Onyxcoin Surges 150% in Value as Binance Announces Listing and Volume Soars

Key Points:

• Daily trading volume has skyrocketed from $25 million to $600 million.

• The token has gained 150% in the last 24 hours.

• Binance revealed it would list XCN futures on Friday.

Onyxcoin (XCN), the native token of its modular blockchain, saw a significant surge over the past 48 hours, defying the overall bearish market trend with a 150% increase.

Earlier this week, daily trading volume was around $25 million, but as the token broke through resistance levels, that figure skyrocketed to $600 million, with most of the trading occurring on Coinbase.

The spike in volume and the absence of a clear catalyst led Binance to list XCN futures on its exchange on Friday.

However, unlike many other Binance listing announcements, this listing did not trigger a further rise in the token's price. This could suggest that some investors chose to "sell the news," leading to a balance between new buyers and previous sellers.

As the native token of Onyxchain, XCN can be used for payments within the Onyx ecosystem, including node deployment, and for participating in governance proposals.

Though the token has been trading for three years, its performance was relatively subdued in 2023 and 2024. However, it experienced a sharp rise in January, jumping from $0.0025 to $0.03 in just 11 days, which led Tron founder Justin Sun to question the legitimacy of this price movement.

"XCN chain is currently engaging in significant market manipulation. They are using high leverage and contracts that could cause serious harm to many exchange users. I recommend that major exchanges pay close attention to this risk," Sun tweeted on January 24, a message he later deleted.