Onyxcoin (XCN) has recently captured the attention of the cryptocurrency market, with its price skyrocketing by an impressive 800% in just two weeks. This surge extends its monthly rally to nearly 2000%, making it one of the most talked-about tokens in recent weeks. Currently trading at $0.0467, XCN has seen an overwhelming 70% increase in just the last 24 hours. The token’s 24-hour trading range spanned from $0.0263 to $0.04839, highlighting its volatility and strong momentum.
Unprecedented Trading Volume
The surge in Onyxcoin’s price has been accompanied by a dramatic spike in trading volume. In just a week, trading volume surged from $100 million to an astounding $1.60 billion, a 98% increase. Onyxcoin has even surpassed top cryptocurrencies like XRP, SOL, and BTC in trading volume on Coinbase, commanding 38% of the market share in the past 24 hours.
Notably, Onyxcoin futures have seen a 45% increase in open interest, with platforms like Bybit recording a 46% rise. These trends signal that the bullish momentum for XCN may continue, with analysts predicting further price gains.
The Key Catalyst Behind XCN’s Rally
The primary driver behind this massive price surge is the resolution of a long-standing dispute between Onyxcoin, HTX Global, and cryptocurrency mogul Justin Sun. In 2022, XCN faced a contentious issue with these entities, but the passing of the OIP-51 proposal resolved the matter. The proposal officially made Justin Sun and HTX part of Onyx’s decentralized autonomous organization (DAO), with a two-year lock on XCN tokens and public acknowledgment of the news by Sun himself.
Additionally, Onyxcoin has formed strategic partnerships with blockchain platforms, such as Chain, offering clients a 30% discount when using XCN for payments. The platform’s strong Web3 focus also includes upcoming initiatives to incentivize node operators, fueling optimism about the project’s future.
Also Read: Solana’s $120B DEX Volume Surge: Is Ethereum’s Reign as Top Layer 1 at Risk?
Future Outlook
Onyxcoin’s recent developments, such as gas refunds on staking and rewards, combined with a proactive marketing push, have set the stage for even more growth. OnyxDAO is exploring a community burn initiative, potentially further driving up the token’s value. As Onyxcoin continues to innovate and solidify its place in the decentralized space, its price may well see continued upward momentum.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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