Neos experiences over 30% loss after Poloniex delisting
If you have been in the cryptocurrency space for some time, then you will agree that crypto exchanges delist seemingly ‘underperforming’ coins from time to time. This time, Poloniex has announced that they will be delisting Neos Coin.
Neos Coin in a reddit post told users that the coin will be delisted from the exchange on September 25, and users have until October 25 to withdraw their digital assets from Poloniex. The post also highlighted the fact that Neos has appealed to Poloniex with the aim that decision is overturned. However, the ball is the court of the exchange’s listing department. They noted that Neos is being delisted because it lacks sufficient trading volume, and leaving the coin on the exchange will arguably not increase its trading volume significantly.
As expected, the news negatively affected Neos. As at press time, the coin had dropped by over 30%. The team was however optimistic and gave users some encouraging words to weather the storm. They noted that work on their v3 code is proceeding as planned, and they are seeking out more exchanges.
Neos Coin is a proof of stake cryptocurrency that enables instant private transactions via a network of masternodes. The v3 update will offer an immutable hosting and social network where people are rewarded for creating, sharing, and liking content.