Onyxcoin (XCN), the native token of its namesake’s modular blockchain, experienced a major boost over the past 48 hours, bucking the bearish market sentiment with a 150% rise.
Daily trading volume averaged around $25 million earlier this week until the token started to rip through levels of resistance. That figure has now ballooned to $600 million, the majority of which took place on Coinbase.
The surge in volume and apparent lack of visible catalyst prompted Binance to list XCN futures on its exchange on Friday.
Unlike many other Binance listing announcements, the listing did not spur an additional increase in token price, which could indicate that some investors opted to “sell the news,” creating a type of equilibrium between new buyers and old sellers.
As the native token of Onyxchain, XCN can be used for payments within the Onyx ecosystem, this includes node deployment. It can also be used to participate in governance proposals.
The token has been trading for three years but performance was largely muted in 2023 and 2024. It then rose rapidly in January, going from $0.0025 to $0.03 in 11 days, prompting Tron founder Justin Sun to question the legitimacy of price action.
“XCN chain is currently engaging in significant market manipulation. They are using high leverage and contract that could cause serious harm to many exchange users. I recommend that major exchanges pay close attention to this risk,” Sun wrote in a tweet on Jan. 24 that he’s since deleted.
UPDATE April 11, 15:46 UTC: Adds context about XCN token and now deleted tweet from Justin Sun.
