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In the past few minutes, news about Coinbase has had a severe impact on a particular cryptocurrency. While Coinbase is known for its listings, it periodically delists projects it believes might face problems in the future. The moment the news about UNFI’s delisting broke, the cryptocurrency experienced a sharp decline in price. So, what’s the current situation with UNFI?
Coinbase to Delist UNFI
According to an announcement by Coinbase, Unifi Protocol DAO (UNFI) will be delisted from the exchange. The announcement stated:
We regularly monitor assets on our exchange to ensure they meet our listing standards. Based on our latest reviews, we will suspend trading operations for Unifi Protocol DAO (UNFI) on April 1, 2024, around 2:00 PM ET. Trading will be suspended on http://Coinbase.com (simple and advanced trade), Coinbase Exchange, and Coinbase Prime. We have only moved our UNFI order books to limit mode. Limit orders can be placed and canceled, and matches may occur.
According to Coinbase, the delisting of UNFI from the exchange will occur on the evening of April 1, 2024, at 9:00 PM. Following this news, all eyes turned to the UNFI price, which was not faring well.
What is the Price of UNFI Now?
Following the news, the price of UNFI plummeted by 12% within seconds. The price, which was at $7.12 before the announcement, fell to $6.67 after the drop.
The price drop also affected the market cap, causing the cryptocurrency’s market cap to shrink suddenly to $44 million.
Despite the intense selling pressure following the news, there was also a decrease in the 24-hour trading volume. After a 3% decline, the volume was only $16 million.
Coinbase’s move could be interpreted as a shift away from low-volume cryptocurrencies. It could also be considered a decision by the exchange to focus more clearly on market-leading projects in terms of trading.
