The Onyxcoin Goliath Mainnet was announced in early March

This isn't the first time that XCN has peaked. It did so in late January when it almost hit $0.05. However, with the wider crypto market underwhelming

The Onyxcoin Goliath Mainnet was announced in early March. Since then Onyxcoin or XCN has almost halved in value from $0.0169 to $0.0087 on Wednesday last. However, on Friday last week things changed dramatically with the XCN token rising to highs of $0.02. It has even led to the token being listed amongst the Top 100 cryptocurrencies by market cap. Coinbase today states the market cap as $664 million. It also lists XCN as the 83rd most popular cryptocurrency.

This isn’t the first time that XCN has peaked. It did so in late January when it almost hit $0.05. However, with the wider crypto market underwhelming of late, this latest increase in the value of XCN has sparked renewed investor interest.

What Led to the Surge in the Value of the XCN token?

There are several factors that have led to the increase in the value of the XCN token.

One commentator on the X platform posted about how the Goliath Mainnet launch and Zealy rewards have sparked a 1,376% volume surge. Zealy is a platform which helps communities grow and build loyalty through gamified interactions and rewards.

Another reason for the increase in the price of Onyxcoin is the recent listing of XCN futures on the Binance exchange on Friday last week. This move saw daily trading volumes of $25 million increase to $600 million. Most of this increased trading was generated by activity on Coinbase.

The listing on Binance has not been as effective as the listing of other altcoins in the past. In fact, the listing didn’t sustain the price surge as the token stabilized in price rather than leading to further gains.

Another improvement in the Onyxcoin ecosystem has been the introduction of sXCN at the end of March.

The introduction of sXCN at the end of March is seen as a big step forward by the Onyxcoin community. It draws inspiration from successful liquid staking models like stETH. With sXCN, users will receive their staking yields automatically, eliminating the need to manually claim rewards. The rewards will be integrated into the sXCN token itself, ensuring a seamless and efficient staking experience.

This new approach means enhanced liquidity for users. It simplifies reward distribution and gives increased flexibility for sXCN tokens to be used as collateral, traded, or integrated into other financial products.

The Listing of XCN Futures on Binance Increases Exposure

According to DefiLlama there is only $136,600 in total value locked (TVL) which means that the new DeFi initiative is still in its infancy.

The biggest reason for investor optimism today is the hope that continued interest in the XCN token will increase. With the listing on Binance and some positive market sentiment there is hope that the trajectory can continue. However, as with all cryptocurrencies, caution is recommended. Investors need to keep watching for sustained adoption metrics like TVL growth and mainnet performance.

Being listed in the Top 100 cryptocurrencies is a huge achievement for XCN. Is the next milestone getting into the Top 50?

Author: Andy Samu

The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organisations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.

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