XEN Crypto, the social mining protocol whose native cryptocurrency has surged in recent weeks, is down nearly 8% in 24 hours as traders take profits.
The XEN Crypto price rose to highs of $0.0003698 during the last bull market but slumped as the bear market took its toll on projects. Notably, the token minted on the Ethereum (ETH) blockchain sold off to near zero on August 5, 2024, as Bitcoin (BTC) crashed, leading crypto prices lower.
However, a recent surge in trader interest for the proof-of-participation token has seen XEN’s price rise more than 43% in the past seven days. This surge is likely the reason for the declines seen in the past 24 hours. Intraday trading volume has also shrunk by 23% to just over $2 million.
Read more: Pi coin launch date is hard to predict: here’s why
Despite trading in the green over the past week and month, XEN’s price is down 81% over the past year.
A look at its all-time performance shows the token’s gains during the 2021 bull market have been virtually wiped out. Nonetheless, XEN’s price is up 67% from its all-time low reached on Aug. 5.
What might help XEN price?
XEN is a project that has recently gained renewed traction following the successful transition of Ethereum from a proof-of-work to proof-of-stake mechanism. By burning ETH for minted XEN, the project has helped in Ethereum’s deflationary mechanism.
The XEN token is also dominating transactions across Ethereum virtual machine chains, while the team is working on its X1 blockchain that will connect the community across supported EVM chains. X1 is designed as a hybrid PoW/PoS network.
solXEN, a token mined on the Solana (SOL) blockchain, is another trending component of the XEN ecosystem. Interest in the token ahead of X1 mainnet launch is also helping the overall bounce for XEN price.
You might also like: ApeCoin surges, more gains likely before ApeChain launch
