented on or before October 27, 2024, KyberSwap users will not be able to trade on these chains.
Such changes that KyberSwap offers to its user base are considered as part of the platform’s strategic planning. In general, there may be technical, operational or security reasons behind the altcoin delisting decision. In addition, decreased user demand is among the main reasons for this decision.
DESO is being delisted from Coinbase
Decentralized Social (DESO) is defined as an innovative blockchain platform that aims to revolutionize the world of decentralized social media. It was announced that DESO will be delisted from trading on Coinbase, one of the leading crypto exchanges in the US, on November 8, 2024. This decision is expected to be effective as of 17:00 GMT. Altcoin DESO proposes a structure that allows social media users and content producers to store their data independently of major technology companies and own their own content and crypto identities. The platform is designed to provide social media users with an uncensored and decentralized environment. Thus, it offers the opportunity to generate income through innovative tools such as social tokens, social DAOs, NFTs and tipping systems.
Altcoin DeSo was founded by Nader Al-Naji in January 2019. Al-Naji, who graduated from Princeton University, started his career as a software engineer at D. E. Shaw Group and then worked on the Google Search and Google Ads teams. In 2017, he provided significant investments to launch Basis, an algorithmic stablecoin. The DeSo blockchain is supported by the DeSo Foundation, a non-profit organization that aims to decentralize social media.
DESO’s delisting posed a risk to the platform’s user base. According to CoinMArketCap data, the coin lost 18 percent of its value in the last 24 hours. The cryptocurrency fell from $ 6.29 to $ 3.62. As a result, altcoin exchanges‘ delisting of assets is a situation that occurs depending on many factors. Liquidity shortage, low trading volume, security issues or regulatory pressures can all play a role in these decisions.
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