The price of an Ethereum-based altcoin has surged 70% in just ten days, bucking the crypto market trend
While the broader crypto markets struggle, one soaring Ethereum-based altcoin is bucking the bear market and trending upward.
On May 25th, XCN was trading at $0.10, and it is presently trading at $0.174 at the time of writing. The cryptocurrency has also risen in the crypto market capitalization rankings, from 51st in mid-May to 28th this week.
In the last ten days, XCN, the governance and utility token for cloud blockchain technology Chain, has increased by more than 70%, while most other crypto assets have remained flat.
Despite the broad stalemate in the crypto markets, the company has indicated that it will continue to hire new personnel.
On Friday, Chain announced it had burned a staggering $2.6 billion worth of XCN, more than 22% of the token’s total supply, under a new governance shift.
XCN also became available on BNB Chain last month, the blockchain network of Binance, the world’s largest crypto exchange platform by volume. Via BNB Chain, the crypto asset can now also be deposited using the Huobi, Gate.io and KuCoin crypto exchanges platforms.
As stated by Chain CEO Deepak Thapliyal,
“The XCN token burn signifies the shift toward Chain’s decentralized DAO governance. This milestone recognizes both XCN’s impact on Web 3.0 development and the innovators who have used it to build on Chain.”
News Summary:
- The price of an Ethereum-based altcoin has surged 70% in just ten days, bucking the crypto market trend
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