Altcoin
Coinbase To Delist This a16z-Backed Crypto Token, Price Crashes
Crypto exchange Coinbase has announced a plan to delist Decentralized Social’s native token DESO, sending shockwaves through the crypto community. The announcement has led to a 20% drop in DESO price over the past 24 hours as traders responded immediately to the news.
Notably, the project raised over $200 million from investors such as a16z, Pantera Capital, Coinbase Ventures, and Sequoia.
Coinbase To Cease DESO Token Trading
Coinbase will suspend trading for delist Decentralized Social (DESO) token. Users will not be able to trade the token after November 8.
Furthermore, the exchange has moved DESO order books to limit-only mode. Traders can place only limit orders, which can be placed and canceled, and matches may occur.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Decentralized Social” the exchange said.
This decision has sparked disappointment among DESO investors, who see the move as a setback for the project future vision of decentralized social media. Investors are now closely monitoring DESO coin performance.
Meanwhile, DeSo Protocol founder Nader Al-Naji responded to the announcement, sharing his disappointment with the community as the token runs into legal issues. He compared the delisting to what happened with Ripple’s XRP token and relisting after the court order. Also, he vows to relist DeSo on Coinbase.
It’s disappointing to see this move from Coinbase, but ultimately not the biggest surprise. When a token runs into any kind of legal issue, a compliance-focused exchange like Coinbase doesn’t really have a choice (similar to what happened with Ripple, which subsequently got… https://t.co/qa3Yklh3zC
— nader.deso (@nadertheory) October 25, 2024
Token Price Falls 20% On Delisting Announcement
Following the announcement from Coinbase and the broader crypto market crash, the DESO token crashed 20%. The price is now trading at $4.81. The intraday low and high are $3.62 and $6.29, respectively. Moreover, DESO price has tumbled over 30% in a month, reflecting a significant 86% drop year-to-date.
The trading volume of DESO coin increased by 555% as investors moved to sell the crypto token. while its market cap currently stands at $43.8 million. DESO is currently facing significant price fluctuations and declining investor interest.
Recently, Coinbase announced that it will delist all MiCA non-compliant stablecoins from its European platforms by the end of December. This decision comes in response to the European Union’s upcoming implementation of the Markets in Crypto-Assets (MiCA) regulations. This regulatory move will enhance the oversight of crypto assets within the European Economic Area (EEA) ensuring consumer protection.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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