Binance’s Delist Voting Sparks Concerns Over Altcoin Stability

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The unofficial results of the second “Delist Voting” organized by Binance, the world’s largest cryptocurrency exchange, have raised alarm in the cryptocurrency market. This campaign allows Binance users to vote on whether certain altcoins should remain on the exchange. While the final decision rests with Binance’s internal review team, the results have triggered concerns for several altcoins, with the bankrupt FTX exchange’s token, FTT, topping the list of votes.

FTT Coin Ranks at the Top of the Community’s Rejection List

FTX’s FTT has lost popularity since the exchange’s collapse, receiving 11.1% of votes, making it the most rejected altcoin by the community. Following the crash in November 2022, FTT has continuously lost value, and its price dropped by an additional 4.1% within the last 24 hours, currently standing at $0.81.

It is important to note that Binance officials have stated that the voting results alone are not decisive; the final decision will consider volatility, trading activity, and overall risk analysis.

FTT is not alone in its struggles. Zcash (ZEC) and JasmyCoin (JASMY) each received 8.6% of the votes, placing them second. Following them are GoPlus Security (GPS) with 8.2% and PlayDapp (PDA) with 7.6%. Other altcoins such as Voxies (VOXEL), Alpaca Finance (ALPACA), STP Network (STPT), and Flamingo Finance (FLM) also garnered significant attention with high vote percentages, leading to price declines. JASMY and STPT suffered notable drops, losing around 6% of their value.

Community Confidence Continues to Dwindle

Although Binance has yet to announce a final decision, the distribution of votes indicates a growing lack of confidence in certain altcoins within the community. Coins like ARK, Biswap (BSW), MovieBloc (MBL), Wing Finance (WING), Ardor (ARDR), Perpetual Protocol (PERP), NKN, and LTO Network have received fewer votes but still warrant attention.

As community-driven decisions become increasingly crucial in the cryptocurrency market, the voting results clearly reveal which projects users are losing faith in.

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