Monero’s Strong Recovery
After experiencing a significant decline, Monero (XMR) has swiftly bounced back, surging by 25% within the last 24 hours. The privacy coin saw a sharp 32% decrease, reaching its lowest point since June 2022. This decline followed Binance’s announcement of XMR’s delisting, which is scheduled for February 20. Despite this setback, Monero remains down by more than 18% over the past week and 20.9% year-to-date. However, buyers have entered the market in response to the decline, driving the price up.
Delisting Challenges for Crypto Projects
Delisting poses challenges for crypto projects and their supporters as it complicates the acquisition of the digital currency. However, Monero’s delisting occurred after the beta release of a tool by Samourai Wallet developers, enabling decentralized acquisition of XMR through bitcoinmonero atomic swaps. This has facilitated the rebound in Monero’s price as buyers enter the market. Monero’s delisting has garnered attention on social media platforms, with individuals expressing disappointment and emphasizing the importance of privacy in crypto.
Reactions from Crypto Community
Mudit Gupta from Polygon expressed disappointment with Monero’s delisting and highlighted the fundamental right to privacy. Derrick Broze, founder of the Conscious Resistance Network, emphasized the value of Monero as it becomes a target. He encouraged agorists and counter-economists to embrace Monero and promote its adoption. There is also speculation about a potential litecoinmonero atomic swap service, offering alternative methods for acquiring XMR independently of centralized platforms.
Hot Take: Monero’s Resilience and Future Potential
Monero’s bounce back after a substantial decline demonstrates its resilience as a privacy-focused cryptocurrency. Despite facing challenges such as delisting, Monero continues to attract buyers and maintain its relevance in the crypto market. The strong recovery indicates that there is still demand for Monero and recognition of its value. As the crypto community embraces the importance of privacy and decentralized alternatives, Monero’s potential for growth and adoption remains promising.
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