Coinbase has announced plans to delist a notable cryptocurrency, sending shockwaves through its community.
This decision has led to a 20% drop in the price of the Decentralized Social token within 24 hours as traders reacted swiftly.
The project had previously raised over $200 million from prominent investors, including a16z, Pantera Capital, Coinbase Ventures, and Sequoia.
Trading for the token will cease on November 8, with its order books switched to limit-only mode, allowing users to place and cancel limit orders but restricting actual trades.
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Coinbase stated, “We regularly assess the assets on our platform to ensure they meet our listing standards. Following recent evaluations, we have decided to suspend trading for Decentralized Social.”
Many investors are disappointed, viewing the delisting as a setback for the project’s vision of decentralized social media. In response, founder Nader Al-Naji expressed his frustration and likened the situation to Ripple’s
XRP
, which was relisted after a court ruling. He remains hopeful about getting the token back on Coinbase.
Following the announcement and a broader market downturn, the token has faced significant losses.
