Delisting Tokens by Binance, Prices of These 6 Tokens Drop Dramatically!

Bittime - Binance announced that it would delist or delete 6 tokens, namely PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). The delisting of the six tokens is effective starting August 26 2024 at 10:00 WIB.

Impact of Delisting on Token Prices

Source: Bittime.com

Immediately after the delisting announcement, several tokens immediately experienced drastic price drops. Here are some tokens that have dropped significantly in price.

1. REEF (Reef Finance) had experienced a decline of up to 25.58% in the last 24 hours. When this article was written, REEF was down 20.99% and is currently trading at Rp14,775, based on Bittime markets.
2. VGX (Voyager Token) also experienced a significant decline, with a decline of 22% in the last 24 hours. Currently, the VGX token is trading at $0.043.
3. EPX (Ellipsis) experienced a decline of 20.99% in the last 24 hours and is currently trading at $0.0000859.  
4. FOR (ForTube) fell by 16% and is currently trading at $0.012. This market reaction highlights how sensitive investors are to the steps taken by major exchanges like Binance.
5. CVP (PowerPool) experienced a price drop of 15.33% in the last 24 hours, currently trading at $0.2937.
6. LOOM (Loom Network) also experienced a price drop of 12.16% in the last 24 hours and is currently trading at $0.01733.

Read Also: OKX Delisting $SLN Token, This is Smart Layer's Response!

Impact Delisting of Tokens on the Market

Token delisting could have a major impact on crypto projects and investors. When a token is removed from an exchange, the token's liquidity can be drastically reduced, which then impacts investors' ability to sell the token at a fair market price.

Additionally, token delisting often results in a negative market reaction, as seen by the drastic price drops in the aforementioned tokens.  

What Should Investors Do?

For investors who currently hold the above tokens, it is important to take appropriate action immediately. 

You can choose to sell tokens before the delisting date, or if you are confident in the long-term prospects of the project, you can move their tokens to another exchange that still supports trading of these tokens.

Also Read: OKX Delisting MSN Token, Meson Network to Launch Public-Chain

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.