This morning at 03:06 UTC the crypto exchange Binance announced the delisting from its platform of the coins WAVES, OMG, XEM, and WNXM, triggering a wave of negativity on their price.
WAVES in particular records a price variation of -30% today, reaching -19% in the first hour following Binance’s announcement.
Let’s see all the details below.
Summary
Binance delists the crypto WAVES triggering a bear wave on the price
Today in the early hours of the morning the exchange Binance announced the delisting and the stop of technical support for the crypto WAVES, OMG, XEM, and WNXM, as part of its commitment to offering its clients the best investment options.
In fact, the platform periodically updates the coins available from its own spot and futures markets, given the highly dynamic and evolving environment of the cryptographic landscape.
In particular, the crypto mentioned will be officially removed starting from June 17, 2024, at 03:00 UTC.
The removed trading pairs are: OMG / USDT, WAVES / BTC, WAVES / ETH, WAVES / TRY, WAVES / USDT, WNXM / USDT, XEM / USDT.
It should be noted that the coins in question can be traded until the date set for the delisting, while all pending buy and sell orders will be removed after the cessation of trading.
Deposits made after June 18, 2024, at 03:00 UTC will no longer be credited, while withdrawals will no longer be supported from September 17, 2024, at 03:00 UTC, giving users 3 months to move their balances of removed tokens elsewhere.
It will still be possible to convert all funds in WAVES, XEM, OMG, and WNXM into stablecoin, even if the practice is not guaranteed by the same exchange, until September 18, 2024, at 03:00 UTC.
Immediately after the announcement, the crypto involved in the delisting recorded extremely negative price performance, with double-digit percentage declines.
in particular the token WAVES lost 30% of its value today, with a drop of 19% in the first hour of trading after the news conveyed by Binance.
The decline today opens up to a bearish price action from here to the coming months, with the future of the token now compromised by the exclusion of the largest cryptocurrency exchange in the world.
The volumes of exchange are significant of the trend of WAVES holders to liquidate their holdings in the currency, which now reaches its lowest value in the last 8 months.
The crypto had recorded positive performance from October 2023 until March 2024, growing by about 200% before dropping drastically to the current levels.
From its all-time high, WAVES is down 97%.
Even OmiseGo (OMG) and Nem (XEM) have recorded predominantly bearish price trends with the former losing 27% in the last 24 hours and the latter losing 30% in the same time frame.
On the contrary, wappred NXM (WNXM) remains more or less stable, with its price having increased by 0.13% in the last 24 hours, and a drop of 5% since the announcement of the delisting from Binance.
The double face of altcoins: great gains in the face of great risks
As always, alternative coins (altcoin) like the crypto WAVES potentially offer great returns to their “investors”, but with a risk proportionate to the opportunity for profit.
Low-cap coins and with liquidity in the markets more scarce compared to the top market choices like Bitcoin and Ethereum are much easier to move in terms of prices, and can therefore be manipulated with less money.
To give an idea, in the last 24 hours the spot volumes of BTC amount to 20 billion dollars while those of WAVES (before the dump of -3%) amount to approximately 20 million dollars.
Understand well that the operation of a whale on the first coin does not particularly affect its price, while on the second it could have a much larger impact.
The majority of professionals in the cryptocurrency sector agree that altcoins, if you know how to ride the trend and take advantage of the right momentum, can allow you to bring home excellent gains.
In the long run, however, they are almost never a better solution than the king of the market BTC: precisely for this reason, they are often used as a speculative tool to accumulate more satoshi and increase one’s share of an asset that serves as a safe haven.
In the case of WAVES, we can observe how against BTC, between March and April 2022, the crypto registered an extreme pump of 500%, only to lose 90% in the 8 weeks following the peak.
Since that crash, WAVES has lost another 80% up to the present day, marking a total of -98% from the top of 2022.
Before investing in altcoin, make sure to choose the asset allocation that best suits your personal financial situation, without ever betting more than necessary on purely speculative assets like WAVES.
An excessive allocation in the altcoin sector could cause serious damage to the portfolio’s performance in the long term.
Bitcoin and Ethereum in the long run always emerge as the best choices for a moderate risk investment.
