Binance removes 3 cryptocurrencies from its platform and causes 🚨 30% drops
Cryptocurrency traders on Binance.
The reason for this price correction may be linked to the loss of liquidity that these cryptocurrencies will have. After all, this can scare away big investors.
Furthermore, exclusion is also a clear sign that the development of these projects is in trouble. This is because Binance points out that its decision was made to maintain a “high level of quality” and meet “industry requirements”.
However, they have entered a death spiral and exclusion appears to be the “nail in the coffin” for these projects.
The first of them, OMG Network (OMG), became one of the 25 largest cryptocurrencies on the market during the 2017/2018 Bitcoin bull cycle. At the time, Binance was just a few months old and was listing large projects like OMG to meet market demand.
Next comes Waves (WAVES). Although it has received fame as a “Russian cryptocurrency”, its founder Sasha Ivanov is actually Ukrainian. Also in 2018, WAVES was among the 10 largest cryptocurrencies on the market, promising to be a rival to Ethereum.
Meanwhile, NEM (XEM), another removed by Binance, became the 6th largest cryptocurrency on the market in 2018 after making many millionaires around the world. Although there was a rally in 2021, the project did not see any growth in this last cycle and seems to have been forgotten by the community.
Regarding prices, NEM (XEM), Waves (WAVES) and OMG Network (OMG) are down by 34%, 32% and 32%, respectively. Although they have been highlighted in the past, today they occupy positions of number 289, 321 and 551, respectively, by market value.
