KuCoin Shares (KCS) Have Quietly Gained 190% This Month
Over the last month, crypto exchange tokens have seen explosive growth. According to the AltDex Exchange Token Index (ALTEXC), a benchmark index that tracks the category, exchange tokens are up just under 50% in the past month.
While most people have been focused on Binance Coin (BNB), KuCoin Shares (KCS) have quietly gained more than 190% since the start of March.
The rally began to take shape following the completion of the exchange’s v2.0 upgrade in February, which revamped the platform’s UI, added advanced API designed for programmatic trading strategies with Level 2 and Level 3 data and upgraded the KuCoin Referral Program to solely distribute KCS.
Despite the run-up, KCS’s market cap of $120 million is still only 5% of the current Binance Coin market cap, although it has surpassed Huobi Token (HT).
As we highlighted at the beginning of March, the exchange token rally could be due to growing trading volume and user demand as the bear market wraps up. KCS also likely benefits from the exchange’s profit sharing and referral systems that require daily KCS purchases for distribution.
More: KuCoin Shares (KCS) May Benefit From Binance Coin’s Recent Surge
Interesting: CoinMarketCap Responds to Bitwise’s Fake Trading Volume Report
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.
