The cryptocurrency world was shaken by OKX’s decision to delist six altcoin projects on May 21, 2024. This decision includes removing spot trading pairs SKEB/USDT, MOVEZ/USDT, PIT/USDT, EM/USDT, LET/USDT and MRST/USDT from the platform on May 27. Delist means when a cryptocurrency exchange stops trading a particular cryptocurrency. This can have a significant impact on the price and liquidity of that altcoin. This news made investors nervous and raised concerns about the future of delisted altcoins.
OKX delists some altcoin projects
OKX announced that it will officially delist SKEB/USDT, MOVEZ/USDT, PIT/USDT, EM/USDT, LET/USDT and MRST/USDT spot trading pairs on May 27, 2024, according to official news. OKX has also suspended deposits of SKEB, MOVEZ, PIT, EM, LET and MRST currencies, effective May 20, 2024. As a result of the development, the 24-hour price change in altcoins whose delist news spread is as follows:
- MOVEZ: It lost 44.3 percent of its value and is trading at $0.000318.
- PIT: It increased by 0.18 percent, changing hands at $0.000000000843.
- EM: It is down 58.48 percent, trading at a price of $0.00033.
- LET: It lost 53.6 percent of its value and is changing hands at $0.00092.
- MRST: It lost 53.9 percent of its value and is changing hands at $0.00093.
- SKEB: It is up 1 percent and changing hands at $0.001525.
What is Delist?
Delist means when a cryptocurrency exchange stops trading a particular cryptocurrency. This can happen for a variety of reasons, the most common reasons are:
- Low Volume: If the trading volume of a cryptocurrency is low over a period of time, the exchange may choose to delist it and allocate resources to other cryptocurrencies on the platform.
- Technical Problems: If there are technical problems with a cryptocurrency, the exchange can delist it and wait for the problem to be resolved.
- Edits: In some cases, regulations may require an exchange to delist certain cryptocurrencies.
Delisting an altcoin can negatively impact the price and liquidity of that altcoin, as you can see in the price list above. The price of a delisted altcoin usually drops because investors can no longer easily sell that altcoin. Additionally, the liquidity of a delisted altcoin also decreases, making it difficult for investors to buy and sell it. OKX is a centralized cryptocurrency exchange and offers a variety of trading products such as spot, margin and futures. OKX is one of the world’s largest cryptocurrency exchanges by volume and has millions of users worldwide.
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