The price of Waltonchain (WTC) plunged over 60% today after the major cryptocurrency exchange Binance unexpectedly announced that it would be delisting the coin.
WTC was trading at around $1.16 yesterday but crashed all the way down to just $0.07 within hours of Binance’s tweet revealing that WTC would be removed from the platform on December 7th.
Binance is one of the largest crypto exchanges in the world and its listing carries significant weight and trading volume for projects. The announcement of WTC’s delisting sent the market into a panic sell-off.
#Binance will delist the following tokens on December 07, 2023.
— Binance (@binance) November 27, 2023
🔸 $BTS
🔸 $PERL
🔸 $TORN
🔸 $WTC
Full details here ⬇️https://t.co/0a1a1Zu8oS
Holders scrambled to offload their WTC positions, worried that the token could become difficult to trade once removed from Binance. This massive surge in sell orders overwhelmed buyers, causing the price to plummet over 60% in just a matter of hours.
Source: CoinStats – Start using it today
Binance provided little explanation for its decision, simply including WTC in a list of four coins to be delisted. However, they gave no reason as to why these projects in particular were being removed.
This lack of transparency has left the crypto community questioning what criteria Binance uses for its delistings and worried that any project could be abruptly cut off without warning or explanation.
For a coin like WTC that relies heavily on Binance for its trading volume, the delisting is a huge blow and brings uncertainty over its future as a viable blockchain project. It remains to be seen if other major exchanges will step in to list WTC and provide liquidity, or if its price will continue to sink further.
Today’s crash serves as a cautionary tale – in the volatile crypto market, projects live and die by exchange listings. One moment a coin can be trading strong, but an unforeseen delisting can plunge it deep into turmoil. Holders are left with little recourse but to sell off rapidly. For now, the outlook for WTC looks grim after Binance’s surprise move sent its price off a cliff.
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