While the global crypto market resumed its fall on Tuesday morning, Chain (XCN) crypto gained strong traction early on, with its volume soaring more than 200%.
The overall market was down 2.61% to US$950.85 billion. In the trailing 24 hours to Monday morning, it fell below the US$1-trillion mark for the first time since early 2021.
The dip follows a string of negative developments over the past month.
Stablecoin Terra’s collapse last month, the Celsius (CEL) crypto’s withdrawal freeze on June 13 and other adverse trends have dented investors’ sentiments.
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There are currently more than 19,700 cryptocurrencies globally. However, not all crypto assets have performed badly.
Chain (XCN) was one of them. Though its price fell around 58% to US$0.05809 at 5:37 am ET, its trading volume soared more than 200%. The project’s ongoing hirings show that it’s in an expansion mode, which may have boosted investors’ sentiments.
Let us understand more about the Chain crypto.
What Is Chain (XCN)?
Chain is a cloud blockchain infrastructure that enables organizations to build better financial services. Its Chain Core platform offers a “permissioned”, open-source blockchain and a ledger-as-a-service product called Sequence.
Institutions can launch or operate a blockchain network or connect with other networks through Chain Core. It defines the way assets are issued, transferred, and controlled on a blockchain network. The Chain Protocol allows a single entity to operate the network, support multiple assets and interoperate with other networks.
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While Chain Core is an enterprise software implementing the Chain Protocol, Sequence is a ledger-as-a-service product. It helps organizations safely transfer financial assets across public networks and manage funds in a tokenized format on private ledgers.
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Data Source: coinmarketcap.com
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The XCN token has a market capitalization of US$1.2 billion. Its current circulating supply is 21.47 billion, and the total supply is 53.47 billion. It can be traded on exchanges like KuCoin, CoinTiger, MEXC, ByBit, and DigiFinex.
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The Chain crypto, launched in 2014, has helped build blockchain networks for Visa, Nasdaq, State Street, Citibank, etc. The token price of this blockchain infrastructure provider fell by more than half on Tuesday for no apparent reason. The crypto market is volatile; investors should exercise due diligence before investing in digital assets.
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