This is the reason for the 30% price drop of WAVES

Yesterday, Binance announced that it will remove the coin WAVES from its platform, leading to a sharp drop in the price of this digital asset. This sudden decision has caused a wave of negativity among investors. Let’s look at the details of this event.

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Binance delist WAVES: bear market for the price

In the early hours of Monday 3 June announced Binance announced that it will end support for the crypto WAVES and that it will remove it from its platform, along with the coins OMG, XEM and WNXM.

The delisting of WAVES will officially take place on June 17, 2024 at 03:00 UTC. After this date, all trading pairs and orders related to WAVES will be deleted.

Drop in price of WAVES

After the announcement the price of WAVES fell by as much as 30%, with a drop of 19% within the first hour of the announcement. This downward trend likely portends a bearish scenario in the coming months, where the future of the token is now essentially in the hands of investors or companies using the token.

The price has now even fallen to a low of more than 38% in recent times. The current value of Waves today is €1.39. Over the past 24 hours, the price has fallen by -€0.166, a percentage drop of approximately ▼11.5%.

The dual nature of altcoins: Big wins versus big losses

Altcoins, including WAVES, often offer great profit opportunities to investors, but these come with a risk proportional to the potential profit. In particular, low-cap coins with less liquidity are much more sensitive to price fluctuations and can be manipulated more easily than top picks like Bitcoin and Ethereum.

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