This Top-50 Crypto Jumped 28% This Week Despite A Market Crash
KuCoin Token (KCS), the native token to the fifth-largest crypto exchange, blazed past the 50 biggest cryptos this week.
KCS is up 28% in the past seven days at $15.64. It has also jumped over 8% in the past 24 hours.
The token began its rally just after KuCoin revealed a stellar first-quarter report earlier this week. A recent downturn in the market had also pushed the token to a near eight-month low, giving it an attractive entry price as well.
KuCoin reports huge user jump in Q1 2022
In a release earlier this week, KuCoin said it gained around 6 million new users in Q1, up nearly 500% from last year. Asia was by far the biggest source of new users, with registrations from the region jumping 1500%.
The exchange’s cumulative trading volumes also crossed $1 trillion, with an average daily volume of more than $11 billion.
The report indicates that KuCoin’s operations remained steady through Q1, despite broader weakness in the crypto market. In contrast, Coinbase recently said it plans to slow down hiring due to steep losses in Q1.
Fears over rising inflation and the Russia-Ukraine war had rattled crypto markets through Q1. Said fears have extended into Q2, so it remains to be seen whether the exchange can maintain its momentum.
Still, new users are greatly beneficial to the KCS token, given that it is primarily used to transact on KuCoin.
DeFi features in the works
KuCoin CEO Johnny Lyu on Friday confirmed a report from CoinDesk that the exchange plans to expand its DeFi offerings.
The exchange will deploy funds from its recent capital raise towards implementing DeFi features on its public blockchain, KuCoin Community Chain.
The Seychelles-based exchange had earlier this month raised $150 million in a mid-stage funding round led by Jump Crypto. The round values KuCoin at $10 billion.
According to data from Coinmarketcap, KuCoin is the fifth-largest crypto exchange by average liquidity and volumes.
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
