KIN Token Taken down from CoinFalcon

KIN Token Taken down from CoinFalcon, Sees Massive Price Decline

The KIN token saw a major price drop after CoinFalcon's recent announcement, which stated that the asset is soon to be delisted. While the exchange is not among the biggest ones out there, its decision to remove the token from its list of supported cryptocurrencies definitely had an impact.

Kik's digital asset has already been denied access to the market on CoinFalcon, with the removal of all of its trading pairs expected to follow. KIN currently finds itself at the stage where all Ethereum-based tokens are being swapped for the ones based on Stellar's network. As a  result, the coin's price has dropped to $0.000024 at the time of writing. This price is actually 80% lower than the one the coin had during its token sale.

At the time of writing, KIN actually sees 0.76% growth against the USD, but it dropped by 3.11% against Ethereum, as well as a 2.11% drop against Bitcoin. At this point, the token relies only on a few exchanges for its price discovery, with their number continuing to drop with CoinFalcon's decision to delist the coin.

Further, the token also does not see a lot of trading, with its entire trading volume being barely $1 million across all of the exchanges that still offer it. The only one which can be considered viable is CoinTiger. Meanwhile, the rest of the markets see low trading themselves, as well as unusual price changes.

Why is KIN losing support?

KIN was an interesting token for a time, until its issuer, Kik, ended up being sued by the US SEC. The SEC launched a lawsuit due to the fact that KIN is considered unregistered security. The regulator also pointed out that Kik used fundraising to prolong its operations, as it already spent all of the previously raised funds.

Meanwhile, KIN continued to be listed, and it was actually among the most active assets. At the time, it had over 1.5 million transactions every single day. It is mostly used as a reward token within Kik's app, but it also had other mobile uses, such as compensation for completion of various tasks.

The company targeted students, as well as testers, for spreading its reward system, where the token found a lot of use. As for the real crypto community, KIN has mostly been a token for speculation.

Despite all, the KIN Foundation continues to contact various developers, attempting to attract new talents to its project. Its goal still lies in bringing others to its ecosystem, and convincing them to create new dApps, as the more applications there are — the more use cases the token gets.

Even so, its price remains quite low, and not even the chat app managed to improve it. Now, KIN is mostly seeing drops, unaffected by rallies that have taken over the crypto space and launched Bitcoin to around $8,000. In the future, KIN is likely not going to perform any better either, with further drops expected to follow.

Author: Ali Raza for Crypto-Rating.com