XYO Network is in the news again. On Apr 25, XYO reached an intraday high value of $0.015 during the prime morning hours.
Consequently, the price went up two times its monthly low. At the same time, XYO reaches a staggering market cap of $207 million.
# What Triggered the Rise?
Today’s intraday rise was a result of the sharp Bithumb press release. The release mentioned that Bithumb is going to launch their KRW trading pair for the XYO token later, on the same day.
The trading price remains at 15.30 KRW, which is equivalent to $0.0107. Shortly, the trade would be live. Meanwhile, deposits and withdrawals would be live within 2 hours as well.
The whole trade would take place on the ETH network.
# Other Triggers
There are other triggers as well. People are excited about the tech developments of XYO. XYO lately launched their public beta on the Layer 1 blockchain network, that is named XYO Layer One.
Meanwhile, another utility token called XL1 has been launched too. This new token is meant t handle the transaction fees on the platform. Meanwhile, it will also look after contract execution and share the user rewards. However, the original XYO token would emphasize governance and staking!
# Readings from On Chain Metrics
The on-chain metrics say that the DeFi space has allocated a reasonable position to the XYO token. The TVL has spiked from the current position to $91 million.
On 8th Apr, the growth was $37 million. Since that point, there has been a 300% daily growth in the number of active addresses. This means that user engagement is rising at a staggering rate!
