- Coinbase’s delisting of DESO led to a 20% price drop, leaving investors dissatisfied and closely monitoring the token's performance.
- DeSo Protocol’s founder, Nader Al-Naji, responded, pledging to seek DESO’s relisting on Coinbase amid regulatory hurdles.
- DESO trading volume spiked 555% as investors reacted to Coinbase’s decision, reflecting increased market activity and volatility.
Coinbase announced its decision to delist the Decentralized Social (DESO) token, a crypto asset that raised alarm among the crypto community. Consequently, DESO saw a sharp 20% price decline within 24 hours as the community reacted to the sudden delisting announcement.
This decision has caused notable discontent among DESO investors, who now closely watch the token’s performance. The delisting has raised questions about the project’s trajectory, especially as it aims to promote decentralized social media. According to Coinbase, DESO's removal follows a routine review to ensure all tokens meet the platform’s listing standards.
Trading Mode Changed to Limit-Only
As Coinbase proceeds with the delisting process, the exchange has already placed DESO in limit-only mode. This move allows traders to place limit orders that may be executed if they match but does not permit regular market orders. According to Coinbase, users will be able to continue trading the token in this limited capacity until the final delisting date of November 8.
Additionally, the exchange noted that DESO's delisting follows a review process, maintaining that all tokens must consistently meet Coinbase’s strict standards. Investors have shown concern, viewing the shift as a potential setback in the journey toward wider adoption of decentralized social networks.
Nader Al-Naji, the founder of DeSo Protocol, commented on the delisting, stating that he was dissatisfied with Coinbase's decision. Al-Naji noted that DESO has encountered legal obstacles similar to those seen with Ripple’s XRP token. However, he reassured the community that efforts are underway to address these challenges, expressing a commitment to reestablishing DESO’s presence on Coinbase.
Al-Naji’s statements have prompted a sense of resilience among DESO supporters. He likened the current issues to previous regulatory battles faced by other crypto assets, reassuring investors about the project’s future in the decentralized social landscape.
Sharp Price Drop and Increased Trading Volume
Coinbase’s announcement led to a significant market reaction as DESO experienced increased trading activity. The token saw its price drop to an intraday low of $3.62 before stabilizing around $4.81. The trading volume for DESO surged by an impressive 555%, reflecting heightened investor activity as holders sought to manage their positions ahead of the delisting.
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