- Binance launched an announcement stating it would delist FET, stirring FUD amongst holders.
- FET skilled a heavy worth drop following the announcement, with crypto group members criticizing Binance.
- FET is down 8% following the announcement.
Fetch.ai (FET) suffered a pointy decline earlier on Monday after the crypto change Binance sparked FUD with a misinterpreted announcement that it will delist FET.
FET’s worth dropped following the controversial announcement from Binance
On Monday, FET was the topic of controversy after Binance introduced it will delist the token on July 1. The timing and supply of the message aroused concern, uncertainty, and doubt (FUD) among the many crypto group.
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Binance’s announcement led to an enormous sell-off amongst FET holders, with its worth dropping by 20% to round $1.24 earlier than retracing.
This follows an earlier announcement from Binance, stating that it will help the merging of FET, OCEAN, and AGIX after the token merger date was moved from June 13 to July 15. Binance additionally revealed its plans for the ASI token commerce from July 5.
In response to the FUD, bigger traders took benefit of the scenario by shopping for the dip in FET’s worth, inflicting a slight restoration within the token’s worth. This has put Binance underneath scrutiny, elevating questions in regards to the change’s communication methods and decision-making which have impacted the FET market.
$fet is just not getting delisted however can be changed with $asi,
Some massive whales are cashing on this information and creating FUD to let the innocents to promote in order that they may get it as low-cost as attainable, @binance might have dealt with this nicely ,
Simply know it would rip up very quick pic.twitter.com/QuOZlZyLuv— WIZZ (beware sammers) (parody) (@Crypto_sinner) June 17, 2024
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At the moment, FET is buying and selling at $1.36, reflecting a 7.48% decline because the preliminary announcement. Nonetheless, this dip might not be solely attributed to Binance’s resolution, as all three ASI tokens skilled a 20% worth decline over the previous week. OCEAN is presently buying and selling at $0.57, with AGIX buying and selling at $0.56, every displaying an 8% decline on the time of writing.