MANTA and Monero (XMR) Price Action Seen as Weak

Manta Network

In this analysis, we explore the latest updates concerning Manta Network (MANTA) and the obstacles encountered by Monero (XMR) after Binance decided to remove it from its listings.

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Shortly after launching its governance token on January 18, Manta Network (MANTA) encountered a DDoS attack, disrupting its operations on major exchanges. Coin98 is contemplating a partnership to improve accessibility for MANTA. Meanwhile, Binance announced it will delist Monero (XMR) starting February 20, leading to a 19% decline in XMR’s value and affecting other cryptocurrencies on the exchange. OKX had previously made a similar decision for user safety.


Manta Network (MANTA) Overcomes DDoS Attack

Manta Network (MANTA) encountered a Distributed Denial of Service (DDoS) attack on January 18, shortly after launching its governance token. This attack disrupted MANTA’s operations on prominent exchanges like KuCoin, Binance, and Bithumb. Coin98, a major crypto platform, has shown interest in partnering with MANTA to enhance accessibility. The attack exploited MANTA’s Remote Procedure Call (RPC), generating nearly 135 million hoax requests that disrupted its operations.

Despite these challenges, founder Kenny Li assured that the situation was under control. However, regulatory scrutiny in South Korea over alleged money laundering accusations caused a significant drop in MANTA’s token value since January 22. As of February 11, MANTA was valued at $2.86, down 1.82% over the past week. Nevertheless, experts anticipate a rise to $3.65 by the end of February, leveraging the current bullish momentum in the crypto market.

Monero (XMR): Navigating the Storm of Delistings

Binance Exchange recently announced its decision to delist Monero (XMR) starting February 20, 2024, causing a sharp decline of over 19% in XMR’s value. This move, driven by security concerns, extends beyond Monero (XMR) to other cryptocurrencies also facing delisting from Binance. Similarly, OKX made a similar decision in January to delist certain cryptocurrencies, including Monero (XMR), to ensure user safety.

On-chart data for Monero (XMR) indicates it’s trading in a volatile and bearish zone, despite the broader crypto market surge led by Bitcoin (BTC). As of February 11, Monero (XMR) was trading at $118.43, down 29.65% over the past week. Experts anticipate a further decline toward the $100.00 psychological zone due to increased selling pressure and delisting from major exchanges.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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Author

  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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