The Ethereum-based Altcoin is up 70% in just 10 days, violating the trend of the crypto market

Ethereum-based altcoin is challenging the bear market as it heads higher as the broader crypto markets struggle.

XCN, the governance and utility token for the cloud blockchain protocol, has surged more than 70% in the past 10 days, while most other crypto assets have moved sideways.

XCN traded around $0.10 on May 25 and is now trading at $0.174 at the time of writing. The asset also rose in the cryptocurrency market capitalization rankings, from 51 in mid-May to 28 this week.

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The company also announced that it is continuing to hire new employees despite the general slump in the cryptocurrency markets.

XCN has also become Available On the BNB chain last month, the blockchain network of Binance, the world’s largest crypto exchange by volume. Via BNB Chain, crypto assets can now also be deposited using Huobi, Gate.io, and KuCoin crypto exchanges.

On Friday, Chen announced that it had burned $2.6 billion worth of XCN, or more than 22% of the total token supply, as part of a new governance change.

As the CEO of the channel, Deepak Thapelal, said,

“Burning the XCN token means switching to a decentralized on-chain DAO.” [decentralized autonomous organization] judgment. This achievement acknowledges XCN’s influence on the development of Web 3.0 and the innovators who used it to build on Chain.

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Featured Image: Shutterstock / Fotomay / Nikelser Kate

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