These Altcoins Crash By Double Digits After Binance Pullout: Details

TL;DR

Binance’s recent withdrawal of several tokens led to steep price drops, with some losing more than 40% of their value. Instead, the company’s support for specific meme coins has driven significant price rallies. Heavy bleeding

Binance regularly lists or delists certain cryptocurrencies based on numerous factors, including current market trends, the regulatory environment, and more. The removal of tokens from the world’s largest crypto exchange affects its liquidity and credibility and could be followed by a massive price collapse.

That was the case after last season’s delisting. Today (23 October), the company announced that altcoins Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI) and Unifi Protocol DAO (UNFI) will no longer be available on the platform from 6 november that include these tokens will be supported until February 6, 2025.

“The exact trading pairs that are deleted are KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, USDT/IDRT. All trade orders will be automatically deleted after trading ceases in each pair respective commercial

The token rating will no longer be displayed in your wallet after withdrawing it. To see your assets after trading ceases, make sure you have not selected ‘Hide Small Balances’ in all your wallets,” the company explained.

While IDRT experienced only a minor decrease in price following the disclosure, this was not the case for the other three assets. KP3R is down nearly 40% on a 24-hour scale, OOKI plummeted 44%, while UNFI collapsed 41%.

OOKI Price, Source: CoinGecko The opposite effect

Another recent announcement by Binance had a polarizing effect, leading to a massive price increase for the affected cryptocurrency. As CryptoPotato reported on October 22, the company launched 1000CATUSDT perpetual contracts in its futures program. Soon after, the meme coin Simon’s Cat (CAT) saw its valuation soar by 65%.

A month ago, Binance adopted three additional meme coins to its platform: Baby Doge Coin (BABYDOGE), Turbo (TURBO) and Neiro (NEIRO). Its prices also witnessed impressive bombs with NEIRO soaring 500% daily.

It’s important to note that Binance listed meme coins in its seed tag category, which includes “innovative projects that may have higher volatility and risks” compared to other assets. He advised users to do their due diligence before engaging with them.

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