HomeNewsChain (XCN) ignores the wider market downtrend by rallying 100%+ over the...

Chain (XCN) ignores the wider market downtrend by rallying 100%+ over the past month

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Chain (XCN) ignores the wider market downtrend by rallying 100%+ over the past month

Would perchance merely turned into an extremely no longer easy month for the cryptocurrency market because the large majority of tokens booked heavy losses as a endure market turned into confirmed, however no longer every challenge dropped wait on to pre-bull market lows.

Chain (XCN), a protocol designed to wait on organizations to launch they agree with blockchain network or connect with other more established networks, has managed to rally larger than 120% since Would perchance merely 19.

Data from Cointelegraph Markets Expert and TradingView reveals that since hitting a low of $0.0712 on Would perchance merely 11, XCN has reversed its path to hit a list-excessive at $0.176 on Would perchance merely 31.

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XCN/USDT 4-hour chart. Source: TradingView

The three causes for the solid exhibiting from XCN are a few exchange listings, launching on BNB Chain, and rather a lot of considerable partnerships, including a protracted-standing collaboration with the Stellar Foundation.

Trade listings pump up the volume

In March 2022, Chain deployed a modern natty contract for its token and rebranded from CHN to XCN. Following the rebrand, XCN listed on KuCoin and subsequent listings on Huobi, Gate.io, Bitrue, and Hotbit were accompanied by spicy upticks in buying and selling volume.

Lots of the supporting exchanges agree with additionally launched perpetual contracts for the XCN token, including Gate.io, Huobi, Bybit, and Poloniex, which has helped generate increased consciousness for the challenge and originally ended in a spike in buying and selling volume.

XCN is additionally a section of an unhealthy-chain integration with BNB Chain, which enables cheap token transfers and buying and selling on PancakeSwap, where holders can contain yield for offering liquidity to the exchange.

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Following the integration with BNB Chain, the rate of XCN rallied from $0.0712 on Would perchance merely 11 to $0.14 over the next week.

Primary partnerships

Since 2014, Chain has had rather a lot of considerable partnerships and funding rounds, including an initial, fundraise of over $40 million from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa.

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In 2018, the challenge turned into received and agree with turn into section of the industrial arm of the Stellar Foundation identified as Interstellar. Chain turned into reacquired in 2020 as a section of a ledger-as-a-provider platform called Sequence.

It’s imaginable the hot developments with the Stellar protocol, including its partnership with MoneyGram to construct a stablecoin-basically based platform for money transfers, may agree with certain effects on the rate of XCN due to their terminated ties.

In April 2022, Chain additionally introduced a strategic partnership with Alameda Compare, which established the non-public equity and quantitative cryptocurrency buying and selling agency as Chain’s main market maker. Whereas none of these partnerships looks main adequate to show XCN’s most contemporary positive aspects, it is considered that the altcoin’s stamp action has diverged from the broader crypto marketplace for nearly a total month.

The views and opinions expressed right here are fully those of the creator and finish no longer basically replicate the views of Cointelegraph.com. Every funding and buying and selling circulation entails risk, you need to habits you agree with research when making a dedication.

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Disclaimer: This article is for informational capabilities only. It is no longer an immediate offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any merchandise, services, or companies. We no longer provide funding, tax, neatly suited, or accounting advice. Neither the corporate nor the author is guilty, straight or no longer straight, for any injury or loss precipitated or speculated to be precipitated by or in connection with the usage of or reliance on any insist, items, or services mentioned in this text.

 

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