Onyxcoin Soars 150% on Volume Explosion, Binance Announces Listing

Onyxcoin Soars 150% on Volume Surges, Binance Announces Listing

The listing on Binance did not help to continue the price trend.

Oliver Knight | Edited by Aoyon Ashraf, Nikkhilesh De Updated April 11, 2025, 5:32 PM Published April 11, 2025, 2:31 PM

Key points:

• Daily trading volume increased from $25 million to $600 million.
• The token has jumped by 150% in the last 24 hours.
• On Friday, Binance announced the listing of XCN futures.

Onyxcoin (XCN), the unique token of the modular blockchain of the same name, has risen significantly in price over the past 48 hours, reversing the bearish sentiment in the market with a 150% increase.

At the start of this week, the average monthly trading volume was around $25 million before the token began breaking through resistance levels. That figure has now risen to $600 million, much of which was conducted on Coinbase.

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A sharp increase in volume and a lack of a clear catalyst prompted Binance to launch XCN futures on its platform on Friday.

Unlike many other Binance listing announcements, this event did not result in additional price growth for the token, which may indicate that some investors decided to “sell on the news,” creating a balance between new buyers and old sellers.

As the native token of Onyxchain, XCN can be used for payments in the Onyx ecosystem, including node deployment. It can also be used to participate in governance.

The token has been trading for three years now, but its performance has been largely muted in 2023 and 2024. It spiked in January, jumping from $0.0025 to $0.03 in 11 days, prompting Tron founder Justin Sun to question the legitimacy of the price action.

“The XCN network is currently under severe market manipulation. They are using high leverage and contracts that could cause significant damage to many exchange users. I recommend that major exchanges pay attention to this risk,” Sun wrote in a tweet on January 24, which he has since deleted.

UPDATE April 11, 15:46 UTC: Added context about the XCN token and Justin Sun's now-deleted tweet.

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