Cryptocurrency: Monero (XMR) Bleeding, Dymension (DYM) Poised To Rally After Binance Listing
The cryptocurrency market is sending mixed messages during US business hours on Tuesday. While major players like Bitcoin (BTC), Ethereum (ETH), XRP, and Cardano (ADA) are stuck in a holding pattern, some altcoins are facing different fates.
Monero, for instance, is taking a hit after Binance, the biggest crypto exchange, announced it will delist XMR trading pairs. This move, likely due to regulatory concerns, has sent Monero’s price tumbling.
So, while some altcoins are mirroring Bitcoin’s cautionary consolidation, others like Monero are feeling the sting of bearish news.
Binance To Delist XRP: Can XMR Weather The Storm?
Prominent crypto exchange Binance has announced its intention to delist XMR, a popular privacy token on February 20. According to the communication from the company, Monero alongside Aragon (ANT), Multichain (MULTI) and Val (VAI) no longer meet listing standards.
“When a coin or token no longer meets this standard or the industry changes, we conduct a more in-depth review and potentially delist it,” Binance said in a statement accepting the news.
Holders of these tokens have until May 20 to make withdrawals, but trading will be halted on February 20.
Monero like other privacy-oriented cryptocurrencies conceal details of transactions made on their networks. This makes it difficult for regulators and law enforcement authorities to track activities on the protocol. Crypto exchange OKX will also delist XMR and other tokens like DASH and ZCH.
The rush by investors to sell XMR triggered a massive sell-off, with the token slashing its value by 27% in 24 hours to $115. Monero price has not seen this price level since May 2022 and it appears that the freefall could continue to $100 during the US session.
With the Relative Strength Index (RSI) now in the oversold region, investors could be warming up to a rebound. Watching out for robust support is key to making the most out of the next leg up.
Read also: 3 Low-Cost Ethereum Alternatives To Buy For 2024 Bull Run: SOL, DOT, AVAX
Binance To List DYM: Is Dymension Poised To Rally?
As Monero bids farewell to Binance, the exchange is welcoming another token called Dymension, starting February 6 at 15:00 (UTC). The trading pairs to be supported include “BTC, USDT, FDUSD, and TRY in spot markets).”
“In preparation for the trading commencement, users can now start depositing DYM into their Binance accounts,” Binance said in a blog post. “The withdrawal feature for DYM will be available at 2024-02-07 15:00 (UTC). As highlighted by Binance, the listing fee for Dymension (DYM) has been set at 0 BNB.”
On CoinMarketCap, Dymension is up a staggering 233% to $14, although the token is lagging significantly on the decentralized exchange PancakeSwap (CAKE) at $1.54.
As reported, the platform known for empowering RollApps is expected to launch its mainnet soon after the listing on Binance, giving investors a reason to speculate a potential rally. Besides, recent listings on Binance have had a significant impact on tokens like BONK, MANTRA, and JUP.
While past performance is not a guarantee for a massive breakout, speculating within reasonable limits could bolster investors into profit. Therefore, investors should be cautious and watch out for volatility.
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