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Various changes in the crypto space tend to impact the value of assets. Prices in particular are affected as decisions off-chart change how investors feel about coins and how much they invest their money. Some of these changes are sudden while others happen over time, but in either case, they have notable effects on tokens and their holders.
In this article, we look at one of these changes – Binance delisting privacy-based coin, Monero (XMR). We look at what could be behind this action and how it could affect the value of the token. An alternative option for Monero (XMR) holders, DeeStream (DST), is also examined in detail.
Monero (XMR): Off Binance and Off Portfolios
On Tuesday, Binance (BNB), the giant cryptocurrency exchange, released an official announcement on its website and social media pages that several trading pairs will be unavailable on the exchange from the 20th of February. This means users will be unable to buy, trade, or sell these tokens or any of their pairs by the set date. These tokens include ANT, MULTI, VAI, and most notably, Monero (XMR).
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The general explanation for this move from the release is related to Binance’s periodical reviews of coins listed on the exchange. Several factors are considered for this, including the commitment of the team to the project, trading volume and liquidity, regulatory compliance, and responsiveness to Binance’s periodic due diligence requests. The reviews are said to be conducted to ensure coins meet certain standards and requirements that Binance sets to obtain the “best services and protections” for users.
While there are no specifics as to which of the exchange’s metrics Monero (XMR) fell short of, it has been included and will cease to be available on Binance by the end of the month. The specific pairs in question are XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT. Binance has also provided some steps that will be taken on tokens still held when the deadline passes, to ensure users get their funds.
Monero (XMR) has responded and reaffirmed its commitment to providing the utmost privacy for users, suggesting this is connected to its delisting. Following the news, the coin dropped from $165 to as low as $101 in a matter of hours. It has recovered back to around $130 at press time but still struggles to convince investors who are moving their funds elsewhere.
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DeeStream (DST): An Alternative and More
Meanwhile, one destination Monero (XMR) holders could go to is streaming crypto, DeeStream (DST). Currently priced at $0.035, the token is cheap and has many advantages. With only a little of its total supply in circulation, it holds much potential for growth.
The project itself will be a decentralized live-streaming platform. It will feature lower fees, transparency, and decentralized governance. It also has incentives and rewards for interacting with the platform in certain ways.
Its prospects make it a good alternative in the current market. Buying now, while its presale lasts, also means investors will earn revenue from its transaction fees. Analysts think DeeStream (DST) will go to the top and consider it a future blue-chip coin.
Find out more about the DeeStream (DST) presale by visiting the website here
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