Binance Delists Popular Altcoin Orion (ORN) and Will Support Lumia (LUMIA) Exchange!
Binance, one of the worldâs largest cryptocurrency exchanges, announced that it will delist popular altcoin Orion (ORN) and support the Lumia (LUMIA) exchange in the process.
This development closely affects both ORN token holders and those investing in the crypto market. Here are all the details you need to know about this important change and what to do!
Binance delists ORN: What does it mean?Starting from October 15, 2024, all ORN trading pairs (ORN/USDT and ORN/BTC) will be delisted from the Binance platform.
Binance will replace usersâ existing ORN holdings with Lumia (LUMIA) and there will be no need for manual transactions in the process.
All ORN tokens will be exchanged with Lumia at a 1:1 ratio. $ORN ORN0.967-3.87%
The new token, LUMIA, is launched as part of Orionâs mainnet rebranding and replacement strategy. By supporting this transformation process, Binance offers cryptocurrency investors a smooth transition process.
Clean-up and rebranding processThe ORN-LUMIA exchange will begin on October 15, 2024.
Binance will handle all technical arrangements in this process. Users will only need to hold ORN tokens in their accounts and Binance will process all transactions automatically.
In addition, the Lumia/USDT trading pair will be activated on October 18, 2024, so trading can begin with the new token.
With this swap, the total supply of LUMIA will increase from the previous ORN supply of 92.6 million tokens to 238.9 million tokens.
Dates Binance users should pay attention to
During this important transformation process, users should pay attention to some critical dates:
October 9, 2024:
ORN margin transactions will be terminated. ORN margin positions will be closed automatically.
October 15, 2024:
Binance will remove ORN trading pairs from the platform. ORN tokens will be exchanged for Lumia.
October 18, 2024:
The Lumia/USDT trading pair will be activated and users will be able to start trading Lumia.
Things to do for Binance users
The most important step for users is to hold ORN tokens in their accounts and wait for Binance to complete the exchange.
There is no manual action required. Binance has taken care of all technical requirements and users are safe throughout the entire process.
However, for users trading on margin or futures, it may be necessary to review and close their investments and positions.
Since Binance will remove ORN from the margin trading list, it is recommended to be cautious in this regard.
Crypto Market Activity: ORN Price Drops
Following the delisting of ORN tokens and the announcement of the LUMIA exchange, there were large fluctuations in the price of ORN. The price of ORN dropped by approximately 47.43% after the news was announced, falling from $1.75 to $0.92.
These major changes caused sudden selling pressure in the market and at the same time generated short-term price volatility for investors.
Conclusion
Orion (ORN) delisting from Binance and supporting Lumia (LUMIA) is a major step in the cryptocurrency world.
This process will be crucial for Orion's future projects and Lumia's place in the cryptocurrency market. Users can safely manage their investments by paying attention to the specified dates.
