The price of Onyxcoin (XCN) has seen a meteoric rise, increasing by over 300% in the past week and over 1.600% in the past 30 days.
The recent surge in the price of Onyxcoin (XCN) has been particularly striking, considering the current market context. Bitcoin, the most capitalized cryptocurrency, is trading above $102.000 despite initiatives by the United States to lead the crypto industry. Likewise, Ethereum, the second most capitalized, and XRP, which is in third place, have seen their prices fall by around 4% and 5%, respectively.
However, there is one cryptocurrency that is defying the bearish context of the crypto market.
Over the past week, the price of XCN has seen a meteoric rise of over 300%, and in the past 30 days the figure has exceeded 1.600%. This explosive rise has catapulted XCN to a prominent place among the top 100 cryptocurrencies, leading the weekly growth of this market by far.
Source: CoinMarketCap
What factors are driving the price of Onyxcoin (XCN)?
One of the main catalysts for the recent XCN price surge appears to be the resolution of a long-standing conflict between Onyx DAO and Justin Sun, one of the prominent figures in the cryptocurrency world and founder of Tron.
In 2022, disputes arose between Onyx DAO and Justin Sun-related companies, which negatively affected the XCN token. This situation created uncertainty in the market and pushed down the price of XCN. However, recently, Onyx DAO announced the resolution of this conflict, paving the way for further collaboration between the parties.
This announcement has been crucial to the recovery of the cryptocurrency’s price, as it removed a major uncertainty that had weighed on XCN. With this, Onyxcoin is freed from a significant barrier to its adoption and expansion within the cryptocurrency ecosystem.
Source: CoinMarketCap
Plans for a new blockchain
Furthermore, the recent rise in the price of Onyxcoin is not explained solely by the resolution of the conflict with Justin Sun. A significant factor, so far kept secret, is also contributing to this rise and it is el Onyx XCN Ledger launch imminent, a new blockchain developed by the Onyxcoin team.
The anticipation generated by the publication of a new whitepaper and technical details of the upcoming Onyx chain, which is expected to offer greater scalability, security and efficiency, has injected a wave of confidence into the market. This new infrastructure promises to address the shortcomings that led to the $3,8 million hack in November, thus reinforcing the credibility of the project and mitigating the risk perceived by investors.
According to the posts the protocol has shared on social media, Onyx XCN Ledger appears to be an opportunity for Onyxcoin to reinvent itself and offer substantial added value to its user community and the overall crypto ecosystem.
If this new blockchain lives up to expectations, it could position itself as one of the main drivers of long-term growth for Onyxcoin, amply justifying the current price rise of its XCN token, which is perceived as speculation in anticipation of the new possibilities offered by this blockchain.
Lastly, the protocol's DAO has been looking for comments to evaluate a possible token burn, which is also contributing to the price rise due to its potential to reduce the token supply.
In short, the 300% surge in the price of Onyxcoin in just one week is the result of the confluence of factors we have seen.
What is Onyxcoin?
Onyxcoin (XCN) is a cryptocurrency and the native token of the Onyx Protocol, a platform that simplifies access to and use of Web3, particularly in the field of decentralized finance (DeFi).
Unlike other DeFi platforms that can be complex for non-technical users, Onyx Protocol focuses on usability and accessibility. It aims to democratize access to blockchain technologies, especially for organizations looking to build and offer innovative financial services on the blockchain.
This protocol provides tools and resources for companies to develop their own decentralized financial solutions from scratch, building applications and smart contracts efficiently and securely. In this ecosystem, the XCN token plays a vital role, facilitating participation in staking, farming, and governance within the platform.
In short, Onyxcoin and its protocol represent an effort to make Web3 and blockchain technology more accessible and useful to a wide range of users and businesses, with a view to revolutionizing the way financial services are created and experienced.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
