By Solomon Odunayo
Bitcoin and the altcoin market spent May within the red region. So, how did XCN gain more than 100% during the month?
The cryptocurrency market saw bearishness during May’s sessions as most assets recorded massive losses amidst a bear market. Nevertheless, not all projects crashed to pre-bull lows.
Chain is a protocol that helps organizations build their blockchain platforms to connect to other stabilized networks. The protocol’s native token, XCN, gained over 120% since 19 May.
TradingView and Cointelegraph Markets Pro data shows the altcoin reversed the bearish moves that had it exploring $0.0712 lows on 11 May to hit record highs of $0.176 on 31 May.
Three reasons behind XCN’s impressive move include listing by many exchanges, BNB Chain launch, and various partnerships. For instance, the Stellar Foundation signed a long-standing deal with Chain (XCN).
Exchange Listings Trigger Increased Volume
Chain deployed a smart contract for the token in March 2022, rebranding to XCN from CHN. The rebrand attracted listings on KuCoin, Hotbit, Bitrue, Gate.io, and Huobi. That triggered swift trading volume surges.
Moreover, most supporting trading platforms have introduced the asset’s perpetual contracts. That contributed to the trading volume surge while increasing the project’s awareness.
Moreover, XCN joined the BNB chain cross-chain integration, supporting inexpensive token transactions. The BNB Chain integration saw XCN rally to $0.14 within a week from 11 May levels of $0.0712.
Notable Partnerships
The Chain project has seen multiple funding rounds and partnerships since 2014, including the initial over $40 million fundraise from Orange, Visa, Nasdaq, Fiserv, Citigroup, Capital One, Pantera Capital, and Khosla Ventures.
The Stellar Foundation acquired the project in 2018, joining its commercial arm Interstellar. However, Chain saw a reacquire in 2020 as a ledger-as-a-services network called Sequence.
Meanwhile, the latest development with Stellar plus MoneyGram partnership to introduce a stable coin money transfer platform might mean positive price actions for XCN.
Also, Chain revealed a strategic collaboration with Alameda Research in April this year. Though these partnerships might not be enough to account for the token’s massive surge, XCN decoupled from the broad market last month.