What is the hype around $XCN?

10 Feb 2025 by Sharlife
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Onyxcoin ($XCN) has recently garnered significant attention in the cryptocurrency market due to its impressive price surge and ongoing developments within its ecosystem. This article explores the recent market trends, key factors driving its growth, and upcoming upgrades to help investors understand the Onyxcoin project.

Market Trends and Price Performance

$XCN's 1 month chart.

Onyxcoin ($XCN) has experienced remarkable growth, with its price surging by 1,500% in 2025 after a period of relative dormancy. In January 2025, the token demonstrated resilience, with its price climbing by 149%. The market capitalization of $XCN surpassed $1 billion, with a 24-hour trading volume increase of 90%. In late January 2025, $XCN crypto had surged 1,195% within the past 30 days and nearly two times that amount over the previous year.

However, it's important to note that Onyxcoin experienced a major crash in 2022 due to disputes with Tron founder Justin Sun and HTX Global, causing its price to plummet from an all-time high (ATH) of $0.1726 to $0.01213 by the end of 2022. Despite these fluctuations, $XCN is showing signs of recovery and growth in early 2025.

Key Growth Drivers

Several factors have contributed to Onyxcoin's resurgence:

  • Resolution of Disputes: OnyxDAO resolved issues with Justin Sun and HTX Global by deploying OIP-51, integrating them into the DAO.
  • Platform Upgrades: Onyxcoin is launching an OIP to incentivize Onyx Core Nodes and has announced upcoming updates, including a new blockchain called Onyx $XCN Ledger. A new whitepaper with a refined tokenomics model is also expected.
  • Strategic Partnerships: Onyxcoin has partnered with Chain.com, enabling token holders to use $XCN for Chain.com services.
  • Community Engagement: Strong community support, particularly regarding token burns and node incentives, has been a key driver of $XCN's success.

Onyx Protocol and $XCN's Functionality

Onyxcoin ($XCN) is the fundamental token of the Onyx Protocol, a blockchain framework designed to improve financial services. It operates as an ERC-20 token on the Ethereum blockchain, serving as a payment and discount currency and a governance token within its ecosystem. The Onyx Protocol is governed by a Decentralized Autonomous Organization (DAO), allowing $XCN token holders to participate in decision-making by staking their tokens. $XCN's infrastructure is built on a scalable proof-of-stake blockchain, smart contract functionality, and cross-chain compatibility.

Within the Onyx ecosystem, $XCN offers several advantages:

  • Governance: $XCN holders can participate in critical decisions about the protocol's future.
  • Discounts and Exclusive Features: $XCN provides discounts on premium services and access to exclusive features.
  • Staking Rewards: Users can stake $XCN to earn rewards over time.
  • Payment Method: $XCN serves as a payment method within the Onyx ecosystem.

Recent Developments

  • Bitunix Listing: Onyxcoin was recently listed on Bitunix, a fast-growing crypto exchange, on February 4.
  • OIP-51 Protocol: The deployment of the OIP-51 improvement protocol has been a significant development, resolving disputes and integrating key stakeholders into the DAO.

Potential and Concerns

Onyxcoin's price surge and platform upgrades have attracted considerable attention, with some analysts predicting further growth. However, it is crucial to consider both the potential and the risks associated with $XCN.

Potential: Onyxcoin's focus on enterprise blockchain solutions, DeFi, and NFTs, along with its strong community involvement, positions it for mainstream adoption. The upcoming platform upgrades and new blockchain could further impact the $XCN price positively.

Concerns: Investors should be cautious and consider the long-term viability of the project. The lack of consistent information about the underlying project and technological advancements makes a comprehensive evaluation challenging.

Is $XCN Halal?

Onyx Protocol is a decentralized platform on Ethereum for peer-to-peer lending of digital assets like NFTs. Some users do ask whether this impacts it Shariah status. In our view, cryptocurrency lending can be permissible under certain conditions. 

Read more here: Is $XCN halal?

Conclusion

Onyxcoin ($XCN) has demonstrated significant growth potential in early 2025, driven by platform upgrades, strategic partnerships, and community engagement. While the recent price surge and market activity are promising, investors should conduct thorough research and consider the project's long-term viability before making any investment decisions.