What happened?
The price of Onyxcoin (XCN) has dropped by 2% in the past 24 hours to $0.01727, tracking the overall market decline of 2.5%. Despite recent drops, XCN is still up 10% over the week and an impressive 760% over the past year. Developers are preparing for a new upgrade that includes gas-free voting and increased decentralization, which could boost the coin’s value in the future.
Who does this affect?
This affects Onyxcoin investors and anyone involved with the Onyxcoin ecosystem, including validators and developers who are implementing upgrades like OIP-56. It also impacts the wider Ethereum-based decentralized finance market, where Onyxcoin operates. Crypto traders considering shifting to more promising investments, like newer altcoins or presale tokens, may also be interested.
Why does this matter?
Onyxcoin’s recent drop highlights the volatility and challenges within the crypto market, affecting investor confidence and market stability. However, the planned updates and potential price increases offer a glimpse of hope for recovery and growth. As the crypto market begins to show signs of recovery, Onyxcoin’s developments may play a crucial role in its resurgence and broader market dynamics.