Chain (XCN) ignores the wider-market downtrend by rallying 100%+ over the past month

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Chain (XCN) ignores the wider-market downtrend by rallying 100%+ over the past month
Coinmama


May was an extremely challenging month for the cryptocurrency market, as most coins recorded huge losses after the bear market was confirmed, but not every project fell back to pre-bull market lows.

Chain (XCN), a protocol designed to help organizations launch their own blockchain networks or connect with other more established networks, has managed to rise more than 120% since May 19.

Since hitting a low of $0.0712 on May 11, XCN reversed course, hitting an all-time high of $0.176 on May 31, according to data from Cointelegraph Markets Pro and TradingView.

XCN/USDT 4-hour chart. Source: TradingView

The three reasons for XCN’s strong performance include multiple exchange listings, launch on the BNB Smart Chain (BSC), and several notable partnerships, including a long-standing partnership with the Stellar Foundation.

coinbase

Exchange listings increase trading volume

In March 2022, Chain deployed new smart contracts for its tokens and changed its name from CHN to XCN. After the name change, XCN was listed on KuCoin, followed by Huobi, Gate, Bitrue, and Hotbit, with a significant increase in trading volume.

Several supporting exchanges, including Gate, Huobi, ByBit, and Poloniex, have also launched perpetual contracts for the XCN token, which helped raise awareness of the project and initially led to a surge in trading volume.

XCN is also part of the cross-chain integration with the BNB Smart Chain, which allows for cheap token transfers and trading on PancakeSwap, where holders can earn revenue, providing liquidity to the exchange.

After integrating with BSC, the price of XCN rose from $0.0712 on May 11 to $0.14 next week.

Related: BNB Chain Releases Year-Long Tech Roadmap to Grow Ecosystem

famous partner

Chain has had several notable partnerships and funding rounds since 2014, including over $40 million from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa Initial financing in USD.

In 2018, the project was acquired and became part of the commercial arm known as the Interstellar Foundation. Chain was reacquired in 2020 as part of a ledger-as-a-service platform called Sequence.

Recent developments in the Stellar protocol, including a partnership with MoneyGram to create a stablecoin-based transfer platform, could have a positive impact on the price of XCN due to their close connection.

In April 2022, Chain also announced a strategic partnership with Alameda Research, which established a private equity and quantitative cryptocurrency trading firm as Chain’s primary market maker. While none of these partnerships seem to be enough to explain XCN’s current gains, it’s worth noting that the altcoin’s price action has diverged from the broader crypto market for nearly a month.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.



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