The price of Ren (REN) has fallen sharply in the past 24 hours amid a broader breather for cryptocurrencies.
REN price was down more than 38% at the time of writing as the token reacted to news that crypto exchange Binance is delisting spot trading pairs for Ren as well as several other altcoins.
Binance delists multiple tokens
On Nov. 26, Binance announced that it would be delisting the spot trading pairs of multiple tokens as of December 10, 2024.
The exchange, the world’s largest by trading volume and user base, notified its user community that trading support for Ren (REN), Gifto (GFT) IRISnet (IRIS), SelfKey (KEY), and OAX (OAX) will cease on Dec. 10 at 03:00 UTC.
Delisting of the tokens follows an in-depth review by Binance’s team to ensure tokens meet industry standards and requirements.
The review also looks to protect users, with factors considered including team commitment, development activity, trading volume, liquidity, and network stability and safety, particularly from attacks.
Binance also conducts reviews on public communication, due diligence, and new regulatory requirements.
The delisting of GFT, IRIS, KEY, REN, and OAX comes after the exchange’s latest reviews.
“The exact trading pairs being removed are: GFT/USDT, IRIS/BTC, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, REN/USDT,” Binance wrote.
Ren price dips 38%
The decentralized finance (DeFi) ecosystem project Ren launched its mainnet in January 2018.
The protocol’s native token REN traded to highs of $1.80 on February 20, 2021.
However, the bear market and negative network impact saw its price fall 98% at current levels.
Part of the declines have come in the past 24 hours, with REN down 38% after Binance announced the project’s delisting.
Ren and other altcoins also fell last week after Binance Margin said it would be removing margin trading pairs.
Specifically, the exchange said it would halt cross-margin pairs for C98/BTC and IDEX/BTC on Nov. 27.
The platform will also halt isolated margin pairs for C98/BTC, FIS/BTC, REN/BTC, IDEX/BTC, MBOX/BTC, and TKO/BTC.
A look at the market data on CoinGecko, REN’s value is up only 4% in the past month – in contrast to huge gains for some altcoins as Bitcoin rallied to near $100k before a breather.
Nonetheless, BTC has also pared gains and dropped below $94k to see the rest of the digital assets trading lower.
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