Today’s XYO price is up more than 40%, rising from 0.0045 to 0.0078 at the time of writing. The recent price increase coincides with the cryptocurrency’s recent listing on the Crypto.com exchange.
Along with XYO, Crypto.com’s token CRO has gained 24 percent in the last 24 hours. Let’s see what all the fuss is about and why XYO is today’s top gainer.
What Exactly Is XYO?
The XYO Network, also known as the “XY Oracle Network,” allows smart contracts to interact with the real world. It is referred to as: according to the official website
“Geospatial Oracle Network”
In other words, the XYO Network can determine whether or not an object is at a specific XY coordinate, thus the name.
This type of technology is ideal for the ecommerce industry because it allows retailers to track and confirm that their packages left the warehouse, were delivered to their customers’ doorsteps, and arrived safely inside their homes.
Why is the price of XYO increasing?
XYO was recently listed on Crypto.com, one of the most popular cryptocurrency trading mobile apps. According to a recent blog post by them:
“Using the Crypto.com Visa Card, Crypto.com App users can now purchase XYO at true cost with USD, EUR, GBP, and 20+ fiat currencies, and spend it at nearly 70 million merchants worldwide.”
XYO is also listed as the app’s biggest gainer, which is sure to draw more attention and hype to the project.
Another noteworthy announcement is Gate.io’s XYO liquidity mining pool, which has a whopping 543.22 percent.
— Gate.io (@gate_io) November 4, 2021
This is the best APR rate currently available, so if you want to become a liquidity provider, Gate.io is the place to be.
The Coinbase Exchange and KuCoin – both extremely reputable exchanges – currently account for the majority of XYO trade volume.
It is always preferable for the majority of a cryptocurrency’s trading volume to come from reputable exchanges rather than DEXs like PancakeSwap or Uniswap.
It has nothing to do with decentralized exchanges and everything to do with the fact that being listed on a major exchange necessitates extensive vetting of a project and its team.
In recent news, we’ve seen Robinhood and Kraken struggle to list Shiba Inu – despite the fact that it’s currently one of the most popular cryptos.
Overall, the XYO Network appears to be a one-of-a-kind project with a solid foundation. XYO is currently trading at $0.07 and is holding support well. Everyone is probably expecting $0.01 before a possible selloff. I would exercise extreme caution because cryptocurrency markets can be extremely volatile.