On October 09, Binance announced its plans to delist the ICONOMI (ICN) token. The digital asset will be one of four assets that the exchange will cease to trade on its platform. Other assets include Bytecoin (BCN), ChatCoin (CHAT), and Triggers (TRIG).
Following the announcement, ICONOMI ICN price took a serious drop and is at the time of press down by 7%. This comes as no surprise given that Binance is one of the biggest cryptocurrency exchanges in the world.
Just like a new listing gives a project credibility and confidence, delisting does the direct opposite, filling investors with doubt about the future of the asset. According to the post, the exchange will cease trading the pairs on the 2018/10/12 at 10:00 AM (UTC).
Why Is Binance Delisting ICONOMI?
According to the post by Binance, the exchange makes periodic reviews upon which the exchange can determine which assets should be exposed to their users. By doing so, the exchange can protect their users from a bad investment. It also ensures the platform maintains a high level of quality standard.
The team says that the reviews are based on;
- Commitment of team to project
- Quality and level of development activity
- Network / smart contract stability
- Level of public communication and activity
- Responsiveness to our periodic due diligence
- Evidence of unethical/fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem
It is not clear which of these ICONOMI has been failing on. The project has also not commented on this latest failure from them.
ICN Price Analysis
Before the announcement, the coin was enjoying a relatively stable month, trading around $0.399. However, hours into the announcement the price plummeted to hit a new month low of $0.354. The bulls have in the last couple of hours defended the price and has seen it climb above $0.365. Looking at the charts it is clear the bulls are eager to support the coin and ensure it gets back to its feet. Of the four coins to be delisted, Trigger lost the most value, dropping by 39%, followed by Chatcoin by 23% and Bytecoin which lost over 20%.
In the coming hours, ICONOMI is expected to stabilize as the panic settles down and as the team reassures its users. However, this is a major setback for the project and its effect will felt for a long time to come.
John is a finance and technology journalist with a growing interest in cryptocurrencies. Writing is his passion and when he’s not writing he’s listening to the Beatles.