Crypto exchange Coinbase has announced its decision to delist Decentralized Social’s native token, DESO, causing significant turmoil within the crypto community.
Following the news, the price of DESO experienced a sharp decline, plummeting more than 20% in the last 24 hours as traders reacted swiftly to the development.
DESO Price Plummets Over 20%
In an official statement, Coinbase explained, “We regularly monitor to ensure that the assets listed on our exchange meet our listing standards. Based on recent reviews, we will suspend trading for Decentralized Social (DESO) on November 8, 2024, at 2:00 PM ET.” The exchange has transitioned DESO to a limited order book, where users can place, cancel, and match limit orders.
The decision to delist DESO indicates that the token has failed to meet Coinbase’s listing requirements, suggesting ongoing challenges for the altcoin’s market performance.
As of the time of writing, DESO is trading at $4.81, reflecting a significant 20.02% decrease. The global market capitalization for DESO currently stands at $42.51 million, with a striking 24-hour trading volume increase of 558.42%.
The news has disappointed many DESO investors, who perceive this move as a major setback for the project’s vision of decentralized social media. The immediate reaction in the market has raised concerns about the token’s future and its ability to maintain value amidst these challenges.
DESO Protocol Founder Reacts to the News
Nader Al-Naji, the founder of DeSo Protocol, responded to the delisting announcement by expressing his dissatisfaction and drawing a comparison to the legal issues that Ripple’s XRP token encountered before being relisted after a court ruling. To regain investor trust in the project, Al-Naji informed the community that he would relist DESO on Coinbase.
He noted, “In the meantime if you need an alternative to trade DESO on, remember that you can still use Gate and Huobi and that you can always rely on the DeSo DEX via Openfund, which is fully decentralised and self-custody.”
Investors are keeping a careful eye on DESO’s performance as the scenario develops in the hopes that the project may successfully negotiate these choppy seas and regain its footing in the cutthroat cryptocurrency market.