A rising Ethereum-based altcoin defies the bear market because it trades increased as broader crypto markets wrestle.
XCN, the governance and utility token for the cloud blockchain protocol Chain, is up greater than 70% over the previous 10 days, whereas most different crypto property have moved sideways.
XCN traded round $0.10 on Could twenty fifth and is now at $0.174 on the time of writing. The asset has additionally climbed the crypto market cap rankings, leaping from 51st in mid-Could to twenty eighth this week.
The corporate has additionally introduced that it’ll proceed to rent new workers regardless of widespread stagnation within the crypto markets.
Lengthy weekend over and afraid of the subsequent working day? Discover a higher job and develop your profession #Chain. Unimaginable group, nice merchandise and the vitality to drive innovation. Assist construct the subsequent era of #developer-designed blockchain merchandise with us. https://t.co/q95HG1ebTD pic.twitter.com/X5miq84QWm
— Chain (@Chain) Could 30, 2022
XCN additionally grew to become obtainable final month on BNB Chain, Binance’s blockchain community, the world’s largest crypto change platform by quantity. The crypto asset can now even be deposited by way of BNB Chain by way of the crypto change platforms Huobi, Gate.io and KuCoin.
#XCN can now be bridged and deposited by way of @BNBCHAIN by way of Huobi, Gateio and Kucoin exchanges. Entry low charges and quick block occasions with #BNBCHAIN $XCN. pic.twitter.com/a9ImS2UfsU
— Chain (@Chain) Could 19, 2022
On Friday, Chain introduced it had burned a staggering $2.6 billion price of XCN, greater than 22% of the token’s complete provide, below a brand new governance shift.
Because the chain’s CEO Deepak Thapliyal famous,
“The XCN token burn means the shift in the direction of Chain’s decentralized DAO [decentralized autonomous organization] Information. This milestone acknowledges each XCN’s impression on Net 3.0 improvement and the innovators constructing on Chain with it.”
Verify the value motion
Do not miss a factor – Signal as much as obtain crypto e-mail alerts straight to your inbox
Comply with us on Twitter, Fb and Telegram
Surf the Every day Hodl Combine
 
Verify the newest headlines
Disclaimer: Opinions expressed at The Every day Hodl will not be funding recommendation. Traders ought to do their due diligence earlier than making any dangerous investments in bitcoin, cryptocurrency or digital property. Please notice that you just switch and commerce at your personal threat and any losses you incur are your accountability. The Every day Hodl doesn’t advocate the acquisition or sale of cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in internet affiliate marketing.
Featured picture: Shutterstock/Fotomay/Nikelser Kate