Hello, friends, here we are again, the buidlbee team! Not only to wish you a great weekend but also to share some helpful information. And our newsletter today will be about the cryptocurrencies that gained and lost the most during the week.
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A heavy Chain
…and, apparently, with a weight strapped to it that pulls it to the bottom. Over the past seven days, the XCN cloud blockchain infrastructure - Chain token - has lost a whopping 40% 😱 of its value and is now trading at about $0.018.
Now let's get some background and then try to understand the reasons for such a tremendous collapse and what will happen to the token in the future.
What is XCN?
XCN is the ‘Chain Ecosystem Cryptocurrency.’ It has a variety of use case applications within the Chain ecosystem, outside voting on Chain Protocol and Chain DAO activities. Users can stake XCN to secure the protocol and earn rewards. They can receive priority access to our suite of products and discounts for Chain software services. XCN can also be used as a secure payment method for the Chain Protocol.
Where has XCN gone?
There are no reversal signs, and the downward movement is likely to continue. If the token reaches $0.035, a bullish reversal is possible.
According to AMBCrypto's short-term analysis, in February 2023, Chain could trade at the average price of $0.077, and the maximum possible price would be $0.083. XCN could be priced at $0.085 in the summer, with a maximum possible price of $0.091.
Based on historical data, current events, and community sentiment, the long-term price forecast for Chain suggests that significant token growth is not possible before 2027.
Market forecast from Bitnation, which is made with the help of various machine algorithms, talks about a possible significant increase in the price 💲, but not before 2024-2025.
In conclusion, here is the list of other losers of the week 🤡.
And now let's look at the big winner of the week!
PS. If you want to help us become better (and we are trying for you, dear reader), please leave a comment, so we know how to become even more helpful to you!
Go XDC!!!
In the last seven days, the value of the XDC Network token (XDC) increased by 12.37% and is $0.02689. And judging by what analysts predict based on current data, the token will do even better. 🚀
What is the XDC Network?
XDC Network (formerly called eXchange inFinite or XinFin Network) is an enterprise-level blockchain compatible with the Ethereum Virtual Machine (EVM). As a highly optimized fork of Ethereum, XDC Network achieves consensus using a Delegated Proof-of-Stake (XDPoS) mechanism that provides two-second transaction times, near-zero gas fees, and over 2,000 transactions per second (TPS).
Although the consensus mechanism is PoS and thus consumes virtually no power, validators have to do a little Proof-of-Work (PoW) when proposing a new block, making the network resistant to spam.
Each node operator is required to deposit 10 million XDCs and upload KYC documentation (Know Your Customer, a term meaning that they must identify and ascertain the identity of the counterparty before conducting a financial transaction).
XDC is a platform's utility token that allows developers to execute smart contracts and interact with network functions. It can also serve as a fast cryptocurrency, enabling frictionless transactions. XDC is also a way for XinFin validators to receive rewards.
Is it possible to break the ceiling?
There were all the prerequisites for a rise, especially after the announcement of the integration with STASIS, the issuer of one of the largest euro-backed 💶 stablecoins, to allow the EURS stablecoin on the XDC network. XDC's market capitalization has since risen about 20% and traded at $0.02711.
Interestingly, over the past few days, XDC Network developers and executives have been actively communicating with the audience and answering questions from users during AMA sessions.
On December 19, the InvestorsObserver research platform wrote that XDC's price movement over the last day of trading results in a high-risk rating because its recent price movement relative to trading volume gives traders cause for concern about the possibility of manipulation of the coin.
As for the outlook for XDC, the token had a rough start: $0.002 as of April 13, 2018, and about another three years. But in February 2021, the cryptocurrency rose to a peak of $0.14 after the XDC coin announced a bridge to the Corda Network cryptocurrency. XDC subsequently became the leading token of value on Corda.
XDC came close to that high again on July 4, when it hit $0.12. This occurred on the eve of the token's placement on the BitMart exchange, paired with Tether (USDT).
The price of XDC has been very volatile in recent months but shows signs of stabilization, according to BitcoinWisdom. The long-term outlook for the XinFin network looks optimistic. ☀😎
The project has received funding from major venture capital firms such as Vivium Life Private Equity, BIP Investment Partners, Meusinvest (Noshaq), Powe Capital Management, Partners at Venture, and Luxempart. XDC is well-positioned for growth.
AMBCrypto's long-term XDC Network price forecast, based on an analysis of historical price action, current events, and community social sentiment, is also positive so far.
That's not all there is to it. Here you can see a list of all the gainers of the week 🥇.
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You can also read about the top 5 digital assets of 2022 rrrright here!