Onyxcoin (XCN), the native token of its namesake modular blockchain, has experienced a major aid in the past 48 hours, drawing the sentiment in the bearish market with a 150% increase.
The day -to -day trading volume saves around $ 25 million earlier this week until the token began to lift at the resistance levels. That figure is now wolf at $ 600 million, most of the events of Coinbase.
Advancing the volume and bright lack of visible catalysts has pushed Binance to list XCN futures in its exchange on Friday.
Unlike many other announcements on the Binance list, the list did not motivate a further increase in the token price, which may indicate that some investors have decided to “sell the news,” creating a kind of balance between new buyers and old sellers.
As the native toyxchain token, XCN can be used for payments within the Onyx ecosystem, including node deployment. It can also be used to participate in management measures.
The token traded for three years but the performance was mainly masked in 2023 and 2024. Then it rose quickly in January, from $ 0.0025 to $ 0.03 to 11 days, motivating Tron’s founder Justin Sun to question the legitimacy of price action.
“The XCN chain is currently engaged in significant market manipulation. They use high action and contracts that can cause serious harm to many exchange users. I recommend that basic exchanges will pay attention to this risk,” Sun Write in a tweet On January 24th he was since he was removed.
Update April 11, 15:46 UTC: Adds a context about the XCN token and has now removed the tweet from Justin Sun.
