Binance announced yesterday that it will delist all spot trading pairs for OmiseGO (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM) on June 17th at 03:00 (UTC).
Let’s explore the reasons behind Binance’s decision and how it might affect the prices of these tokens.
Binance Announces Multiple-Token Delistings
Binance’s announcement provided insight into the factors that contribute to the decision to delist a digital asset. The commitment of the project’s team, the level and quality of ongoing development activity, and the trading volume and liquidity of the asset all play a role. Additionally, the stability and safety of the network from potential attacks, as well as the stability of the network or smart contracts, are crucial considerations.
The level of public communication from the project, responsiveness to periodic due diligence requests from Binance, and any evidence of unethical, fraudulent conduct or negligence are also evaluated.
#Binance will delist $OMG, $WAVES, $WNXM, and $XEM on June 17, 2024.
More details here ⤵️https://t.co/u5r7gtOjMN
— Binance (@binance) June 3, 2024
New regulatory requirements and the asset’s contribution to a healthy and sustainable crypto ecosystem are other factors that Binance takes into account when determining whether to delist a digital asset.
The specific trading pairs being removed are: OMG/USDT, WAVES/BTC, WAVES/ETH, WAVES/TRY, WAVES/USDT, WNXM/USDT, and XEM/USDT.
Additionally, at 2024-06-11 03:00 (UTC), Binance Loans (Flexible and Stable Rates) and VIP Loan will close all outstanding loan positions for the aforementioned tokens as loanable and collateral tokens. Users are strongly advised to repay their outstanding loans before this date to avoid potential losses.
Price Movements and Potential Impact
All of these tokens have experienced price declines today (which is expected of course), with drops ranging from 2% for WNXM to 7-10% for other tokens. As the delisting date of June 17th approaches, these prices may face further downward pressure due to reduced liquidity and trading opportunities on Binance.
While some traders might be tempted to “buy the dip,” these prices could potentially plunge further in the short term due to the delisting event.
Top Cryptos to Buy Instead
Instead of chasing the potentially falling prices of the delisted tokens, investors might consider exploring alternative crypto projects with promising prospects.
One such project is WienerAI, a new AI venture in the pre-ale stage that has already raised over $4 million. Crypto YouTube channel Crpytonews, with 10,000 followers, posted a video highlighting WienerAI as one of the best AI projects currently available, praising its branding and marketing efforts.
This project offers several key features. Firstly, it offers AI-enhanced trading capabilities, allowing users to engage the bot with questions related to crypto investments. Utilizing predictive technology, the bot analyzes market data and provides unbiased analysis and reasoning, making it a valuable tool for both novice and experienced traders alike. Secondly, WienerAI facilitates seamless swapping across decentralized exchanges with just a few clicks, all while operating with zero fees.
Another project worth considering is Sealana, a new Solana meme coin gearing up for launch in the coming weeks after a successful presale (over $3 million raised). Investors can still purchase SEAL tokens via the project’s official website.
Conclusion
Binance’s decision to delist WAVES, XEM, OMG, and WNXM tokens has already impacted their prices, and further downward pressure may be expected as the delisting date approaches. While some traders might be tempted to “buy the dip,” it is generally advisable to avoid these cryptos for now. Instead, investors could explore alternative projects with promising prospects, such as WienerAI and Sealana.
