Binance Kicks Out Four Tokens: A uneasy Delisting Frenzy
Crypto Exchange Binance Removes Four Digital Assets, ALPACA Skyrockets by 71% as Other Coins Plummet
Prepare for an exhilirating rollercoaster ride in the crypto world as the largest exchange, Binance, ousts four tokens: Alpaca Finance (ALPACA), PlayDapp (PDA), Wing Finance (WING), and Viberate (VIB).
Post-announcement, PDA, WING, and VIB plummeted substantially. PDA dipped by 17.0%, WING plunged by 31.8%, and VIB slid by 29.7%. However, ALPACA, despite its impending removal, bucked the trend, peppering the charts with a 71.3% surge and a whopping 417.2% increase in trading volume.
Bye-Bye Binance: A Britrex, Not a Bust
Effective May 2 at 3:00am UTC, the four tokens will be ushered out of Binance. Users will no longer be able to deposit these tokens as of May 2, and withdrawals will be terminated after July 4. Meanwhile, all open positions in Binance Futures related to these tokens will be closed by the end of April.
The move follows Binance's periodic review process, which evaluates tokens based on factors like volume, liquidity, team activity, and regulatory compliance. Failing to meet the required criteria is the ticket to the ash heap for these four tokens.
The announcement further clarifies that their priority is to ensure the best services and protections for users while continuing to adapt to ever-changing market dynamics.
Regionland Takeover: The Second Round of Vote to Delist
Shortly before the announcement, Binance concluded the second round of its much-awaited "Vote to Delist" campaign. Among the 17 tokens under scrutiny, PDA secured 8.2% of the votes for delisting while ALPACA scored 6.3% and WING registered 3.8%. VIB was not part of the community voting.
Interestingly, despite FTX Token (FTT) capturing 11.1% of the votes, Binance has opted to keep it on the platform.
Bull Run in Trouble: The Shocking ALPACA Surge
Following the news, PDA, WING, and VIB experienced an expected nosedive. However, ALPACA's unconventional response raised eyebrows. The abrupt price hike has sparked concerns about potential manipulation and exit scams, particularly since such surges are usually followed by a precipitous fall in other instances.
An analyst posted on the latest X (formerly Twitter) platform warned about the unusual reaction, suggesting that it may have been manipulated. Fly by caution, they advise, to avoid succumbing to potential exit scams, where prices are excessively inflated to the detriment of unsuspecting investors at the hands of manipulators.
- Binance, the world's largest exchange, has removed four tokens: Alpaca Finance (ALPACA), PlayDapp (PDA), Wing Finance (WING), and Viberate (VIB), causing a significant drop in their values.
- ALPACA, despite being set for removal, has bucked the trend, experiencing a 71.3% surge and a massive 417.2% increase in trading volume.
- Binance will oust the four tokens on May 2 at 3:00am UTC, with deposits ceasing from May 2, withdrawals ending on July 4, and all Binance Futures positions related to these tokens closing by the end of April.
- The tokens were evaluated based on factors such as volume, liquidity, team activity, and regulatory compliance, and their removal is due to failing to meet the required criteria.
- Binance's decision was made after a periodic review process, with the priority being to maintain the best services and protections for its users while adapting to market changes.
- Before the delisting announcement, Binance held the second round of its "Vote to Delist" campaign. PDA secured 8.2% of the votes for delisting, while ALPACA scored 6.3% and WING registered 3.8%. VIB was not part of the community voting.
- FTX Token (FTT) garnered 11.1% of the votes, but Binance has decided to keep it on the platform, despite delisting the other four tokens.
- ALPACA's unusual response to the delisting news, with a significant price hike, has sparked concerns about potential manipulation and exit scams, and investors are advised to exercise caution to avoid any potential loses due to manipulation.
