As the cryptocurrency market struggles to recover, several tokens are facing significant losses following negative news. Leading Bitcoin exchange KuCoin has announced its decision to delist 9 altcoins, causing sharp drops in the affected tokens’ prices.
KuCoin to Delist These 9 Tokens
KuCoin, one of the world’s largest cryptocurrency exchanges, revealed that it will be delisting 9 altcoins from its platform. The projects being removed include Gemie (GEM), OnGO (FTG), Meta Merge Mana (MMM), Propel (PEL), Project SEED (SHILL), EOSForce (EOSC), Divi (DIVI), Cappasity (CAPP), and Wombat (WOMBAT). Along with these delistings, KuCoin also announced it will be removing the trading pairs associated with these tokens.
In addition, KuCoin will halt trading bot activities, including Spot Grid, Infinity Grid, DCA, Smart Rebalance, Martingale, and Futures Grid, for these tokens. The exchange will delist the trading pairs on September 13, 2024, and will disable deposits for these projects. Withdrawals for these tokens will remain active until October 28, 2024.
Altcoin Prices React to the Delistings
As reported by TNYR, the market has been fighting for recovery, but the delisting news caused a severe drop in the prices of the affected tokens. For example, FTG experienced a significant plunge from $0.000453 to $0.000020, a daily drop of around 44%, currently trading at $0.000238. Meanwhile, its trading volume surged by 37%, indicating that investors and traders are rushing to exit their positions.
Similarly, MMM dropped from $0.0000279 to $0.00000187 within the day, and was down by 24%, trading at $0.00001876 at the time of writing. The trading volume for this token also increased by 32%, reflecting heightened selling activity.
Another token, EOSC, fell from $0.0008321 to $0.0000447, marking a steep 46% drop and trading at $0.0004477.
GEM also saw a dramatic drop from $0.000174 to $0.000073 during the day, before slightly recovering. At the time of writing, it was down 10%, trading at $0.000123. Unlike the others, GEM saw a 13% decrease in trading volume, suggesting reduced interest from traders.
Other tokens like SHILL suffered over 12% in losses, while CAPP saw a 20% decline. Lastly, WOMBAT joined the group, dropping by 10%.
These significant losses come as the market faces continued volatility, with investors watching closely to see if prices will recover following the delistings.
At TNYR, we will continue to monitor the market and provide the latest updates on how these developments impact the broader cryptocurrency landscape.
