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One surging Ethereum-based altcoin is defying the bear market as it trends higher while the broader crypto markets struggle.

XCN, the governance and utility token for cloud blockchain protocol Chain, has surged by more than 70% in the past 10 days while most other crypto assets have moved sideways.

XCN was trading around $0.10 on May 25th and is now priced at $0.174 at time of writing. The asset has also climbed up the crypto market cap rankings, going from 51st in mid-May to 28th this week.

The company has also announced that it is continuing to hire new employees despite widespread stagnation in the crypto markets.

XCN also became available on BNB Chain last month, the blockchain network of Binance, the worlds largest crypto exchange platform by volume. Via BNB Chain, the crypto asset can now also be deposited using the Huobi, Gate.io and KuCoin crypto exchanges platforms.

On Friday, Chain announced it had burned a staggering $2.6 billion worth of XCN, more than 22% of the tokens total supply, under a new governance shift.

As stated by Chain CEO Deepak Thapliyal,

The XCN token burn signifies the shift toward Chains decentralized DAO [decentralized autonomous organization] governance. This milestone recognizes both XCNs impact on Web 3.0 development and the innovators who have used it to build on Chain.

Featured Image: Shutterstock/Fotomay/Nikelser Kate

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Ethereum-Based Altcoin Skyrockets 70% in Just 10 Days, Thwarting Crypto Market Trend - The Daily Hodl