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

There are 3 reasons for XCNs strong showing. They have numerous exchange listings, released on BNB Smart Chain, and lots of significant collaborations, consisting of an enduring partnership with the Stellar Foundation.

The cryptocurrency market faced an extremely tough month in May. A majority of tokens suffered heavy losses after a bearishness was verified. Not all jobs fell back to their pre-bull market levels.

Chain (XCN), which is a protocol that permits organizations to create their own blockchain networks or connect to existing networks, has seen more than 120% development since May 19.

XCN/USDT 4-hour chart. Source: TradingView

Cointelegraph Markets Pro and TradingView information reveal that XCN has actually reversed its course since striking a low at $0.0712 on May 11 and after that reaching a record high at $0.176 on May 31.

Volume is enhanced by exchange listings

Chain created a smart contract to manage its token in March 2022 and rebranded as XCN from CHN. After the rebrand, XCN was listed on KuCoin. Following that listing, Hotbit, Gate, Bitrue, Huobi and Gate all saw a sharp increase in trading volume.

After the BSC integration, the price for XCN leapt from $0.0712 on May 11, to $0.14 the following week.

XCN can also be utilized in cross-chain integration with BNB Smart Chain. This permits token transfers at a low cost and trading on PancakeSwap. Holders can make yield by offering liquidity for the exchange.

A number of the supporting exchanges, including Gate, Huobi and Poloniex have released continuous contracts for XCN token. This has actually assisted to increase awareness and caused a surge in trading volume.

Comparable: BNB Chain provides a year-long technical roadmap for establishing ecosystem

Chain announced in April 2022 a tactical partnership contract with Alameda Research, which made the company a primary market maker for Chain. It is a personal equity and quantitative crypto trading company. Although none of these partnerships seem significant adequate to describe XCNs existing gains it is notable that altcoins cost action diverges from the wider crypto market almost every month.

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The project was acquired by the Stellar Foundation in 2018. It ended up being part of Interstellar, the business arm. Chain was repurchased in 2020 by Sequence, a platform that offers ledger-as a service.

Due to their close ties, it is possible that the Stellar procedures recent developments, including its collaboration for MoneyGram to make a stablecoin-based platform to move money, could have positive effect on the price of XCN.

The cryptocurrency market dealt with a really tough month in May. A majority of tokens suffered heavy losses after a bear market was confirmed. Not all tasks fell back to their pre-bull market levels.

Notable collaborations

Chain announced in April 2022 a strategic partnership arrangement with Alameda Research, which made the company a primary market maker for Chain. None of these partnerships seem considerable adequate to describe XCNs present gains it is notable that altcoins rate action diverges from the wider crypto market practically every month.

Chain has actually taken pleasure in a number of noteworthy collaborations and moneying rounds since 2014. This includes a fundraise of more than $40 million from Khosla Ventures and Pantera Capital, Capital One and Capital One.