Poloniex Delists Digibyte (DGB) After Twitter Spat with Jared Tate
DGB lost one of its smaller markets, after co-founder Jared Tate criticized TRON (TRX) in a Twitter thread.
Digibyte (DGB) co-founder criticized TRON (TRX) in a lengthy Twitter thread, invoking the ire of the Poloniex exchange. After the social media confrontation, Poloniex announced a delisting is pending for DGB.
Poloniex has been notorious for its long list of delistings, especially after its acquisition by Circle, Inc. But after the exchange spun off as an international business, the delistings stopped. The decision to pull back DGB was made as an extraordinary decision, while the exchange claimed the asset did not fulfill its standards for listing.
The reason for the sharp reaction is the closer partnership of Poloniex with the TRON project. Poloniex is supporting the project in multiple ways, including by hosting a balance of TRON-based USDT, and offering special trading conditions.
Poloniex is also gathering votes as a TRON Super Representative, aiming to become even more closely tied with the project. Recently, Poloniex also acquired TRXMarket, and turned it into its DEX branch. The exchange, which currently has only 98 trading pairs, will also plan to expand its assets with TRON-based tokens, which will be listed for free.
Digibyte has a relatively small presence on Poloniex, and a market with less than sufficient liquidity, according to the exchange’s estimate. DGB sees trades around $97,000 per day, mostly in the pairing with Bitcoin (BTC). The trading is also happening with relatively low depth of around $64,000, based on CoinMarketCap estimates.
Digibyte is one of the older minable coins, using five types of algorithms. Tate compared the asset to TRX, which had a significant amount of coins created in advance, and held a contentious ICO.
DGB currently trades at $0.0064, or around 87 Satoshi, with total volumes of $1.2 million. DGB has only a small USDT market, with most of the trades against BTC. The loss of Poloniex was viewed as relatively less damaging, as other exchanges such as ZBG have picked up the slack.