Kyber Network, a decentralized ethereum-based solution is killing it with the Bithumb listing. Prior to getting integrated with one of the biggest cryptocurrency exchanges, KNC token registered a surge of 70 percent at its peak and crossed $3 USD mark. Currently, at $2.86, Kyber Network recently joined MyEtherWallet to launch a decentralized exchange that allows its users to swap their Ether into ERC20 tokens that started an upward trend in KNC price.
Kyber Network (KNC) hits the jackpot with Bithumb listing, soars more than 50 percent
Kyber Network has surged 51 percent upon the announcement of getting listed on the biggest cryptocurrency exchange of South Korea, Bithumb. Bithumb announced on Twitter that it will be listing Kyber Network along with another coin OmiseGo around 6 pm (KST).
— Bithumb (@BithumbOfficial) April 26, 2018
Currently, the entire cryptocurrency market is experiencing a price dip except for a few coins. Kyber Network is the only coin that is not only surging but leading right now with 60 percent rise. At one point, the coin surged more than 70 percent and reached over $1.1 million volume.
Prior to its Bithumb listing, the coin registered a tremendous gain in both prices and volume. An ethereum-based protocol, Kyber Network allows the instant exchange of digital assets while offering high liquidity.
Listing on such a big exchange always works in cryptocurrencies’ favor and with this “Bithumb pump”, it certainly looks the part.
OmiseGo, which is also getting listed on Bithumb is surging as well but not at the pace of Kyber Network. Registering a gain of about 20 percent, OmiseGo is currently at $19. Listings like such take a detailed evaluation process including market research as deceitful deals can land an exchange into legal troubles for market manipulation.
Launching DEX exchange in partnership with MEW & planning upgrades
Kyber Network might not have seen such big of a surge prior to Bithumb listing but the token was doing good as it recently joined MyEtherWallet (MEW) to launch the first decentralized, on-chain exchange platform. This platform enables its users to exchange their ETH for ERC20 tokens by using the token swap feature of the platform.
This feature basically allows the users of MEW wallet to convert their Ether into about twenty different types of ERC20 tokens including KNC (Kyber Network Coin), OmiseGo, stable coin DAI and EOS. Now, without moving your ETH out of MEW wallets, you can diversify your Ethereum-based holdings.
The trustless system, Kyber Network stated that this was its biggest partnership as wallet integrations are essential for their growth and increasing the adoption. This decentralized exchange will be open to the users on April 31, 2018.
However, it is not all, Kyber Network will be constantly working on new features and upgrades along with adding more token pairs that will be revealed next month. It further offers the promise of bringing much bigger things to its users in the month of June.
Amid the drop in the crypto market, where bitcoin is riding below $9,000 and altcoins have taken a hit of as much as 13 percent, Kyber Network has hit a jackpot with Bithumb’s listing as it rides at $2.86 with 51 percent increase in value.
Do you think, with a number of developments lined up in coming months, KNC coin will rise more?
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.