Finance, Binance The Binance itemizing did not contribute to a continuation in price movement.
Onyxcoin (XCN), the native token of its namesake’s modular blockchain, expert a critical improve over the earlier 48 hours, bucking the bearish market sentiment with a 150% rise.
Daily shopping for and promoting amount averaged spherical $25 million earlier this week until the token started to tear by way of ranges of resistance. That decide has now ballooned to $600 million, practically all of which befell on Coinbase.
The surge in amount and apparent lack of seen catalyst prompted Binance to itemizing XCN futures on its change on Friday.
Unlike many various Binance itemizing bulletins, the itemizing did not spur an additional improve in token price, which could level out that some patrons opted to “sell the news,” making a form of equilibrium between new patrons and former sellers.
As the native token of Onyxchain, XCN might be utilized for funds all through the Onyx ecosystem, this incorporates node deployment. It may additionally be used to participate in governance proposals.
The token has been shopping for and promoting for 3 years nevertheless effectivity was largely muted in 2023 and 2024. It then rose shortly in January, going from $0.0025 to $0.03 in 11 days, prompting Tron founder Justin Sun to question the legitimacy of price movement.
“XCN chain is currently engaging in significant market manipulation. They are using high leverage and contract that could cause serious harm to many exchange users. I recommend that major exchanges pay close attention to this risk,” Sun wrote in a tweet on Jan. 24 that he’s since deleted.
UPDATE April 11, 15:46 UTC: Adds context about XCN token and now deleted tweet from Justin Sun.
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