coinquora.com
Chain (XCN) recorded a sudden plunge of 95% in the last 24 hours and rose by 700% in one hour, expressing extreme volatility. The exact reason for the plummeting and resurrection is unclear. Amidst the market bloodbath, it has been the only crypto to rise by 700% when other altcoins struggle to inch towards stability.
Chain (XCN) suddenly fell by about 95%, and then rose by 700% in 1 hour. Chain has received $40 million in financing from Khosla Ventures, Citigroup, Visa, etc. It was listed as a pending asset by Coinbase on June 7.
— Wu Blockchain (@WuBlockchain) June 14, 2022
Chain (XCN), a technology meant to assist enterprises in launching their own blockchain network or connecting to other more established networks, has risen over 700 percent in just one hour.
The 95% price drop can be attributed to the prolonged bear market. And the rise of 700% can be partly attributed to various reasons, including notable partnerships and exchange listings.
Interestingly, Chain had changed from CHN to XCN in March 2022 and launched a new smart contract for its token. Following the redesign, XCN was listed on KuCoin, followed by Huobi, Gate.io, Bitrue, and Hotbit, all of which saw a significant increase in trading volume. XCN has also been listed as a pending asset on June 7 by Coinbase.
Chain has had several significant partnerships and investment rounds since its inception in 2014, including a $40 million initial fundraise from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa.
Cryptocurrencies have had a difficult month. Inflation, the bear market, and the LUNA crisis have produced fear, uncertainty, and mistrust among investors, driving the market through the dirt. Most cryptocurrencies have barely stayed afloat, and some have plummeted to levels much below half of their all-time highs.
Therefore, it is noteworthy that XCN displayed a skyrocketing hike even when bitcoin and other altcoins were red.