Kik’s KIN Token Gets Delisted from CoinFalcon; Drops 80% from ICO Price
The asset crashed after the US Securities and Exchange Commission opened a lawsuit against Kik for selling unregistered securities.
Kik’s KIN digital asset is further falling out of favor, as CoinFalcon prepares to delist the asset. KIN will be delisted from the relatively small exchange this Tuesday. The market for KIN has already been closed on CoinFalcon, and now the trading pairs will be removed.
KIN is in the stage where the Ethereum-based tokens are registered and swapped for a new KIN asset based on the Stellar network. The KIN market price has fallen to $0.000024, losing more than 80% in comparison to the ICO price.
The KIN token relies on a handful of exchanges for its price discovery, though its total trading volumes remain exceptionally slim, the equivalent of $1 million in 24 hours based on all exchanges. CoinTiger remains the only viable exchange, while other markets see extremely low trading and price anomalies, with valuations going to as high as $0.000077 on niche exchanges.
The KIN token lost its appeal after news that its issuer, Kik, had ongoing troubles with the US Securities and Exchange Commission, which culminated with a lawsuit for selling KIN as an unregistered security. The SEC also pointed out that Kik used the fundraising to extend its runway, as previously raised funds for the chat app dried up.
At the same time, KIN is still listed among the most active digital assets, running through more than 1.5 million transactions per day. KIN is reportedly used as a reward token within the Kik app and other mobile uses, paying for the completion of tasks. The Kik company spread the reward system among students and testers. However, the cryptocurrency community only uses KIN as a source of speculation.
At the same time, the KIN Foundation still reaches out to developers, aiming to attract talent to build applications which provide use cases for the token.
But despite the presence of a chat app, KIN has failed to move among top digital assets based on price.