In a move that has sent shockwaves across its community, Coinbase has revealed that it intends to delist a famous cryptocurrency.
The Decentralized Social token’s price have experienced a 20% decline within 24 hours as a result of this decision, as traders have responded promptly.
A number of well-known investors, including as a16z, Pantera Capital, Coinbase Ventures, and Sequoia, have contributed more than two hundred million dollars to prior funding rounds for the project.
On November 8, trading for the token will be discontinued, and its order books will be converted to a limit-only mode. This will let users to create and cancel limit orders, but it will prohibit real transactions.
“We frequently examine the assets on our platform to verify that they match our listing requirements,” Coinbase said in a statement. “As a result of recent assessments, we have made the decision to halt trading for Decentralized Social.”
A significant number of investors are dissatisfied, since they see the delisting to be a barrier to the realization of the project’s concept of decentralized social media. Founder Nader Al-Naji responded by expressing his dissatisfaction and drawing a parallel between the current scenario with the relisting of Ripple’s XRP, which occurred as a result of a court judgment. There is still a chance that he will be able to get the token from Coinbase. The token has seen large losses as a result of the news as well as a drop in the market as a whole.
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