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Mon, 30/09/2024 - 11:21

OKX, world’s second-largest crypto exchange, has announced delisting of LEASH, one of key tokens in Shiba Inu ecosystem, signaling doubts over its future

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It has just been announced that the world's second largest cryptocurrency exchange, OKX, will delist LEASH, a token from the Shiba Inu ecosystem. Along with SHIB and BONE, this token is one of the essential elements of the space around the popular meme-inspired cryptocurrency.

For those who may not know, LEASH was launched in 2021 by anonymous Shiba Inu creator Ryoshi. From the beginning, it was stated that the token would be used to buy land in the metaverse project built around the meme coin. In addition, LEASH was used in the presale of the Shiba Inu-centric NFT collection of Shiboshis.

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However, all of these factors were unimportant for the OKX team, who decided to remove the Shiba Inu token from their platform. 

Along with five other cryptocurrencies whose names will be remembered by those who entered the market years ago, LEASH was ordered to exit. The rationale behind the delisting is to maintain a robust spot trading environment and get rid of assets that do not meet listing criteria.

No need for LEASH?According to CoinMarketCap, the exchange was the largest market for LEASH in terms of liquidity, accounting for 24.78% of the token's total turnover. 

LEASH to USD by CoinMarketCapHowever, in monetary terms, it was only around $576,000 - an awfully small amount for the cryptocurrency market and especially for a listing on the second largest platform that held it.

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It seems logical that with the metaverse and the NFT sector of the crypto market, the assets associated with it and its a corresponding utility will be forgotten and delisted. Shiba Inu did not make much progress with its metaverse project, focusing more on Shibarium. Thus, it is not surprising what reputation LEASH has, as its prospects are, to put it mildly, very unclear.

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Shiba Inu marketing specialist, Lucie, addresses the FUD surrounding the delisting of Bone ShibaSwap (BONE) from two centralized exchanges. 

The Shiba Inu community received disappointing news earlier this week after OKX and ONUS announced plans to delist BONE. While OKX suspended BONE deposits on June 30, ONUS halted BONE purchases and swaps on July 1.

As expected, the delisting of BONE from two centralized exchanges sparked concerns among holders, who saw the value of their BONE holdings plummet massively.

Allegations of Manipulative Delisting Notably, Shiba Inu’s marketing lead took to X to address growing concerns about BONE’s delisting. She described the centralized exchanges as “manipulative.”

According to her, the delisting has nothing to do with BONE’s performance. She asserted that BONE isn’t even among the tokens with the lowest trading volumes on either platform. Lucie emphasized that she would not “chase” exchanges to support Shiba Inu ecosystem tokens.

Lucie Slams Centralized Exchanges She also expressed her belief in decentralized finance (DeFi), noting that the Shiba Inu team has been focused on building within the DeFi space, one that doesn’t require invasive identity checks, including KYC or even, as she sarcastically remarked, “blood samples.”.

Despite the delisting, Lucie emphasized that the team is not backing down and will focus on building out the ecosystem. She further took a swipe at centralized exchanges, claiming they usually list tokens that offer ‘big money.”

According to her, this practice enables them to continue promoting low-effort projects that often disappear within a short time.

Lucie also pointed to the failures of once-prominent centralized exchanges like WazirX, FTX, and Hotbit. Although they appeared solid at first, they were eventually exposed or exploited, serving as cautionary examples against overreliance on centralized platforms.

A Familiar Pattern Furthermore, Lucie noted that other major assets, including SHIB and XRP, have faced similar challenges. In particular, she recalled how several U.S.-based exchanges delisted XRP after the SEC filed a lawsuit against Ripple.

However, these exchanges have since relisted XRP after a federal court ruled that its secondary market sales do not violate federal securities laws.

Currently, BONE is down 18.95% over the past seven days, following its delisting from ONUS and OKX. However, it has recovered some of its losses in the past day, with its price soaring 9.5% to $0.1941.

Meanwhile, BONE remains available for trading on other centralized exchanges, such as Gate.io and HTX, which have seen over $2 million in volume in the past 24 hours.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

The world’s largest crypto exchange Binance on Wednesday said it will delist additional spot trading pairs citing multiple factors. After recently naming some key spot and margin crypto pairs in the delisting and ceasing strategy, the crypto exchange has now announced a plan to delist Internet Computer and Maverick Protocol.

Notably, CME and CF Benchmarks recently announced the launch of new reference rates and real-time indices for Internet Computer (ICP) and Ripple’s XRP.

Binance to Delist ICP and MAV Spot Pairs Internet Computer (ICP) and Maverick Protocol spot trading pairs against BNB and TUSD will be delisted by Binance, according to an announcement. The crypto exchange will remove and cease trading of ICP/BNB and MAV/TUSD spot trading pairs on July 19 at 03:00 UTC.

Moreover, Binance will also terminate spot trading bots services for the aforementioned spot trading pairs. The exchange strongly recommends users to update or cancel their spot trading bots before the cessation of services to avoid potential losses.

“To protect users and maintain a high-quality trading market, Binance conducts periodic reviews of all listed spot trading pairs, and may delist selected spot trading pairs due to multiple factors, such as poor liquidity and trading volume, said Binance.

As CoinGape reported, Binance delisting BTC/TUSD and TUSD/USDT spot trading pairs next week as the exchange gradually withdrew support for TUSD stablecoin amid multiple concerns. However, the crypto exchange has rolled out initiatives to boost crypto market liquidity and trading experience for its users.

The exchange has also announced an event for Shiba Inu and Dogecoin, offering crypto participants massive rewards. The Battle of The Meme Dogs ends July 29.

Battle of the meme: Doge vs Shiba Inu

Join the Memecoin Duel to share $100,000 in token vouchers!

Find out more ⤵️https://t.co/AKjz84IMjh pic.twitter.com/JgDxykRhLd

— Binance (@binance) July 16, 2024

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ICP and MAV Price Action ICP price pared some gains after the announcement, with the price currently trading at $10.12. Internet Computer (ICP) jumped 8% over the last day, with the 24-hour low and high of $9.34 and $10.29, respectively. Furthermore, the trading volume has decreased slightly as traders look to book profits.

ICP futures open interest jumped 4% in the past 24 hours, as per Coinglass. Massive buying activity was seen on CoinEx and Bybit, with 70% and 7% increase in the last 24 hours.

Source: Coinglass Meanwhile, MAV price soared 8% in the past 24 hours, with the price currently trading at $0.2304. The trading volume has increased by just 3% in the past 24 hours.

Also Read: Binance Responds to Bloomberg’s Apology For False Accusations On Exchange & CZ