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- The coin has bounced back recently and is up 8.91% in the last 24 hours.
- Rumours started circulating on Crypto Twitter that KuCoin was about to fall.
Over the past seven days, the price of KuCoin Token (KCS), the cryptocurrency exchange’s native token, has plummeted due to insolvency rumors. As of the time of this writing, KuCoin is down by 16.34% in the last 7 days as per CMC. However, the token has bounced back recently and is up 8.91% in the last 24 hours.
A 24-hour trading volume of $928 million places KuCoin as the fifth-largest cryptocurrency exchange in the world. Its KCS token has a market value of $874 million, making it the 50th most valuable digital asset on CMC.
Rumors Laid to Rest by KuCoin CEO
Earlier this week, rumours started circulating on Crypto Twitter that KuCoin was about to fall. Johnnie Lyu, CEO of KuCoin, reacted by asserting that the firm has no exposure to LUNA, Babel or 3AC.
When asked whether KuCoin was in danger, Lyu responded on Twitter by saying the platform was “operating well,” adding that “KuCoin reserves the right to take legal actions” against those spreading rumors of a collapse.
Each collapsed example Lyu gave above is due to a liquidity problem that has arisen in the crypto ecosystem due to the price declines that have occurred during the bear market. Asked if KuCoin had any exposure to Celsius, reportedly on the verge of bankruptcy, Lyu replied, “Nope.”
Despite the cryptocurrency market’s rapid decline in the first week of May, rumours on Crypto Twitter about the financial viability of Celsius, Three Arrows Capital, and BlockFi have been proven to be accurate. Although, there are no problems with Lyu’s exchange, according to him, and he even said that the firm is still hiring.
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