Altcoins Plunge After Binance Delisting: KP3R, OOKI, UNFI Fall

Summary

• Binance’s recent decision to delist several tokens has resulted in significant price declines, with some dropping over 40% in value.
• Conversely, the company’s endorsement of particular meme coins has sparked notable price surges.

Significant Decline

Binance frequently lists or delists various cryptocurrencies based on multiple considerations such as market trends, regulatory conditions, and additional factors. The removal of tokens from the leading crypto exchange can affect their liquidity and trustworthiness, potentially leading to a substantial price drop.

This scenario unfolded following the latest wave of delistings. Earlier today (October 23), the company announced the delisting of altcoins Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI) effective November 6. Users will be able to withdraw these tokens until February 6, 2025.

“The specific trading pairs being eliminated include KP3R/USDT, OOKI/USDT, UNFI/BTC, UNFI/TRY, UNFI/USDT, USDT/IDRT. All open trade orders will be automatically canceled after trading is halted on each pair.

Following the delisting, the tokens’ values will no longer be shown in your wallet after they are removed. To inspect your assets post-trading, ensure “Hide Small Balances” is unchecked in your wallets,” the company stated.

While IDRT saw a minor price dip after the announcement, the other three tokens did not fare as well. KP3R dropped almost 40% within 24 hours, OOKI fell by 44%, and UNFI decreased by 41%.

A Contrasting Impact

In another recent Binance update, the outcome was strikingly different, leading to a substantial price boost for the associated cryptocurrency. As CryptoPotato reported on October 22, the company introduced 1000CATUSDT perpetual contracts to its futures offering. Following this announcement, the meme coin Simon’s Cat (CAT) experienced a value surge of 65%.

About a month ago, Binance added three new meme coins: Baby Doge Coin (BABYDOGE), Turbo (TURBO), and Neiro (NEIRO). These tokens also saw significant price increases, with NEIRO soaring by an impressive 500% in a single day. 

It is worth mentioning that Binance classified these meme coins under its seed tags, indicating that these projects may demonstrate higher volatility and risks compared to other assets. The platform recommended that users conduct thorough research before trading.