Onyxcoin (XCN), the native token for its name -ax’s modular blockchain, experienced a big boost over the last 48 hours, bending the bearish market atmosphere with an increase of 150%.

Daily trade volume was on average about $ 25 million earlier this week until the token began to tear through levels of resistance. This figure has now ballooned to $ 600 million, the majority of which took place at Coinbase.

The wave in volume and apparent lack of visible catalyst got Binance to list XCN Futures on its exchange Friday.

Unlike many other Binance listings, the list did not ask a further increase in the token prize, which could indicate that some investors chose to “sell the news”, creating a type of equilibrium between new buyers and old sellers.

Like the native token of onyxchain, XCN can be used for payments within the onyx ecosystem, this includes node installation. It can also be used to participate in government proposals.

The token has been shopping for three years, but performance was largely muted in 2023 and 2024. It then rose rapidly in January and went from $ 0.0025 to $ 0.03 in 11 days, causing Tron founder Justin Sun to question the legitimacy of the price action.

“The XCN chain is currently participating in significant market manipulation. They use high leverage and contract that can cause serious harm to many exchange users. I recommend that bigger exchanges are very aware of this risk,” Sun wrote in a tweet on January 24 that he has since been deleted.

Update April 11, 15:46 UTC: Adds context about XCN -Token and now deleted Tweet from Justin Sun.