Key Points
- Daily trading volume surged from $25 million to $600 million.
- The token saw a 150% increase in value over the last 24 hours.
- Binance announced it would list XCN futures on Friday.
Onyxcoin (XCN), the token associated with its eponymous modular blockchain, has witnessed significant growth in the past 48 hours, defying negative market trends with a 150% increase. Trading volumes, which were around $25 million at the beginning of the week, skyrocketed to approximately $600 million, predominantly driven by activity on Coinbase.
The rapid increase in trading volume appears to have prompted Binance to list XCN futures on Friday. However, unlike many previous listings by Binance, this announcement did not lead to a further rise in the token’s price, indicating that certain investors may be opting to “sell the news,” resulting in a balance between new momentum and existing sell orders.
As Onyxcoin’s native token, XCN can facilitate payments within the Onyx ecosystem, encompassing node deployment and participation in governance proposals. Although the token has been active for three years, it saw limited growth in 2023 and 2024. A notable surge occurred in January, with the price leaping from $0.0025 to $0.03 within just 11 days, raising concerns from Justin Sun, the founder of Tron, about potential market manipulation.
“XCN chain is currently engaging in significant market manipulation. They are using high leverage and contracts that could cause serious harm to many exchange users. I recommend that major exchanges pay close attention to this risk,”
wrote Sun in a now-deleted tweet on January 24.
UPDATE April 11, 15:46 UTC: Additional context on XCN token and the now-deleted tweet from Justin Sun has been added.
