Leading the top crypto gainers today (Thursday) is KuCoin Token (KCS), a digital asset linked to the Seychelles-based crypto exchange KuCoin. According to its description on CoinMarketCap, the crypto enables traders to draw value from the exchange.
Ranked #72 with a market valuation of $1.4 billion, KuCoin gained 6% and 8% in the past day and week, respectively to currently trade at $11.98. In the past 24 hours, KCS’ trading volumes have soared 148% to more than $3 million.
Heightened Trading Activity Boosts KCS
Other tokens among the top gainers include GateToken (GT) and XDC Network, which have jumped 3% and 2.5%, respectively, in the past 24 hours. On the flip side, the recently much-celebrated $TRUMP meme coin is among the top losers of the day, having dropped 18% in the past day alone.
President Trump recently intensified his involvement with digital assets ahead of his January 20 inauguration. His launch of a memecoin, $TRUMP, boosted prices of most cryptocurrencies in the digital asset space.
However, the token has lost substantially in the past day. At the time of publication, it traded at $35, representing a price drop of 13% in the past day. Amid the launch, the token initially soared to $74 from just a few cents.
What's Driving the KCS Rally?
While the exact reasons behind the sudden price surge are difficult to pinpoint, several factors could be contributing to KCS's upward trajectory. Increased trading activity on the KuCoin exchange, leading to higher trading fees and consequently larger dividend payouts for KCS holders, could be a significant driver.
KCS is the native token of the KuCoin cryptocurrency exchange. It functions as a utility token, offering holders a range of benefits within the KuCoin ecosystem.
Among the benefits are dividend payments: KCS holders reportedly receive daily dividends from a portion of the trading fees generated on the KuCoin exchange. Other benefits include significant discounts based on trading fees.
According to the company, KCS holders can also access exclusive trading pairs and other platform benefits. Thus, KCS presents an interesting investment opportunity for those interested in the KuCoin ecosystem.
This article was written by Jared Kirui at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments