Binance announced plans to delist Dock (DOCK) on Monday, July 8th. According to the news release, the delisting is expected to occur later on July 22.
Before the news, the price of Dock had been in continuous decline, dropping by more than 88% since April. Following the delisting news yesterday, the price dropped by more than 45%. However, it has since gained more than 40% today, recovering almost all the losses from yesterday’s bearish move.
Possibility of DOCK Price Manipulation to Encourage Holders
The price action of Dock has been discouraging as it has not been moving in line with the broader markets. Surprisingly, there is a significant bullish volume, as indicated by the candlestick, showing the highest bullish volume within a day in a very long time.
This move is contrary to the general bearish market sentiment surrounding the Dock ecosystem, suggesting possible manipulation to reduce the rate at which holders are selling the token.
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The reason for Binance’s delisting is unclear, but such events typically bring negative sentiment to the affected token and prompt holders to sell their tokens. Thus, the 40% price rise amid the turmoil could be an attempt to manipulate the price and reduce the rate of Dock sales.
When traders see the prices going up, they may be encouraged to buy the Dock token again in other marketplaces. Additionally, those holding Dock in other marketplaces may also be discouraged from selling, hoping to secure some profits.
DOCK Team’s Official Announcement
Following the delisting news, Dock made an announcement on its X page expressing surprise at Binance’s decision. They mentioned that they had no specific reasons for the action. Despite the setback, they assured their community of continuous commitment and support.
Dear Community,We are deeply saddened and taken aback by the recent news that DOCK will be delisted from Binance. This decision came as a complete surprise to us, as Binance did not and has not provided any specific reasons for this action.Despite this setback, we want to…
— Dock (@docknetwork) July 8, 2024
They also mentioned ongoing efforts to get listed on exchanges like KuCoin, Gate, and others.
They emphasized that Binance’s delisting will not affect the usage of the Dock network, and they are working to ensure continued growth and partnerships with other brands for ongoing development.
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