XCN token rose by 91% in ten days. Explaining the reasons for the rise
The altcoin took 30th place in the ranking of the largest cryptocurrencies by capitalization
04.06.2022 - 08:50
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What’s new? The governance token of the cloud blockchain protocol Chain (XCN) has gained 91,6% in value over the past 10 days. On May 27, the altcoin price renewed its all-time high, surpassing the $0,184 mark. As of June 4, 08:50 UTC, the price is $0,16, according to CoinGecko. The token has risen to 30th place in the ranking of cryptocurrencies with a market capitalization of $2,7 billion.
What are the possible reasons for the rise? Several factors may have influenced the token’s rise in value. One of them is the company’s announcement that it will continue to hire new employees despite stagnation in the cryptocurrency market.
Long weekend is over and dreading the next work day? Find a better job and grow your career #Chain. Incredible team, amazing products and the energy to drive innovation. Help build the next generation of #developer designed blockchain products with us. https://t.co/q95HG1ebTD pic.twitter.com/X5miq84QWm— Chain (@Chain) May 30, 2022
In May, XCN became available on BNB Chain, the blockchain network of Binance, the largest cryptocurrency exchange by trading volume. Via BNB Chain, this crypto asset can be listed on the Huobi, Gate.io, and KuCoin crypto exchanges platforms.
Chain’s announcement that the platform had burned $2,6 billion worth of XCN may also have influenced the rate hike. This represents more than 22% of the issue, according to the new governance system.
What is known about the project? Chain is a blockchain that enables businesses to create their own decentralized applications from scratch. The project was created in 2014. The blockchain has its own governance token Chain Token (XCN). XCN holders can vote for protocol upgrades, as well as earn rewards.
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