Waves Price Plummets 30% in 24 Hours: Impact of Delisting by Binance

Bittime - The price of WAVES coin plummeted after the coin was delisted from the world's largest crypto exchange, Binance.

The delisting of the WAVES token by Binance is not the first incident this token has experienced. Last February, Binance.US also removed WAVES for similar reasons.

Additionally, South Korean crypto exchanges such as Upbit and Bithumb have also delisted the token, citing issues related to its stablecoin, Neutrino USD (USDN), which has struggled to maintain its peg against the US dollar.

This delisting announcement led to a wave of massive sell-offs, with WAVES token holders rushing to sell their assets, pushing prices to rock bottom. A sharp red wave on the price chart indicates significant selling pressure after news of the delisting by Binance spread widely.

The WAVES coin price plummeted by 30% in the last 24 hours, trading at $1.67 (Rp. 26,720) at 03:30 EST. This price drop occurred after Binance announced that it would no longer support the token.

Waves, a blockchain network created by Ukrainian entrepreneur Sasha Ivanov, is now under intense scrutiny after Binance stated that the token did not meet the standards required to trade on the world's largest crypto exchange.

WAVES Price Potential Recovery

The overall outlook for WAVES remains bearish, and recovery appears far away. However, there are some signs of hope as some investors still believe in this token project, as seen by the appearance of a small green candle.

If buyers can gather enough momentum, they may be able to push the price back to the $2.45 level (Rp. 39,200). Nevertheless, the bearish trend seems strong, and it is likely that sellers will continue to push the price down, leading to further declines and consolidation in the RSI.

International crypto analysts also noted that this delisting by Binance could trigger a domino effect on other exchanges, worsening the situation for WAVES. With the Neutrino USD stablecoin failing to maintain its peg against the US dollar, this instability adds to investors' distrust of the WAVES token.

In the midst of this situation, token holders are advised to be careful and monitor the latest developments. Given the volatility of the crypto market, major changes can occur in a short period of time, both in positive and negative directions.

Impact on Crypto Markets

Binance's delisting of WAVES reflects the increasing stringency of standards that major crypto exchanges apply to the tokens they support. This could be a sign for other crypto projects to increase the transparency and stability of their products to remain compliant with the standards set by major exchanges.

In the long term, these actions can have a positive impact on the crypto ecosystem as a whole, encouraging projects to operate better and be more trustworthy. However, for WAVES and its holders, a big challenge awaits to restore market confidence and token price stability.

These information sources include data from international crypto media such as CoinDesk and CoinTelegraph, which report in detail on the latest developments in the crypto industry and the impact of major decisions such as this delisting.

Conclusion

In conclusion, the future of WAVES largely depends on how the project can overcome current challenges and adapt to increasingly stringent market standards. For investors, understanding the situation and making decisions based on accurate information is very important.

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