Onyxcoin (XCN) Surges 150% Amid Explosive Volume and Binance Futures Listing

Onyxcoin’s native token, XCN, experienced a dramatic 150% price surge over the past 48 hours, driven by a sharp increase in trading volume from around $25 million to $600 million, primarily on Coinbase. This significant upswing occurred despite a generally bearish market sentiment and led to Binance listing XCN futures. However, the listing announcement did not result in an additional price boost, suggesting that many investors may have opted to sell rather than buy on the news. XCN, which powers the Onyxchain ecosystem by enabling payments, node deployments, and governance participation, had seen subdued performance in 2023 and early 2024 before its rapid ascent in January. The rapid price increase had already drawn scrutiny from notable figures like Tron founder Justin Sun, who criticized what he described as market manipulation involving high leverage. The news highlights both the promise and the volatility inherent in the crypto market, as high trading volumes and listings on major platforms like Binance can attract significant activity even if short-term profit-taking dampens further price gains.