Onyxcoin (XCN), the native token of its namesake's modular blockchain, experiences a major boost

XCN, the native token of its namesake's modular blockchain, experienced a major boost over the past 48 hours, bucking the bearish market sentiment with a 150% rise.

Onyxcoin (XCN), the native token of its namesake’s modular blockchain, experienced a major boost over the past 48 hours, bucking the bearish market sentiment with a 150% rise.

The token is now trading at around $0.12, having hit a high of $0.15 earlier today, remaining in the green despite Bitcoin (BTC) falling back below the $60,000 level.

At the same time, daily trading volume has soared to over $600 million, a far cry from the $25 million that the token used to average earlier this week. The majority of this volume took place on Coinbase (NASDAQ:COIN).

The apparent lack of visible catalyst for the surge in price and volume prompted Binance to list XCN futures on its exchange on Friday.

Unlike many other Binance listing announcements, the listing did not spur a further increase in token price, which could indicate that some investors opted to “sell the news,” creating a type of equilibrium between new buyers and old sellers.

“[Announcing the listing of XCN/USDT futures contracts on Friday, 08:00 AM (Paris Time).

Join us at 09:00 AM (Paris Time) for a live AM session on the topics: "The Role of Smart Contracts in Web3" and "Harnessing the Power of Modular Blockchains with Onyxchain. Follow our Twitter page for more updates and analysis. #BinanceFutures #XCN #Onyxchain,” Binance stated.

The token is the native currency used for payments within the Onyx ecosystem, this includes node deployment. It can also be used to participate in governance proposals.

The token has been trading for three years but performance was largely muted in 2023 and 2024. It then rose rapidly in January, going from $0.0025 to $0.03 in 11 days, prompting Tron founder Justin Sun to question the legitimacy of price action.

“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 that he's since deleted.