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Crypto Exchanges Flock to List NXPC, Token Surges 115% on $1B Volume
The NXPC token is developed by NEXPACE, the blockchain arm of South Korean video game developer Nexon.
What to know:
- The NXPC token has racked up more than $1 billion worth of volume across all exchanges in the first three hours after launch.
- It has risen by 115% to a $550 million market cap and a fully diluted value of $3.2 billion.
- The token was part of Binance's Alpha platform, where users can claim the tokens after accruing points.
Several exchanges including Binance and Korean platform Coinone have listed NEXPACE (NXPC), leading to a 115% surge in the token's value on the back of $1 billion in trading volume in the first three hours of trading.
NEXPACE is a PC role-playing game that features on-chain item ownership. It is the the blockchain arm of South Korean video game developer Nexon.
STORY CONTINUES BELOW
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Binance Alpha users that have accumulated 187 Alpha points can claim 198 NXPC, worth $629 at current prices. Points are accrued by holding crypto tokens on the Binance exchange or in the Binance wallet.
Binance's Alpha product is a way of distributing newly-launched tokens to users by accumulating points. It caused a stir in December when the platform's Chinese social media channel unintentionally posted a list of tokens that would potentially be launched, prompting the tokens to spike then crash back down.
NXPC has debuted at a $550 million market cap with a fully diluted value (FDV) of $3.2 billion. FDV is calculated by multiplying the total supply by asset price, whilst market cap only considers circulating supply.
More than $240 million of the $1 billion trading volume took place on Binance, with traders on Korean exchange Upbit also racking up $100 million worth of volume.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
