- Onyxcoin (XCN) makes a dramatic surge to a new yearly high following reports of an upcoming whitepaper and blockchain launch.
- The asset has surged by a whopping 1,500% to trade at $0.038; however, XCN still remains significantly down from its all-time-high price.
Onyxcoin (XCN) has unexpectedly “stolen the show,” ascending to become the coin of the moment with a staggering surge of 1,500% in the last 30 days. According to our market data, the asset has printed 221% gains on its seven-day chart and a 36% surge in the last 24 hours to trade at $0.038. Fascinatingly, this extends its 90-day gains to 3,143% and the market cap to $1.23 billion. Amidst the backdrop of this, the broad market appears to be struggling, as featured in our recent coverage.
Further exploring its market performance, we found that the trading volume of XCN significantly supports this rally, with a 68.9% surge in the last 24 hours. At press time, a whopping amount of $781 million was changing hands as the XCN/USD trading pair on Coinbase accounted for $279 million of the total.
Reason for the Ongoing Rally
According to experts, the current price growth could be largely attributed to bullish sentiments around its much-anticipated update. Its explosive run began on January 14 when the team hinted at an Open Index Protocol (OIP) to incentivize running Onyx Core nodes on February 1.
In a recent post on X, the team also announced the launch of a new whitepaper and the introduction of the Onyx XCN Ledger. This upgrade is scheduled for early February and it is expected to significantly address previous security concerns.
Last year, Onyxcoin suffered a fatal security breach that saw $3.8 million in crypto assets siphoned by threat actors. According to blockchain security firm PeckShield, the decentralized liquidity protocol fell prey to a known “precision issue in forked CompoundV2 code base.” Additionally, the hackers reportedly exploited another vulnerability in the NFT Liquidation contract.
Another issue that facilitates the hack is related to the NFT Liquidation contract, which does not properly validate (untrusted) user input and was exploited to inflate the self-liquidation reward amount. Onyx Protocol was subject to a security incident where a nefarious actor exploited the protocol to drain VUSD from the protocol. This exploit can be identified and understood from a vulnerability in the NFT Liquidation contract.
XCN Settles Dispute, Set for Token Burn
Apart from the move to address the security issue, the XCN price is also reported to be reacting to the resolution of the dispute between Onyx DAO and Justin Sun’s firms. Apart from this, investors are accumulating the asset following reports that the team is exploring possibilities to embark on token burns to reduce the supply, sustain the ecosystem, and push the asset up the price curve. Jupiter is currently embarking on a similar exercise as mentioned in our previous news brief.
Meanwhile, analysts believe that there is more upward potential as XCN still remains considerably down from its all-time high price of $0.184. According to analysts, XCN could easily reach $0.08 from the current position and subsequently target the $0.1 price point. Interestingly, the potential extensive surge could be triggered by the possible run of BTC, as explained in our last analysis.
