The worth of Ren (REN) has fallen sharply prior to now 24 hours amid a broader breather for cryptocurrencies.
REN value was down greater than 38% on the time of writing because the token reacted to information that crypto change Binance is delisting spot buying and selling pairs for Ren in addition to a number of different altcoins.
Binance delists a number of tokens
On Nov. 26, Binance introduced that it will be delisting the spot buying and selling pairs of a number of tokens as of December 10, 2024.
The change, the world’s largest by buying and selling quantity and person base, notified its person group that buying and selling assist for Ren (REN), Gifto (GFT) IRISnet (IRIS), SelfKey (KEY), and OAX (OAX) will stop on Dec. 10 at 03:00 UTC.
Delisting of the tokens follows an in-depth evaluate by Binance’s crew to make sure tokens meet business requirements and necessities.
The evaluate additionally seems to guard customers, with elements thought of together with crew dedication, growth exercise, buying and selling quantity, liquidity, and community stability and security, notably from assaults.
Binance additionally conducts evaluations on public communication, due diligence, and new regulatory necessities.
The delisting of GFT, IRIS, KEY, REN, and OAX comes after the change’s newest evaluations.
“The precise buying and selling pairs being eliminated are: GFT/USDT, IRIS/BTC, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, REN/USDT,” Binance wrote.
Ren value dips 38%
The decentralized finance (DeFi) ecosystem mission Ren launched its mainnet in January 2018.
The protocol’s native token REN traded to highs of $1.80 on February 20, 2021.
Nonetheless, the bear market and unfavorable community affect noticed its value fall 98% at present ranges.
A part of the declines have come prior to now 24 hours, with REN down 38% after Binance introduced the mission’s delisting.
Ren and different altcoins additionally fell final week after Binance Margin stated it will be eradicating margin buying and selling pairs.
Particularly, the change stated it will halt cross-margin pairs for C98/BTC and IDEX/BTC on Nov. 27.
The platform can even halt remoted margin pairs for C98/BTC, FIS/BTC, REN/BTC, IDEX/BTC, MBOX/BTC, and TKO/BTC.
A have a look at the market information on CoinGecko, REN’s worth is up solely 4% prior to now month – in distinction to large positive factors for some altcoins as Bitcoin rallied to close $100k earlier than a breather.
Nonetheless, BTC has additionally pared positive factors and dropped under $94k to see the remainder of the digital belongings buying and selling decrease.
The submit REN falls 38% as Binance delists it alongside different altcoins appeared first on Invezz
