While the majority of the altcoins are dipping, the price of the XDC coin has been rallying in the past two weeks.
Yesterday, the price of XDC coin surged over 13% to hit a daily high of $0.06817 before pulling back to the current price level of $0.06077. The coin is up over 7.8% in the past seven days and over 11.0% in the past two weeks.
In this article, we will focus on the reasons why XDC Network’s price has been rising in the past two weeks.
Launch of the XDCNFT project by the technology company BlocksWorkz
One of the main reasons for the current price spike is the recent launch of its project (XDCNFT) by tech company BlocksWorkz.
The project is a Non-Fungible Token, (NFT) marketplace that uses XinFin’s blockchain technology (XRC20 network).
What’s new in the project
Even though the project was launched at the beginning of this year 2022, it continued to add new features and new NFTs. NFT partnerships with XDCNFT have also helped it gain traction.
In addition to these new and exclusive features, XDCNFT offers only 1% transaction fees and free installation.
XDCNFT Tokens
XDCNFT only accepts two tokens for the purchase of NFT. These tokens are; the XDC (native token of XinFin) and BLKZ (native token of BlockWorks).
All the XDCNFT users are required to have either of the two tokens to sell or buy the NFTs of their choice. Besides, as the number of XDCNFT users increases, the number of BLKZ and XDC holders has also been increasing.
However, the XDC token will have a greater impact on the purchase than the BLKZ token. Indeed, XDC has more circulation and usage in the market.
In addition, the increased number of XDC transactions on the XRC20 network increases the market price of the XDC token.
