Cryptocurrency market continues to experience a big drop with Bitcoin falling to 23 thousand dollars. Almost all altcoins have been trading in the red in the last 24 hours. However, an altcoin that investors don’t know much is seeing strange price movements. Accordingly, altcoin Chain (XCN) has attracted the attention of investors with its high volatility. The cryptocurrency rose 700% after losing most of its value. Here are the details…
Altcoin Chain (XCN) did 7x
Chain, one of the lesser-known projects, was released to be among the leading infrastructure providers in the Blockchain field. In this context, the project makes agreements with institutional and individual investors for infrastructure products and services. The project also includes a native cryptocurrency called XCN. This token, which has attracted the attention of investors recently, has attracted attention again by making 7x.
XCN has seriously resisted the bloodbath that gripped the market yesterday. However, the altcoin project’s struggle lasted only a few hours. Accordingly, the XCN token lost 95% of its entire value in an average of 1 hour. However, a rare event occurred in the crypto market. Altcoin managed to rise 700% after falling 95%. However, despite this, the popular token is trading well below yesterday’s depreciation. According to the latest data, XCN is trading at 60% lower than yesterday’s value.
Chain received a large amount of funds from institutional investors
In fact, it received news of its listing last week by Coinbase, one of the leading cryptocurrency exchanges. Last week, Coinbase included XCN in its list of tokens scheduled to be traded. However, the listings were not the only good news for the altcoin. Serving as a blockchain infrastructure provider, the project received funding from Visa. Accordingly, the investment that Chain received from giants such as Visa, Khosla Ventures and Citigroup was around $40 million. In particular, the large amount of funds received from institutional investors is in line with Chain’s vision because the project provides infrastructure to institutional investors. In addition to all these, the project has previously established various partnerships with corporate companies. Partnerships with giants like Visa, Nasdaq, Citibank, and State Street include building blockchain infrastructure.
According to CoinMarketCap data, XCN has a maximum supply capped at 53.47 billion units. 21.47 billion of this maximum supply is in circulation. This means a 40% supply. Also, the token is changing hands at $0.08541 at the time of writing. Chain is currently traded on exchanges such as KuCoin, BitGet, MEXC, Huobi, and Gate.io. With a listing by Binance and Coinbase in the future, the price of the token is likely to skyrocket. However, investors need to be very careful before investing in the altcoin project because, as we reported Kriptokoin.com , the sharp fluctuations in cryptocurrencies continue due to the bear market.
