Onyxcoin (XCN), the native token of its namesake’s modular blockchain, experienced a major boost over the past 48 hours, bucking the bearish market sentiment with a 150% rise.
Daily trading volume averaged around $25 million earlier this week until the token started to rip through levels of resistance. That figure has now ballooned to $600 million, the majority of which took place on Coinbase.
The surge in volume and apparent lack of visible catalyst prompted Binance to list XCN futures on its exchange on Friday.
Unlike many other Binance listing announcements, the listing did not spur an additional increase in token price, which could indicate that some investors opted to “sell the news,” creating a type of equilibrium between new buyers and old sellers.