Binance faces backlash following announcement to delist FET
- Binance released an announcement stating it will delist FET, stirring FUD among holders.
- FET experienced a heavy price drop following the announcement, with crypto community members criticizing Binance.
- FET is down 8% following the announcement.
Fetch.ai (FET) suffered a sharp decline earlier on Monday after the crypto exchange Binance sparked FUD with a misinterpreted announcement that it would delist FET.
FET's price dropped following the controversial announcement from Binance
On Monday, FET was the subject of controversy after Binance announced it would delist the token on July 1. The timing and delivery of the message aroused fear, uncertainty, and doubt (FUD) among the crypto community.
Read more: AI coins to watch after Siri 2.0 announcement at Apple WWDC 2024: WLD, RNDR, FET
Binance's announcement led to a massive sell-off among FET holders, with its price dropping by 20% to around $1.24 before retracing.
This follows an earlier announcement from Binance, stating that it would support the merging of FET, OCEAN, and AGIX after the token merger date was moved from June 13 to July 15. Binance also revealed its plans for the ASI token trade from July 5.
In response to the FUD, larger investors took advantage of the situation by buying the dip in FET's price, causing a slight recovery in the token's value. This has put Binance under scrutiny, raising questions about the exchange's communication strategies and decision-making that have impacted the FET market.
$fet is not getting delisted but will be replaced with $asi,
— WIZZ (beware sammers) (parody) (@Crypto_sinner) June 17, 2024
Some big whales are cashing on this news and creating FUD to let the innocents to sell so that they could get it as cheap as possible, @binance could have handled this well ,
Just know it will rip up very fast pic.twitter.com/QuOZlZyLuv
Also read: Crypto ETFs experience heavy outflows after FOMC meeting
Currently, FET is trading at $1.36, reflecting a 7.48% decline since the initial announcement. However, this dip may not be solely attributed to Binance's decision, as all three ASI tokens experienced a 20% price decline over the past week. OCEAN is currently trading at $0.57, with AGIX trading at $0.56, each showing an 8% decline at the time of writing.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
