Onyxcoin (XCN), the native token of its namesake’s modular blockchain, skilled a serious increase over the previous 48 hours, bucking the bearish market sentiment with a 150% rise.
Each day buying and selling quantity averaged round $25 million earlier this week till the token began to tear via ranges of resistance. That determine has now ballooned to $600 million, the vast majority of which occurred on Coinbase.
The surge in quantity and obvious lack of seen catalyst prompted Binance to listing XCN futures on its alternate on Friday.
Not like many different Binance itemizing bulletins, the itemizing didn’t spur a further enhance in token value, which may point out that some buyers opted to “promote the information,” creating a sort of equilibrium between new consumers and previous sellers.
Because the native token of Onyxchain, XCN can be utilized for funds inside the Onyx ecosystem, this consists of node deployment. It will also be used to take part in governance proposals.
The token has been buying and selling for 3 years however efficiency was largely muted in 2023 and 2024. It then rose quickly in January, going from $0.0025 to $0.03 in 11 days, prompting Tron founder Justin Solar to query the legitimacy of value motion.
“XCN chain is at the moment partaking in vital market manipulation. They’re utilizing excessive leverage and contract that would trigger severe hurt to many alternate customers. I like to recommend that main exchanges pay shut consideration to this danger,” Solar wrote in a tweet on Jan. 24 that he is since deleted.
UPDATE April 11, 15:46 UTC: Provides context about XCN token and now deleted tweet from Justin Solar.