After the leading privacy crypto token monero experienced a substantial 32% price decline on Tuesday, the coin’s value swiftly saw recovery the next day, surging by 25% within the last 24 hours. Binance, Kraken, and Kucoin are witnessing significant activity in monero’s daily trading volume, amounting to $256.91 million over the past 24 hours.
Monero’s Quick Bounce Back
Monero (XMR) experienced a sharp decline on Feb. 6, 2024, plunging to levels not witnessed since June 2022. The top privacy coin saw a significant 32% decrease, reaching a low of $100.40 per unit on Binance during Tuesday’s trading sessions. This downturn followed Binance’s announcement of XMR’s delisting scheduled for Feb. 20. Privacy coins have increasingly become targets, with Okx’s decision to remove XMR in December, along with seven other assets, preceding Binance’s move.
Delisting poses challenges for crypto projects and their supporters, as it complicates the acquisition of the digital currency. Nonetheless, the delisting took place after the beta release of a tool by Samourai Wallet developers, facilitating bitcoin<->monero atomic swaps and enabling enthusiasts to obtain XMR in a decentralized manner. In response to XMR’s decline, buyers have entered the market, driving the price up by 25% in the past 24 hours.
Despite this rebound, XMR remains down by more than 18% over the past week and down 20.9% year-to-date. Monero has also garnered attention on various social media platforms. Mudit Gupta from Polygon expressed disappointment regarding XMR’s delisting. “It was predictable but still sucks to see Monero being deleted from exchanges. Monero (well, Bytecoin) is how I got into crypto. I came here for privacy and stayed for decentralization,” Gupta said.
Gupta added:
[The] right to privacy is fundamental. If privacy was outlawed, only outlaws will have privacy.
Founder of the Conscious Resistance Network, Derrick Broze, weighed in with his perspective. “They are coming for monero and this is why its valuable,” Broze remarked on X. “Agorists and counter-economists need to embrace monero and promote adoption.” Furthermore, there’s buzz around a potential litecoin<->monero atomic swap service. A user on X, known as “Untraceable,” recently highlighted four methods for acquiring XMR independently of centralized platforms, including the use of Samourai Wallet’s bitcoin<->monero atomic swaps functionality.
What do you think about monero’s comeback on Wednesday? Share your thoughts and opinions about this subject in the comments section below.