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Binance, the world’s largest decentralized crypto exchange platform, recently announced plans to delist Monero, (the most popular privacy coin) effective February 20. Although Binance did not provide specific reasons for this decision, there have been safety concerns regarding the use of privacy coins like Monero due to their anonymity and tendency to be used for illegal transactions. Due to this, several privacy coin investors are now flocking to other tokens, especially $GFOX, which is currently in presale and has been tipped to be one of the best meme tokens of all time.
Monero ($XMR) Price in Freefall After Binance Delisting – Questions Arise About Privacy Coins
As mentioned earlier, Binance, the most popular cryptocurrency exchange, announced that by February 20, 2024, it would delist several privacy coins, including Monero, along with all trading pairs involving those cryptocurrencies. However, users are allowed to continue withdrawing their Monero tokens until May 20, 2024.
An important factor influencing Binance’s decision to drop Monero and other privacy coins is that their nature does not fully comply with the industry’s regulatory standards. Privacy coins keep the identity of their users unknown and, therefore, will offer less help to maintain a healthy crypto ecosystem free from unethical conduct as desired by regulatory standards of the industry. This decision caused many $XMR holders to sell their tokens, and as a result, the price of Monero dipped by almost 37% within 24 hours. Price recovered somewhat after the downward spike, but the overall privacy coin ecosystem has take a heavy hit from which it may never fully recover.
This news has raised concerns among experts regarding $XMR’s and other privacy coins’ future. Although they do not view privacy coins as dead, they stress that due to several regulatory standards holding them back, they are definitely not tokens to invest in right now as their prices will most likely dipped further as holders continue to sell them.
Galaxy Fox Woo Privacy Coins Investors With Potential 450% ROI
Following the regulatory issues with privacy coins and their subsequent delisting from several exchanges including Binance, investors of these tokens are now looking towards $GFOX as a worthy substitute.
$GFOX which is currently in presale has been regarded widely as one of the most innovative memecoins of all time. Its presale has been a success and has surprised many investors with its mouthwatering ROI at every stage.
Currently in stage 7, this token has increased by a whopping 230% from its initial piece of $0.00066 to reach $0.00198. In a few days, this presale will progress to stage 8 where $GFOX price will increase further by approximately 10% to sell for $0.002178.
One of the outstanding features of Galaxy Fox is its play-to-earn (P2E) ability. It features a web3 runner game that allows players to earn $GFOX depending on their level of performance. The platform also includes about 3000 NFTs in its ecosystem, which can be used as a temporary in-game booster or traded for gains in top NFT marketplaces like OpenSea.
Staking is another activity investors find very interesting. It earns them rewards through the platform reward distribution hub called Galaxy Fox Stargate when they stake their $GFOX tokens. Moreover, the platform runs a treasury that holds the funds for upcoming developments within the platform.
Galaxy Fox also ensures that the ecosystem does not run out of funds and continues to run smoothly by implementing a token tax system. In this system, 6% of every buy and sell within the ecosystem is taken out as tax and then distributed equally to Galaxy Fox’s staking pool, treasury, and liquidity pool to fund the platform’s developments, rewards, and liquidity.
Another exciting feature of Galaxy Fox is the ‘token burn mechanism’ which aims to reduce the amount of $GFOX tokens in circulation. While this process seeks to reduce the supply of $GFOX tokens, in return, it increases its scarcity, and also potentially increases its value.
Conclusion
Since privacy coins are now facing regulatory issues and getting delisted from exchange platforms, $GFOX has and will remain the best alternative due to its unbeatable presale records and potential to excel after launch. Although, the planned delisting of Monero and other privacy coins by Binance is not necessarily a sign that privacy coins are dead; however, it should be seen as a moment to pay attention to emerging ICOs like Galaxy Fox.
Looking for a worthy token to add to your portfolio? Join Galaxy Fox today. Visit the website and join the telegram community for latest updates.
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