Under-the-Radar Exchange Token Defies Crypto Market Downtrend, Surges Over 40% in One Week
A crypto alternate token that’s flying below the radar is on the up and up this week even amid the market-wide corrective transfer.
The native token of the MEXC alternate platform (MX) rallied from this week’s open at $1.23 to a excessive of $1.74 on Friday, representing an ascent of over 41%.
The 215th-ranked crypto asset by market cap can also be up greater than 80% prior to now month and over 101% for the reason that begin of 2023.
MX has retraced from the excessive since and is buying and selling for $1.65.
Based in 2018, MEXC claims to serve greater than 10 million customers in over 170 nations and areas.
One doable catalyst for MX’s worth bump: the alternate lowered its buying and selling charges in late February, dropping spot buying and selling prices on the platform to zero for maker charges and 0.1% for taker charges, in line with a press launch. Moreover, MEXC dropped futures buying and selling prices to zero for maker charges and 0.03% for taker charges.
The alternate additionally launched a proof-of-reserves system in late February, enabling customers to confirm Tether (USDT), USD Coin (USDC), Bitcoin (BTC) and Ethereum (ETH). The system additionally permits customers to test the reserve ratio of MEXC belongings.
Regardless of MX’s large positive factors in 2023, it nonetheless stays greater than 55% down from its all-time of $3.70, which it hit in December 2021.
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Generated Picture: Midjourney