Onyxcoin Rises by 150% as Volume Explodes, Binance Announces Listing

Onyxcoin (XCN), the native token of its namesake’s modular blockchain, skilled a significant enhance over the previous 48 hours, bucking the bearish market sentiment with a 150% rise.

Daily buying and selling quantity averaged round $25 million earlier this week till the token began to tear by means of ranges of resistance. That determine has now ballooned to $600 million, nearly all of which came about on Coinbase.

The surge in quantity and obvious lack of seen catalyst prompted Binance to record XCN futures on its change on Friday.

Unlike many different Binance itemizing bulletins, the itemizing didn’t spur an extra improve in token value, which might point out that some traders opted to “sell the news,” creating a kind of equilibrium between new patrons and previous sellers.

As the native token of Onyxchain, XCN can be utilized for funds inside the Onyx ecosystem, this contains node deployment. It can be used to take part in governance proposals.

The token has been buying and selling for 3 years however efficiency was largely muted in 2023 and 2024. It then rose quickly in January, going from $0.0025 to $0.03 in 11 days, prompting Tron founder Justin Sun to query the legitimacy of value motion.

“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 is since deleted.

UPDATE April 11, 15:46 UTC: Adds context about XCN token and now deleted tweet from Justin Sun.