OMG Coin and 10 Other Altcoins Face Delisting: Prices Plummet

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Amid financial scrutiny, the OKX cryptocurrency exchange announced the removal of several spot trading pairs from its platform.
Factors influencing this decision include low trading volume and liquidity issues.
“Ensuring a healthy market structure is our priority,” remarked a spokesperson from OKX.

Crypto exchanges OKX and WazirX are delisting multiple coins due to low trading volume and liquidity concerns, affecting prices significantly.

OKX Delists Multiple Trading Pairs

On July 17, 2024, OKX revealed plans to delist several spot trading pairs. As of July 23, 2024, the following pairs will no longer be available for trading: CEL/USDT, CEL/USDC, OMG/USDT, SPELL/USDT, SPELL/USDC, APM/USDT, LHINU/USDT, POLS/USDT, DCR/USDT, and DCR/ETH. This action stems from the exchange’s commitment to maintaining a balanced market environment, where trading pairs with insufficient volume and liquidity are eliminated.

Impact on Prices

The announcement had immediate repercussions on the affected coins. Data from CoinGecko shows a 20% drop in CEL prices, a 5% decline in OMG, and a 3% reduction in APM. LHINU experienced the steepest fall, plummeting by 17%. While SPELL and DCR remained relatively stable, the overall market sentiment was evidently shaken.

WazirX Follows Suit

Similarly, WazirX, another prominent cryptocurrency exchange, declared the delisting of WAVES and NEM (XEM) on the same day. Effective July 17, 2024, at 3:00 PM IST, the WAVES/USDT, XEM/USDT, and XEM/INR pairs will be withdrawn from trading. This move aligns with WazirX’s initiative to enhance market efficiency and security for its users.

Rationale Behind Delisting

Both OKX and WazirX emphasize that delisting decisions are driven by trading volume and liquidity metrics. Low volume and liquidity can lead to imbalanced supply and demand dynamics, causing erratic price movements. By removing certain pairs, these exchanges aim to foster a more stable trading environment, thereby protecting investors from unpredictable volatility.

Conclusion

In summary, the delisting actions by OKX and WazirX underscore the importance of market health and liquidity for sustaining robust trading platforms. Investors should regularly monitor such updates, as they significantly impact market conditions and individual coin valuations. Moving forward, both exchanges are expected to continue refining their listings to ensure a stable and secure trading experience for their users.