A well-liked cryptocurrency dealer and analyst, Kevin Svenson, has lately regarded on the native cryptocurrency of the favored buying and selling platform KuCoin, $KCS, suggesting the cryptocurrency may quickly soar to turn out to be a prime 25 cryptoasset by market capitalization.
In a tweet shared along with his almost 100,000 followers on the microblogging platform Twitter, Svenson famous that KuCoin Token was “one of many strongest property throughout the whole downtrend since November 2021” and even went up in opposition to the flagship cryptocurrency Bitcoin ($BTC) whereas holding its worth.
Per his phrases, he now expects KCS to “be a prime 25 coin” following the footsteps of different cryptocurrency trade tokens together with Crypto.com’s $CRO, FTX’s $FTT, and Binance’s $BNB.
KuCoin token, in response to the cryptocurrency exchange’s website, was launched again in 2017 as a utility token that “permits merchants to share the expansion good thing about the trade.” It’s at present issued as an ERC-20 token on prime of the Ethereum community.
The trade provides that KuCoin would be the “native asset of KuCoin’s decentralized monetary companies in addition to the governance token of the KuCoin group sooner or later.” Its preliminary provide was 200 million tokens, however it’s set to drop to 100 million by way of a buyback and burn program.
KCS can be utilized to pay for buying and selling charges on KuCoin at a reduction, and for bigger holders it permits them to obtain a share of the cryptocurrency buying and selling platform’s revenues by way of the KuCoin bonus program.
During the last 12 months, obtainable information reveals the value of $KCS has moved up over 300% because it outperformed many of the cryptocurrency market. The cryptocurrency is, on the time of writing, trading at $21.3.
As reported, KuCoin’s CEO Johnny Lyu has lately weighed in on meme-inspired cryptocurrencies together with Shiba Inu, saying SHIB is worth holding over the long-term. Talking to CryptoGlobe Xinlu Yu, head of KuCoin Labs, famous SHIB is a community-driven token that “can do something” because of its token holders.
The views and opinions expressed by the writer, or any folks talked about on this article, are for informational functions solely, and they don’t represent monetary, funding, or different recommendation. Investing in or buying and selling cryptoassets comes with a threat of monetary loss.
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