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Chain (XCN) is up over 100% up to now month, ignoring broader marketplace downtrend

Would possibly was once an especially difficult month for the cryptocurrency marketplace, as maximum cash recorded massive losses after the endure marketplace was once showed, however no longer each and every mission fell again to pre-bull marketplace lows.

Chain (XCN), a protocol designed to lend a hand organizations release their very own blockchain networks or connect to different extra established networks, has controlled to upward push greater than 120% since Would possibly 19.

knowledge from Cointelegraph Marketplace Professional and Transaction view It displays that since hitting a low of $0.0712 on Would possibly 11, XCN reversed path and hit an all-time prime of $0.176 on Would possibly 31.

XCN/USDT 4-hour chart. Supply: TradingView

3 causes for XCN's sturdy efficiency come with listings on a couple of exchanges, in BNB Sensible Chain (BSC) and a number of other notable partnerships, together with a longstanding collaboration with the Stellar Basis.

Trade listings build up buying and selling quantity

In March 2022, Chain deployed new good contracts for its tokens and altered its title from CHN to XCN. After the title exchange, XCN was once indexed on KuCoin, adopted by way of Huobi, Gate, Bitrue, and Hotbit, with an important build up in buying and selling quantity.

A number of supporting exchanges, together with Gate, Huobi, ByBit, and Poloniex, have additionally introduced perpetual contracts for the XCN token, which helped carry consciousness of the mission and to begin with resulted in a surge in buying and selling quantity.

XCN may be a part of the cross-chain integration with the BNB Sensible Chain, which permits for inexpensive token transfers and buying and selling on PancakeSwap, the place holders can earn income, offering liquidity to the trade.

After integrating with BSC, the cost of XCN rose from $0.0712 on Would possibly 11 to $0.14 subsequent week.

similar: BNB Chain releases one-year technical roadmap to develop the ecosystem

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Chain has had a number of notable partnerships and investment rounds since 2014, together with over $40 million from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa Preliminary financing in USD.

In 2018, the mission was once received and was a part of the industrial arm referred to as the Interstellar Basis. Chain was once reacquired in 2020 as a part of a ledger-as-a-service platform known as Series.

The most recent tendencies within the Stellar protocol, together with its Spouse with MoneyGram Making a stablecoin-based switch platform may have a good have an effect on on the cost of XCN because of their shut connection.

In April 2022, Chain additionally introduced a strategic partnership with Alameda Analysis, which established a non-public fairness and quantitative cryptocurrency buying and selling company as Chain's number one marketplace maker. Whilst none of those partnerships appear to be sufficient to provide an explanation for XCN’s present positive aspects, it’s value noting that the altcoin’s value motion has diverged from the wider crypto marketplace for almost a month.

The perspectives and reviews expressed herein are the ones of the writer and don't essentially mirror the perspectives of Cointelegraph.com. Each funding and buying and selling transfer comes to possibility and also you will have to do your personal analysis when you decide.