Binance Announces Delisting of Serum, Sonm, and DFI.money
The recent announcement from Binance regarding the delisting of Serum (SRM), Sonm (SNM), and DFI.money (YFII) has sent shockwaves through the crypto market. All three altcoins have experienced significant double-digit declines in just 24 hours. Serum is down 29%, Sonm has shed 58%, and DFI.money has declined by 16%. These drastic drops in value are a direct result of Binance’s decision, and trading on all pairs for these tokens will cease on August 22, 2023.
Binance’s Decision to Delist SRM, SNM, and YFII
Binance, one of the leading cryptocurrency exchanges, made the announcement on Tuesday stating that it will delist and cease trading on all trading pairs for Serum, Sonm, and DFI.money. This delisting is part of Binance’s routine review of all listed digital assets. The exchange explained that when a coin or token no longer meets their standards or if the industry undergoes significant changes, a more in-depth review is conducted, which may lead to delisting. Binance’s primary goal is to protect its users by ensuring the integrity of the assets listed on its platform.
Although Binance did not provide specific reasons for delisting each of these altcoins, they did mention several key metrics that are considered during their periodic review. These metrics include team commitment, development activity, trading volume and liquidity, and network safety against potential attacks.
Market Reaction and the Future of SRM, SNM, and YFII
Since the announcement, the affected altcoins have seen a significant plunge in their market performance. Sonm has experienced the most significant decline, trading 58% down, while Serum has nosedived 29% in just 24 hours. DFI.money has also suffered a 16% decline during this period. These extreme drops in value have resulted in negative returns for investors who held onto these tokens.
Serum, a project associated with FTX and Alameda Research, has experienced a massive drop of 99.6% from its all-time high, which was above $13 in September 2021. Similarly, DFI.money has declined by more than 24% in the past month and is currently trading over 93% below its all-time high of $9,251 reached in September 2020.
It is important to note that these declines in value occurred while most of the top 20 assets by market cap remained relatively stable. Bitcoin has been trading below $30,000, and Ethereum has struggled to surpass the $1,900 mark.
In conclusion, Binance’s decision to delist Serum, Sonm, and DFI.money has had a significant impact on the market, leading to substantial declines in value for these altcoins. Investors who held onto these tokens have experienced negative returns. Moving forward, it remains to be seen how these delistings will affect the future of these projects.
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