Why did the Onyxcoin (XCN) cryptocurrency shot?

Onyxcoin (XCN), the native token of the ONYX protocol, experiences a vertiginous growth and is the asset with the highest weekly rise, among the 100 with the highest market capitalization.

ONYX facilitates the access and use of web3with focus in the scope of decentralized finances (DEFI). In addition, it provides companies with tools to create financial solutions, taking advantage of security, transparency and the ability to interact with other tokens within the same Ethereum network.

Although they bear the same name, It is not the same network developed by JP Morgan to Tokenizar Assets of the real world (RWA).

In the last 7 days, the token XCN price went from 0.012 to 0.038 dollars, which represents a weekly increase of 209%.

Despite this good performance, There is still 80% below its historical maximum (ATH) of $ 0.18 reached in May 2022.

Now, it is worth asking what are the reasons they promoted The price of the asset that occupies the 79th position of the top 100 of the most valuable cryptocurrencies in the marketaccording to Coinmarketcap.

The first of these is the resolution of a conflict between ONYX DAO, the decentralized autonomous organization in charge of the protocol, and Justin Sun. In 2022, The founder of the Tron network denounced market manipulations that could have inflated the price of Token XCN.

“They are using high leverage and contracts that could cause serious damage to many exchange users. I recommend that the main exchanges pay close attention to this risk. We will inform its illegal activities to the United States Stock Exchange and Securities Commission (SEC) ”, was the tweet that the businessman wrote.

At that time, Sun’s accusations unleashed a wave of sales that generated a strong bearish pressure in the asset price Although there are no records that he filed a formal complaint with the SEC.

Finally, the conflict was resolved through the OIP-52 proposal, which establishes that the Global Exchange HTX, where Justin Sun is an advisor, will acquire 500 million XCN, equivalent to 2 million dollars.

These will remain blocked over the next 2 years, preventing their transfer or negotiation. Once that period is over, Tokens will be released and can be used, sold or transferred by SUN and Global HTX.

The proposal was approved by the token XCN holders, while The businessman eliminated the tweet in which he had denounced the supposed manipulation of the market.

Another of the reasons that promoted the price increase is that the ONYX DAO team announced that in the next few days it will announce LDetails of the new network that have been developing “in secret” called Onyx XCN Ledger. In the publication, it stands out that there will be a new whitepaper and technical advances (which are still unknown), which will improve the scalability, safety and efficiency of the ONYX protocol.

Finally, it is important to note that ONYX is a company based in the United States, so The price of Token can benefit from the arrival of Donald Trump to the presidency and the changes in the SEC.

As cryptootics has reported, the Republican leader said throughout his presidential campaign that he will promote a clear regulation to promote the growth of the digital asset industry in the United States.

If you meet your promises, it will be beneficial for companies in the sector based in that country.