Key Takeaways -
- The XinFin Network's native token, XDC, has experienced a significant increase, soaring by 130% since July 12, largely due to the launch of the XDCNetwork subnet.
- Despite the impressive rally, there are indications of a potential slowdown. Decreasing trading volumes and a major resistance line suggest that the upward trend might not continue simultaneously.
- The XinFin Network's total value locked (TVL) reached a record high of $5.4 million, with decentralized exchange Globiance and protocols like XSwap playing key roles in this surge.
The XinFin Network, a Singapore-based platform, has seen its native token (XDC) soar by an impressive 130% since July 12. This remarkable surge has sparked curiosity among market watchers, leading to the question: Will this upward rally continue?
The Role of XDCNetwork Subnet
A significant contributor to this rally was the XDCNetwork subnet. On August 2, just before trading hours in New York, the token's value had reached $0.068. However, some market analysts believe this rally might be short-lived.
A Potential Slowdown on the Horizon
On July 29, the daily trading volumes for XDC peaked at $200,000. However, since then, there has been a noticeable decline, indicating that certain investors are capitalizing on their profits. This trend has the potential to dampen the ongoing rally.
On August 2nd, the token faced a significant resistance line that has been impeding the growth of XDC since early 2022. With trading volumes declining, it appears unlikely that this resistance will be overcome in the near future. If a downward correction ensues, the price target for XinFin Network's (XDC) could reach $0.061 by the end of the week on August 5th.
Record Highs and Key Contributors
On August 2, the XinFin Network achieved a remarkable milestone, with a total value locked (TVL) of $5.4 million. This achievement can be largely attributed to the decentralized exchange Globiance. Additionally, protocols such as XSwap played a significant role in this surge, contributing to a 129% rally in the previous month.
The Launch of XinFin Subnet: A Game Changer
The launch of the XinFin subnet played a significant role in driving the rally of the XDC token. This innovative feature allows customers to run a private blockchain and checkpoint its critical consensus data to the XDC Network's public parent chain. This not only ensures privacy but also provides additional security and resilience. The subnet has nearly 11,500 commits on GitHub as of August 2.
The XinFin team recognizes that the subnet could benefit enterprise and institutional customers who prioritize having their own infrastructure. This provides them with the autonomy and control they desire while still leveraging the value and potential offered by the subnet.
In conclusion, the future of XDC seems promising, but as with any investment, it's important to keep an eye on market trends and make informed decisions.
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1/ Given the commencement of legal proceedings against FatManTerra by several parties, the FatManTerra Justice Token will launch this week.— OPNX 🐂 (@OPNX_Official) July 30, 2023
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