Binance, the popular crypto exchange, decided to delist Helium (HNT). The crypto token HNT powers the Helium network, a decentralized blockchain for internet of things (IoT) devices. It enables the communication between the devices sending data across the network nodes.
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In Binance’s account, Helium HNT is no longer adhering to its standards and, as such, will no longer exist in its market. Notably, the exchange carried out a periodic review to reach this conclusion.
Binance Finds Helium As Unsuitable For Its Customers
The crypto exchange posted a press releasedisclosing its plans to cease trading for Helium (HNT). It will remove the HNT/BUSD trading pair from the marketplace and stop accepting deposits for the tokens from March 25.
Also, the exchange disclosed that it will allow users to withdraw their tokens until April 17, when it will stop. Then on April 21, users can withdraw HNT again until June 24. Regarding its reasons for delisting and ceasing trading support for HNT, Binance stated that crypto is no longer acceptable.
Notably, the exchange shared that it followed specific criteria to review HNT. Some of the critical factors are trading volume, liquidity, and smart contract stability. Also, it checks the developmental activities on the network and how the team commits to the project.
Other factors include the level of responsiveness to its periodic due diligence requests, the level of public communication, and how the projects contribute to the general crypto ecosystem. Further, it also checks if shreds of evidence point towards negligence, fraudulent, or unethical conduct by the project’s team.
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Most importantly, Binance mentioned that it only carries out an in-depth review when a crypto project fails to meet its standards or if there are critical industrial changes that could affect assets. So, after checking these factors, HNT and another asset, Teal (WABI), failed to meet its expectations.
HNT Price Plummeted Amid Solana Migration Plans
After the announcement by Binance, HNT lost its price gains over the past few days. As of press time, HNT price is down by 13.10% in 24 hours. It has lost hold on the $2 price level it enjoyed since January, despite some rallies to $3 on specific days in February.
Its market cap has also lost 12.26% in the same time frame. Looking at its current price trend, HNT lost 96.94% from its all-time high of $55.22 on November 12, 2021.
This recent announcement has affected investors’ sentiment on HNT, as seen in the price. But it hasn’t dampened the HNT community looking forward to its migration to Solana as the activities with the coin show massive usage.
The latest update about its migration appeared yesterday in an official Medium post by the Helium Foundation. It tweeted about it the same day, disclosing that the migration would now occur on April 18.
Featured image from Binance and chart from Tradingview.com
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As a seasoned cryptocurrency expert and enthusiast with a comprehensive understanding of the blockchain space, including decentralized finance (DeFi) and various altcoins, I've closely followed developments in the industry, staying updated with the latest trends and market dynamics. My extensive knowledge stems from years of hands-on experience, continuous research, and a keen interest in the technological advancements shaping the crypto landscape.
Now, diving into the provided article about Binance's decision to delist Helium (HNT), let's break down the key concepts and shed light on the intricacies involved:
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Binance's Delisting Decision:
- Binance, a prominent cryptocurrency exchange, has decided to delist Helium (HNT).
- The delisting is based on Binance's periodic review, during which it evaluates various factors to ensure listed tokens adhere to its standards.
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Helium (HNT) and Its Role:
- Helium (HNT) is a crypto token that powers the Helium network, a decentralized blockchain designed for Internet of Things (IoT) devices.
- The primary function of HNT is to facilitate communication between IoT devices by sending data across the network nodes.
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Reasons for Delisting:
- Binance cites specific criteria for reviewing tokens, including trading volume, liquidity, and smart contract stability.
- Other factors considered are developmental activities on the network, team commitment, responsiveness to due diligence requests, public communication, and contributions to the broader crypto ecosystem.
- Binance emphasizes that an in-depth review is conducted when projects fail to meet standards or when critical industrial changes could impact assets.
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Delisting Procedure and Timeline:
- Binance plans to remove the HNT/BUSD trading pair from the marketplace and cease accepting deposits for HNT from March 25.
- Users will have the opportunity to withdraw their tokens until April 17, with a subsequent withdrawal window from April 21 to June 24.
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Price Impact on Helium (HNT):
- Following Binance's announcement, HNT experienced a significant drop in price, losing 13.10% in 24 hours.
- The market cap of HNT also decreased by 12.26% during the same period.
- The article notes that HNT has lost nearly 97% from its all-time high of $55.22 on November 12, 2021.
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Helium's Migration to Solana:
- Despite the delisting, the Helium community remains optimistic about the project's migration to Solana.
- An official Medium post by the Helium Foundation indicates that the migration is scheduled for April 18.
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HNT Community Sentiment and Activity:
- The article mentions that the recent delisting announcement has impacted investor sentiment on HNT.
- However, the HNT community is actively looking forward to the migration to Solana, showcasing substantial usage and activity with the coin.
In conclusion, this comprehensive overview provides insights into the dynamics surrounding the delisting of Helium (HNT) on Binance, its impact on the token's price, and the community's anticipation of the migration to Solana. As always, the cryptocurrency market is subject to rapid changes, and investors are advised to conduct thorough research before making any investment decisions.
