Onyxcoin (XCN), the native token of the modular blockchain of its namesake, experienced a major boost in the last 48 hours, rubbing the feeling of the lower market with an increase of 150%.
The daily trading volume was on average about 25 million dollars earlier this week until the token begins to tear the levels of resistance. This figure has now reached $ 600 million, the majority of which took place in Coinbase.
The volume wave and the apparent lack of visible catalyst have prompted Binance to list XCN’s term contracts on its exchange on Friday.
Unlike many other Binance registration announcements, the list has not stimulated an additional increase in the price of tokens, which could indicate that some investors have chosen to “sell the news”, creating a type of balance between new buyers and old sellers.
As an onyxchain native token, XCN can be used for payments in the onyx ecosystem, this includes the deployment of nodes. It can also be used to participate in governance proposals.
The token has been negotiating for three years, but the performances were largely stifled in 2023 and 2024. It then increased rapidly in January, from $ 0.0025 to $ 0.03 in 11 days, encouraging the founder of Tron, Justin Sun, to question the legitimacy of price action.
“The XCN channel is currently engaging in significant market manipulation. They use a high lever effect and a contract that could cause serious damage to many exchange users. I recommend that major exchanges pay particular attention to this risk,” Sun wrote in a tweet on January 24 that he has since deleted.
Update of April 11, 3:46 pm UTC: Add a context on the XCN token and now deleted Tweet by Justin Sun.
