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Title: Binance's delisting of altcoins in June suggests insights into the cryptocurrency market Introduction: 1. Binance to delist several altcoins at the start of June On June 3rd, Binance announced the delisting of several altcoins, including OMG Network ($OMG), Waves ($WAVE), Wrapped NXM ($WNXM), and Nem ($XEM). Notably, some of these altcoins, such as $OMG, $WAVE, and $XEM, had been closely associated with the early growth stages of the cryptocurrency market. In its announcement, Binance cited a few key criteria that led to the decision to delist these altcoins, including: The level of commitment and quality of operations by the project’s development team The trading volume and liquidity of altcoin The development and engagement of the project’s community Altcoin’s overall contribution to the broader cryptocurrency ecosystem
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2. A few characteristics that investors should be aware of from this delisting In May, $OMG recorded a 24-hour trading volume of only $10 million – $15 million, $WAVE had $20 million – $50 million, $XEM had only $3 million – $6 million, and $WNXM had $2 million – $8 million. These are relatively low daily trading volumes. Traders have seemingly lost enthusiasm for these projects.
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2.1. $OMG altcoins (OmiseGO) The official X account of OMG has not been updated since November 2023, and the main website is even inaccessible. This indicates the project has not been actively engaging with the community. If OMG does not make substantial improvement efforts, it risks becoming a “dead coin”.
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2.2. $WAVE altcoins (Waves) Waves was launched and listed in 2016, as a global open-source platform for building decentralized applications. After 8 years, the Waves ecosystem has not expanded significantly, and there are not many prominent projects built on the Waves codebase. The project also lacks integration with other initiatives and has yet to adopt trending market features like staking and restaking.
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