đđBinance Supports Altcoin: Number of Tokens to Increase 3 Times, Price Tumbles! đđ
An altcoin that will be supported by the world's largest cryptocurrency exchange Binance has faced a major price turmoil.
Binance announced that it will support the Orion$ORN
(ORN) mainnet migration and the rebranding of the project as Lumia (LUMIA). However, the information that came with this announcement caused serious fluctuations in the ORN price.
The main reason for this fluctuation was the increase in the total token supply from 92.631 million ORN to 238.888 million LUMIA. This corresponds to a 158% increase, while all ORN token holders will be able to exchange LUMIA only at a rate of 1 ORN = 1 LUMIA.
ORN Price Fluctuates
Although Binance's announcement is generally considered a positive development, there was an initial 14% increase in the ORN price. Rising to $1.74, ORN quickly fell by 27% when the supply information became clear, upsetting investors.
ORN is trading at $1.32 at the time of writing.
Details About ORN Conversion
According to Binance's statement, deposits and withdrawals for ORN will be suspended on October 15th at 06:30 GMT. After that, LUMIA deposits will begin on October 18th at 11:00 GMT.
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