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Amidst the ongoing falling of the overall cryptocurrency market that has seen opposing action of XCN native token of Chain Protocol
Given the consistently dropping of cryptocurrencies’ trading prices all over the crypto market has seen over the past several weeks, surging of Chain Protocl’s XCN token came as a surprise. This surging XCN token, a quite known altcoin based on Ethereum network is holding out against the ongoing bear market trend while going higher the crypto markets is struggling in broader terms.
The governance and utility token XCN for Chain Protocol based on Ethereum network, has shown an upward movement that surged by more than 70% in trading price in the past ten days at the same time most other cyrpotcuccnrcies were moving sideways. It was on 25th May that XCN token was trading at arotung $0.10 while at the time of writing it was priced at about $0.174 that however dropped at $0.157 later part of the day. XCN has been seen to climb up in terms of rankings in the crypto market while going till 28th this week which was during mid may was positioned at 51st.
The company has recently also announced that it is going to hire new employees continuously despite the almost negligible progress experienced by crypto markets. It was since last month when XCN also became available on the blockchain network of the world’s largest cryptocurrency exchange Binance, BNB Chain. The crypto asset of Chain Protocol can now be deposited through BNB Chain using the Gate.io, Huobi and KuCoin crypto exchange platforms.
Chain announced this friday that it had burned a huge amount of XCN Tokens worth $2.6 billion which accounts for more than 22% of the total supply of tokens. The recent burn took place under the new governance shift on the protocol.
As CEO of Chain Protocol, Deepak Thapiyal stated that the burn of XCN token signifies the shift of the protocol towards the decentralized autonomous organization governance of Chain protocol. This milestone of burning a staggering amount of XCN tokens would make it easy to recognize the impact of XCN on both Web 3 development and on the innovators who have consistently used the token to build their projects on the protocol.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
