Chain (XCN) has rallied 100 percent or more in the last month, despite

01-Jun-2022 By: Rohit Tripathi

The cryptocurrency market had a difficult month

in May, with the majority of tokens suffering significant losses as a bear market was confirmed, although not every project returned to pre-bull market lows.

Since May 19, Chain (XCN), a technology meant to assist enterprises in launching their own blockchain network or connecting to similar more established networks, has risen more than 120 percent.

According to the data from sources, XCN has risen from a low of $0.0712 on May 11 to a new high of $0.176 on May 31.

The three reasons for the remarkable performance of XCN are multiple exchange listings, launching on BNB Chain, and several important partnerships, including a long-standing partnership with the Stellar Foundation.

The volume is boosted by the addition of new exchange listings

The chain was renamed from CHN to XCN in March 2022 and released 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 significant increases in trading volume.

XCN is also a part of a cross-chain interface with the BNB Chain, allowing for low-cost token transfers and trading on pancakeswap, where holders can earn yield by supplying liquidity to the exchange. The price of XCN rose from $0.0712 on May 11 to $0.14 the following week as a result of the integration with BNB Chain.

Notable collaborations

Chain has had a number of major 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.

The project was acquired in 2018 and is now part of Interstellar, the Stellar Foundation's commercial arm. Chain was repurchased in 2020 as part of Sequence, a ledger-as-a-service platform.

Because of their tight relationships, it's possible that recent advancements with the Stellar protocol, such as its cooperation with MoneyGram to create a stablecoin-based platform for money transfers, will have a favorable impact on the price of XCN.

Chain also announced a strategic agreement with Alameda Research in April 2022, naming the private equity and quantitative cryptocurrency trading business as the company's primary market maker. While none of these alliances appear to be large enough to explain XCN's current advances, it is worth noting that the altcoin's price has been diverging from the rest of the crypto market for about a month.

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