ORN’s Price Declines Following Binance Delisting Update

• Binance to support the ORN-LUMIA swap and rebranding.
• The crypto exchange will delist all ORN trading pairs.
• ORN’s price declined following the delisting announcement by Binance.

Binance will support the Orion Protocol’s (ORN) mainnet swap and rebranding to Lumia (LUMIA). The crypto exchange outlined the swapping and rebranding program, including the dates and processes.

On October 15th, Binance will delist all ORN trading pairs and pause deposits and withdrawals. However, the crypto exchange will open trading for LUMIA/USDT three days after the ORN delisting.

Binance informed users can swap their ORN tokens to LUMIA on a 1:1 ratio. Lumia’s total supply will increase from 92.6 million to 238.9 million tokens. The crypto exchange will handle all technical changes in the token swap process, so customers holding ORN on Binance do not need to take any action.

Orion-Lumia Announcement Triggers Volatility

The Orion-Lumia announcement caused volatility in the ORN market, with the ORN/USD pair seeing significant downward pressure early Monday. ORN’s price dropped sharply to $1.367 after rallying to $1.718 earlier in the day. The early morning drop was a 20% pullback for the cryptocurrency, which has seen notable bullish momentum since the first week of September.

Read also: Orion Protocol Exploited for $3M Due to Reentrancy Bug

ORN began an upward rally on September 4, climbing steadily and breaking through notable resistance. The crypto asset’s price gained nearly 70% after rallying from a $1.014 low on September 4, reaching a $1.718 month high on Monday, September 30, according to data from TradingView.

Binance said the ORN-LUMIA transition is part of its continuous efforts to adapt to the changing cryptocurrency landscape, managing technological and financial requirements efficiently while minimizing potential disruptions.