In a major update for the crypto community, Binance has announced that it will be delisting the popular altcoin Orion (ORN) and facilitating the transition to Lumia (LUMIA). This news has sparked plenty of interest among ORN holders and traders eager to understand what this means for their investments. Letโs break it down so you know exactly whatโs happening and how to prepare! ๐๐ก
Binance Delists ORN: Whatโs the Impact?
As of October 15, 2024, Binance will officially remove all ORN trading pairs (ORN/USDT and ORN/BTC) from its platform. But donโt worryโthereโs no need to make any manual moves. Binance is handling everything for you by swapping all ORN tokens to Lumia (LUMIA) at a 1:1 ratio. Orion is rebranding and making a transition to its mainnet, and LUMIA is at the center of this change. Binance is supporting this move to ensure a smooth transition for all investors. ๐ฅ๐
Swap and Rebrand: Whatโs Happening?
The ORN to LUMIA swap begins on October 15, 2024, and Binance has got you covered by taking care of all the technical steps. You simply need to keep your ORN tokens in your account, and Binance will handle the rest! Starting October 18, 2024, the LUMIA/USDT trading pair will be live, so youโll be able to trade with the new token. LUMIAโs total supply will increase from ORNโs previous 92.6 million tokens to 238.9 million, aligning with the projectโs future goals. ๐๐
Key Dates to Watch ๐๏ธ
Here are the critical dates to keep in mind during this transition:
October 9, 2024: ORN margin trading stops, and margin positions will be automatically closed.
October 15, 2024: ORN trading pairs are delisted, and ORN tokens are swapped for LUMIA.
October 18, 2024: The new LUMIA/USDT trading pair goes live, and users can begin trading LUMIA.
For those trading ORN on margin or futures, be sure to manage your positions as margin trading will no longer be supported after the delisting. Stay sharp and review your investments to avoid any surprises. ๐๐
Market Impact: ORN Price Swings ๐ช๏ธ
After Binanceโs delisting announcement, ORNโs price took a major hit, falling by 47.43% from $1.75 to $0.92. Such price volatility is expected in moments of major transition, but this dip has created some turbulence for short-term investors. Keep an eye on how the market adjusts as LUMIA makes its debut! ๐๐
Final Thoughts
Binanceโs move to delist ORN and introduce LUMIA is a pivotal moment in the crypto landscape. This transition marks a new era for Orion and its future projects, with LUMIA set to make waves in the market. By following the outlined steps and paying attention to key dates, you can safely navigate this transition and stay ahead of the game. ๐๐
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