Binance announced today that it will delist PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF) and VGX Token (VGX) on August 26, 2024. If you own any of these cryptos, you may want to reconsider your plans for them.
In fact, almost all of these cryptos do not seem to be very active, but they still dropped significantly after Binance's delisting announcement. Binance also explained the reasons for their delisting, and according to the statement, it is understood that they will be delisted because they are quite weak compared to other projects on Binance in terms of trading volume and liquidity.
Binance also stated in their statement that they take into consideration various factors when conducting delisting reviews. Here are some of the factors that drive whether Binance decides to delist a digital asset:
- Commitment of team to project
- Level and quality of development activity
- Trading volume and liquidity
- Stability and safety of network from attacks
- Network / smart contract stability
- Level of public communication
- Responsiveness to our periodic due diligence requests
- Evidence of unethical/fraudulent conduct or negligence
- New regulatory requirements
- Contribution to a healthy and sustainable crypto ecosystem
Source
CVP, EPX, FOR, LOOM, REEF, VGX will be delisted on August 26, 2024 and the exact trading pairs being removed are: CVP/USDT, EPX/USDT, FOR/BTC, FOR/USDT, LOOM/BTC, LOOM/TRY, LOOM/USDT, REEF/TRY, REEF/USDT, VGX/USDT.
By the way, after they are delisted from the list, the token's valuation will no longer be displayed in your wallet, but you can see it by selecting the "Hide Small Balances" option in all of your wallets to view your assets. Additionally, you will not be able to deposit these tokens into your account as of August 27, 2024 and withdrawals of these tokens from Binance will not be supported after November 26, 2024. You can check here for more information.
I am not surprised that these tokens will be delisted, but REEF's delisting caught my attention because once upon a time some social media influencers often mentioned REEF and even give investment advice to their followers. REEF lost about 20% today and is trading at $0.0008949. Also, according to coinmarketcap data, it rose to $0.4968 on March 15, 2021. I have never invested in REEF, but some of my friends have invested in it and even asked about it, but I told them that I would not buy it because it did not give me enough confidence. However, they chose to invest in it under the influence of social media influencers. Frankly, I follow crypto social media influencers and take some of their ideas into consideration, but they can never directly influence me when it comes to investing. Before investing in an asset, I do my own research and then invest in those who give me confidence. Of course, there were many projects where I was wrong and lost money, after all, the crypto market is high risk, but I lost money because of my own decision, not because of the influence of others. Naturally, as in all markets, there is as much losing as making money in the crypto market, I hope you will always be among the winners.
Thank you for reading
@rtonline
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