Binance delists Monero, knocking 32% off its value

Many factors contribute to the volatility of cryptocurrencies. One of them is the listing of the token on an exchange platform. Monero, for one, has now experienced a downfall of 32% in its trading value in the last 24 hours since an announcement. That pertains to Binance making it public that it will delist the token effective February 20, 2024. Monero’s XMR is not the only token on the list. Others are ANT, VAI, and MULTI.

Sticking to XMR for a while, the token is currently down to $121.90 at the time of writing this article. It has been constantly losing momentum since the announcement. As a matter of fact, reports have surfaced citing that the token even went as low as $108 from the peak of $166.

Two reasons why XMR is being delisted are:

  • Non-compliance with listing criteria
  • Changes in the industry

Binance has said that the non-compliance aspect has primarily played a role in getting Monero removed. The second reason is not precisely the ground; however, it does play a significant role in tokens getting delisted. Binance conducts periodic reviews of assets to ensure that they match the standard and are in tune with changes happening in the industry. If not, they are delisted for the betterment of the users.

Simultaneously, Binance has said that it is ceasing trading for the pairs XMR/BTC, XMR/BNB, XMR/USDT, and XMR/ETH.

Two things have happened since the announcement: XMR has lost its monetary reputation on the trading board, and analysts have begun reviewing all the possible technical indicators to predict the future of XMR. These include the Relative Strength Index, Stochastic, and Commodity Channel Index. RSI and Stochastic show bearish sentiments will prevail in the near future, while CCI reflects strong selling pressure.

Also, XMR lacks historical support or resistance levels to demonstrate where it plans to halt its downfall. There is no reference for the holders who may end up siding with sellers in the next few days. XMR predictions estimate that the lowest Monero will close in 2024 is at $133.79.

ANT is the only token that has gained 2.09% in the last 24 hours. The delisting announcement by Binance has not affected its valuation. MULTI and VAI are down by 37.27% and 0.59%, respectively, in the last 24 hours. There is an uptick in Aragon’s market capital and 24-hour volume by 2.31% and 384.64%, respectively.

For XMR, there is a rise only in its 24-hour volume of 551.54%. The market cap has dropped by 25.65%, with more falls expected to happen in the near future. Monero is also likely to lose its position on the list regarding trading volume.

An actual picture will be processed after February 20, 2024, when Binance delists all the said tokens. There is a chance that the exchange platform will re-list them.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button