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 the XDC coin surged by more than 13% hitting a daily high of $0.06817 before tracing back to today’s price level of $0.06077. The coin has rallied by over 7.8% over the past seven days and by 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.
XDCNFT project launch by BlocksWorkz tech firm
One of the main reasons for the current price surge is its recent project (XDCNFT) launch by BlocksWorkz tech firm.
The project is a Non-Fungible Token, (NFT) marketplace that uses XinFin’s blockchain technology (XRC20 network).
🚨XDCNFT Marketplace Is Now LIVE and Open! Congrats to #BlocksWorkz Team !!! $BLKZ is the native token. #XDCNFT is built on #XDC Network. The best alternative to #opensea #NFT Marketplace ⚡ – Use XDCPay App & pay with #BLKZ or $XDC coins at #xdcnft : https://t.co/uUYE2gopul
— euromandriver 🪙 Best Invest XDC (@BestInvest_XDC) April 28, 2022
The project’s new features
Even though the project was launched at the beginning of this year, 2022, it has continued to add more new features and new NFTs. The NFT partnerships with XDCNFT have also caused it to gain more traction.
In addition to these new and exclusive features, XDCNFT offers only 1% transaction fees and free installation.
XDCNFT only accepts two tokens for the purchase of NFTs. These tokens are; the XDC (XinFin’s native token) and BLKZ (BlockWorks native token).
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 buying as compared to the BLKZ token. This is because 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.