Onyxcoin (XCN) Price Tumbles After 1000% Rally Amid Crypto Market Crash

Onyxcoin (XCN) crypto token price saw a massive 1000% rally in two weeks, but fell amid massive selloffs in the broader crypto market. Onyx is a fully decentralized protocol powered by the governance and utility token Onyxcoin (XCN). The primary reason behind this massive uptrend is the resolution of the long-standing issue with HTX Global and Justin Sun.

Onyxcoin (XCN) Price Fell Amid Crypto Market Crash

Onyxcoin (XCN) has extended its rally to nearly 2000% in a month after a 1000% surge in its price in just two weeks. XCN price is currently trading at $0.0303, down 17%. The 24-hour low and high are $0.03132 and $0.04967, respectively.

The trading volume jump seen over the last few weeks has dropped as the crypto market crashed. Notably, the trading volume increased to $1.60 billion from just $100 million a week ago.

XCN had even taken over XRP, SOL and even BTC in trading volume on Coinbase crypto exchange before the market crash. Coinbase topped other crypto exchanges for XCN trading volumes, recording 38% of market share in terms of volumes.

Furthermore, Onyxcoin (XCN) futures open interest has again recorded a jump in the last few hours, indicating the sentiment remains mixed in the derivatives market. As per Coinglass data, Bybit saw 3% increase in XCN futures open interest in the past hour.

Reasons Why Onyxcoin Saw Massive Gains

For clarity, Onyxcoin or Onyx has no relation to banking giant JPMorgan. Onyx blockchain by JPMorgan was rebranded to Kinexys to distinguish it from unrelated entities and protocols in the crypto market.

The massive pump recently in Onycoin (XCN) price came from the resolution of a dispute from the year 2022 related to XCN with Justin Sun and HTX Global. OIP-51 proposal was deployed passing which makes Sun and HTX part of the DAO, with XCN locked for 2 years and a public acknowledgment of the major news by Justin Sun.

Moreover, Onyx has partnered with several platforms including blockchain infrastructure platform Chain. They announced a 30% discount for Chain clients who utilize Onyxcoin (XCN) for payments towards products.

The decentralized Web3 platform also announced incentivizing running Onyx Core node operators with a proposal due early February. It said, “Preference will be given to those already running nodes at the time of the OIP and technical enough to operate a node with high uptime.”

Onyxcoin (XCN) price also rallied as the platform offers gas refunds on staking, voting and rewards. OnyxDAO is on a major marketing push and an incoming proposal on a community burn initiative.