Binance, the world’s largest cryptocurrency exchange, made headlines on June 26 when it announced the delisting of Shiba Inu, Chainlink, and five other crypto assets. This decision was based on declining trading volumes and a desire to uphold market quality, potentially impacting prices.
The seven cryptocurrencies that were delisted by Binance include Shiba Inu, Chainlink, Memecoin, Blur, Metis, NFPrompt, and Osmosis. The delisting may lead to a decrease in prices due to macroeconomic pressure.
Binance officially declared on June 26 that it would delist and stop spot trading combinations for specific crypto assets. This decision affects the trading pairs for Shiba Inu (SHIB), Chainlink (LINK), Blur, Memecoin (MEME), Metis, NFPrompt (NFP), and Osmosis (OSMO).
The exchange will discontinue trading in these spot trading pairings on June 28 at 03:00 UTC. Binance cited declining trading volumes for SHIB/TUSD and LINK/TUSD as the reason behind delisting the TUSD pairs for Shiba Inu and Chainlink.
In addition to Shiba Inu and Chainlink, Binance will also discontinue trading and delisting for BLUR/FDUSD, MEME/ETH, METIS/FDUSD, NFP/BNB, and OSMO/BTC pairs on June 28.
Binance stated that the delisting was necessary to protect users and maintain a high-quality trading market. The exchange regularly reviews all listed spot trading pairs and delists those with poor liquidity and trading volume.
The delisting announcement by Binance has historically influenced crypto price movements, given the exchange’s 48% market share in the global crypto market. Traders are advised to be cautious, especially with the upcoming PCE inflation data and monthly options expiry.
Despite the delisting news, the price of SHIB has increased by 3% in the past 24 hours, while LINK saw a 1% increase. MEME also experienced a 1.43% price increase. However, trading volumes for these cryptocurrencies have decreased over the past 24 hours.
In conclusion, Binance’s delisting decision has had an impact on crypto prices amid market volatility. Traders are advised to stay informed and exercise caution in their trading decisions.