Poloniex recently announced plans to delist three cryptocurrencies from its exchange.
Storjcoin X (SJCX), DNotes (NOTE), and NautilusCoin (NAUT) are being delisted Nov. 21, 2017.
Poloniex did not give any explanation for its decision. This is not uncommon. Last May, Poloniex delisted 17 altcoins without any explanation, according to CoinTelegraph. Those coins were BBR, BITS, C2, CURE, HZ, IOC, MYR, NOBL, NSR, QBK, QORA, QTL, RBY, SDC, UNITY, VOX, XMG.
The common thread between delisted coins is their lack of support in the crypto market. For example:
Storjcoin’s 24-hour volume is $261,000.
DNotes has 24-hour volume of $29,605.
NautilusCoin has a 24-hour volume of $69,000.
DNotes came out as a “currency with a purpose,” but after reading its literature, the coin seems like it promises a lot but delivers very little.
When coins like DNotes crash, there is a lot of weeping and gnashing of teeth. The responses to Poloniex’s decision to delist DNotes and the other coins were full of anger and disappointment.
The bottom line. Be careful about investing in crypto currencies. Many currencies are nothing more than an idea without any real users, just speculators. I have not yet participated in a single ICO. That’s because the trading patterns for ICOs are typically unfavorable for early investors. The coin might shoot up during its first official trading day, but often slides down and down and down.
In the end, these losing crypto currencies end up in the proverbial Graveyard of the Dead.