XEN Crypto price slips after 43% surge

Social mining protocol XEN Crypto, which has been a rising native cryptocurrency in recent weeks, fell nearly 8% in 24 hours as investors took profits.

The XEN Crypto price reached highs of $0.0003698 during the last bull market but has been on a downward slide as the bear market took its toll on the projects. Notably, the token minted on the Ethereum (ETH) blockchain was sold for next to nothing on August 5, 2024 when Bitcoin (BTC) crashed, sending crypto prices plummeting.

However, the recent surge in investor interest in the proof-of-stake token has seen XEN’s price increase by more than 43% in the last seven days. This increase may be the reason for the declines seen in the last 24 hours. Intraday trading volume also decreased by 23% to just over $2 million.

Despite trading in the green zone over the past week and month, XEN’s price has fallen 81% in the past year.

Looking at its all-time performance, the token’s gains during the 2021 bull market have all but been erased. Still, XEN’s price is up 67% from its all-time low reached on August 5.

What could help XEN price?

XEN is a project that has recently gained renewed momentum following Ethereum’s successful transition from proof-of-work to proof-of-stake. The project has helped with Ethereum’s deflation mechanism by burning ETH to mint XEN.

The XEN token also powers transactions across Ethereum virtual machine chains, while the team is working on the X1 blockchain that will connect the community across supported EVM chains. X1 is designed as a hybrid PoW/PoS network.

SolXEN, a token issued on the Solana (SOL) blockchain, is another trending component of the XEN ecosystem. The interest in the token ahead of the X1 mainnet launch is also helping the overall jump in the XEN price.