Under-the-Radar Exchange Token Defies Crypto Market Downtrend, Surges Over 40% in One Week
A crypto exchange token that’s flying under the radar is on the up and up this week even amid the market-wide corrective move.
The native token of the MEXC exchange platform (MX) rallied from this week’s open at $1.23 to a high of $1.74 on Friday, representing an ascent of over 41%.
The 215th-ranked crypto asset by market cap is also up more than 80% in the past month and over 101% since the start of 2023.
MX has retraced from the high since and is trading for $1.65.
Founded in 2018, MEXC claims to serve more than 10 million users in over 170 countries and regions.
One possible catalyst for MX’s price bump: the exchange lowered its trading fees in late February, dropping spot trading costs on the platform to zero for maker fees and 0.1% for taker fees, according to a press release. Additionally, MEXC dropped futures trading costs to zero for maker fees and 0.03% for taker fees.
The exchange also launched a proof-of-reserves system in late February, enabling users to verify Tether (USDT), USD Coin (USDC), Bitcoin (BTC) and Ethereum (ETH). The system also allows users to check the reserve ratio of MEXC assets.
Despite MX’s massive gains in 2023, it still remains more than 55% down from its all-time of $3.70, which it hit in December 2021.
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