Ethereum-Based Altcoin Skyrockets 70% in Just 10 Days, Thwarting Crypto Market Trend

Ethereum-Based Altcoin Skyrockets 70% in Just 10 Days, Thwarting Crypto Market Trend

Spread the love

One surging Ethereum-based altcoin is defying the bear market as it trends higher while the broader crypto markets struggle.

XCN, the governance and utility token for cloud blockchain protocol Chain, has surged by more than 70% in the past 10 days while most other crypto assets have moved sideways.

XCN was trading around $0.10 on May 25th and is now priced at $0.174 at time of writing. The asset has also climbed up the crypto market cap rankings, going from 51st in mid-May to 28th this week.

The company has also announced that it is continuing to hire new employees despite widespread stagnation in the crypto markets.

Long weekend is over and dreading the next work day? Find a better job and grow your career #Chain. Incredible team, amazing products and the energy to drive innovation. Help build the next generation of #developer designed blockchain products with us. https://t.co/q95HG1ebTD pic.twitter.com/X5miq84QWm

— Chain (@Chain) May 30, 2022

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.

#XCN can now be bridged and deposited via @BNBCHAIN using Huobi, Gateio, and Kucoin exchanges. Access low fees & fast block times with #BNBCHAIN $XCN. pic.twitter.com/a9ImS2UfsU

— Chain (@Chain) May 19, 2022

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.

As stated by Chain CEO Deepak Thapliyal,

“The XCN token burn signifies the shift toward Chain’s decentralized DAO [decentralized autonomous organization] governance. This milestone recognizes both XCN’s impact on Web 3.0 development and the innovators who have used it to build on Chain.”

Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix

&nbsp

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Fotomay/Nikelser Kate

Related News

here’s-what’s-needed-for-leading-ethereum-rival-to-surge-by-700%-and-reclaim-all-time-high:-coin-bureau-host
cardano-fomo-could-return-quickly,-according-to-blockchain-analytics-firm-santiment-–-here’s-how
crypto-market-crash-wipes-out-millions-from-north-korea’s-stolen-crypto-funds