Crypto exchange Poloniex announced that it will be delisting six cryptocurrencies next week. The news sent prices of the affected tokens plummeting by as much as 70%.
In an email sent to its customers on Tuesday, the US-based exchange announced that it would be delisting Pascal (PASC), Steem (STEEM), Navcoin (NAV), GameCredits (GAME), LBRY Credits (LBC), and Clams (CLAM).
According to the email, which was made public by Reddit user BayAreaCoins, trading for the affected tokens will be disabled on October 15th at 16:00 UTC.
The deadline for withdrawals is October 28th for LBC holders and November 15th for PASC, STEEM, NAV, GAME, and CLAM holders.
No reason was given for the latest round of delistings and, other than a small notice published in the sidebar of the exchange, Poloniex has yet to announce the delistings publicly.
No warning given
Poloniex users weren’t the only ones who were surprised by the news. The teams behind some of the soon-to-be-delisted tokens appeared to have been blindsided as well.
LBRY Credits and Pascal appeared to accept the decision with relative good grace, taking an “onward and upward” approach to the situation.
We will be pursuing other options to ensure $LBC is available for purchase and use.
You can still get LBC at all of these great places: https://t.co/46m92bn2QK
— LBRY (@LBRYio) October 9, 2019
v5 protocol coming soon, and much more! 🔥🔥
— PascalCoin (@PascalCoin) October 9, 2019
GameCredits, however, was far more…colorful in its response.
— GameCredits (@gamecredits) October 8, 2019
Crypto prices tumble
News of the pending delistings on Poloniex sent prices of the affected tokens tumbling by as much as 70% in some cases.
Not surprisingly, the largest cryptocurrency by market cap was also the one least affected by news of the delisting.
Steem (STEEM), with a market cap of more than $50.2 million, saw prices fall from $0.152314 at the time of the announcement to a low of $0.141316 – a loss of 7.22%.
It has since recovered to $0.144180 but is still posting a 24-hour loss of 2.47%.
NavCoin (NAV), which has a market cap of roughly $6.5 million, posted losses of 13.68% following the announcement, though the steepest price drop didn’t occur until news of the delisting became public earlier today.
Prices fell from $0.109592 on Tuesday to a low of $0.094590 on Wednesday before regaining some lost ground.
NAV is currently trading at $0.098459, a 24-hour loss of 6.99%.
LBRY Credits (-25.18%)
LBRY Credits (LBC) has a market cap of just under $2.3 million and, like both NavCoin and Steem, did not see its biggest price drop until news of the delistings became public.
LBC prices fell from $0.010210 to a low of $0.007639 before a moderate recovery to its current price of $0.008101 – a 24-hour loss of 4.43%.
GameCredits (GAME), which has a market cap of $1.77 million, saw its steepest price drop on Tuesday, followed by further losses on Wednesday.
GAME prices plummeted from $0.031452 to $0.023683 – a loss of nearly 25% – in just two hours before falling further to $0.022586.
The token experienced a sharp – and brief – rebound to $0.027402 before falling again and is currently trading at $0.025511, a 24-hour gain of 4.01%.
The oldest cryptocurrency on Poloniex’s chopping block, Clams (CLAM) has a market cap of $4.68 million.
Like GameCredits, CLAM’s greatest price drop occurred shortly after Poloniex emailed the delisting announcement to its customers.
Following an initial 48% loss – from $2.36 to $1.22 – in less than an hour on Tuesday, CLAM fell to $1.00 just six hours later, for a total loss of 57.62%.
Since then, CLAM has managed to regain some lost ground and is currently trading at $1.23 and posting a 24-hour gain of 2.40%.
Of all six cryptocurrencies set to be delisted on Poloniex, Pascal (PASC) has the smallest market cap at just $1.3 million and suffered the greatest loss in the wake of Poloniex’s announcement.
In the span of just over 30 minutes, PASC fell from $0.109387 to $0.038913 and then fell further, to $0.032083, for a total loss of more than 70%.
It is currently trading at $0.046306 for a 24-hour loss of 5.10%.