Coinbase Delisting Triggers 17% Crash of This Popular Token

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In a move that shocked many-well, those who were still watching-Coinbase, the American crypto exchange, decided it would halt trading for the Omni Network (OMNI) token on its platform. This announcement, as if orchestrated by fate itself, sent the price of OMNI tumbling by a staggering 17%. Truly, it was a sight to behold. 😅

Coinbase halts OMNI token trading

Coinbase Markets, in its infinite wisdom, took to its official X account (yes, that’s still a thing, apparently) to share that trading for OMNI-PERP contracts had been officially suspended on not one, but two of its platforms. Truly a glorious day for crypto traders everywhere. 🙄

To explain it in terms even the most confused of us can understand: OMNI-PERP refers to a perpetual futures contract-yes, that means it doesn’t have an expiration date-on the OMNI cryptocurrency. So, traders can speculate on the price without worrying about a deadline, because who likes deadlines anyway? 😏

The official Coinbase decree also stated that users didn’t need to manually close their trades. Isn’t that kind of them? No manual labor required here, folks. The good people at Coinbase handled everything, automatically closing open positions at the oh-so-generous price of $2.21643 USDC. This was the average index price of OMNI-PERP during the 60 minutes leading up to the glorious moment of suspension. Ah, the sweet taste of automation. 🤖

“As previously announced, we have suspended trading for OMNI-PERP on Coinbase Advanced and Coinbase International Exchange. Any remaining open positions have been settled automatically using the final settlement price of $2.21643 USDC, which was the average index price over the 60…”

– Coinbase Markets 🛡️ (@CoinbaseMarkets) October 21, 2025

So, let’s make this perfectly clear: if you had an open position at the time of the suspension, well, tough luck! Your position was closed automatically, and the rest of us can only wonder whether you shed a tear over your lost gains or just sighed in resignation. 😬

Coinbase on token delisting rampage

Now, here’s the million-dollar question (quite literally): Why is Coinbase doing this? Did they get out of bed on the wrong side and decide to punish OMNI holders for fun? Possibly. Or maybe it was due to low liquidity, some regulatory murkiness, or perhaps even a spontaneous technical decision. In any case, no one from Coinbase seems to want to share the exact reasoning. 😶

What we do know is that after the announcement, OMNI plunged even further. The price dropped by a heart-stopping 17% within just 24 hours. As of the time we wrote this article (because, yes, someone is actually still writing this in 2025), OMNI was priced at $2.25, with a market cap of $30.1 million. A number that’s now rapidly heading south. 🏃‍♂️

Oh, and the trading volume? Down 58.2%. Investors? Not so interested anymore. The mood? Let’s just say “declining interest” might be putting it kindly. 😆

This, of course, follows a troubling pattern for Coinbase. Earlier this month, the platform decided to disable trading options for Polygon (MATIC) shortly after it announced plans for a token upgrade. Huh, coincidence? You decide. 🍿

And let’s not forget about September when Coinbase halted trading for MKR-PERP. The final settlement for those contracts was a price of $1,814.05. Not that it matters to the people who’d already lost interest by then. 📉

And if you thought that was the end of it, well, think again! Coinbase also suspended trading for Function X (FX), just to keep the chaos rolling. According to Coinbase, they monitor all crypto assets on their platform to ensure they meet listing standards. Standards that, apparently, OMNI did not meet. 😏

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2025-10-21 17:43