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Crypto belongings or companies, thanks to the FTX exposure, are either remaining dumped like FTT or closing store like BlockFi. And allegedly KuCoin exchange’s exposure to FTX spooked customers. Amidst the over-all bearish sector sentiment and BTC struggling to crack the $18K resistance, customers feared the exchange could be adversely affected alongside its indigenous token (KCS).
Examine KuCoin’s [KCS] value prediction 2023-2024
Johny Lyu, Ku Coin exchange CEO, quickly clarified that there was no immediate exposure to FTX. He reiterated that the trade under no circumstances deposited dollars in FTX. Furthermore, he pointed out that they planned to concern evidence-of-reserves and winner as an market typical to rebuild believe in in the field.
As part of the transparency contact in the room, the CEO issued incredibly hot and chilly wallets of its exchange’s crypto holdings.
From day 1 of developing KuCoin, we have been transparent to our end users. The overview of some of KuCoin’s very hot and chilly wallet addresses are clickable for their present holdings. https://t.co/zpjdlwoSpx https://t.co/vEuNY6LhW9
— Johnny_KuCoin (@lyu_johnny) November 11, 2022
Furthermore, it was well worth noting that the trade held about 70 million KCS, its native token. In comparison to the 98 million KCS total circulating source, the exchange held roughly three-quarters of the native coin. In comparison, the Binance exchange held 58 million BNB, its native token, out of the 158 million in the latest current market circulation. Which is roughly a 3rd of the total supply.
Nonetheless, KuCoin’s submit of evidence-of-resources attracted combined reactions from buyers. Some praised the go. But other folks known as for full transparency by demonstrating their liabilities and credit card debt obligations. The mixed sentiment undermined KCS’s rate overall performance and exposed its holders to losses.
KCS on the charts
KuCoin was down by 5% on the daily chart, trading at $7.324 as of 12 November. The Relative Toughness Index (RSI) had somewhat retreated from the oversold territory ahead of building a U-switch in direction of it once more. Additionally, KCS could have witnessed a enormous provide-off amid its significant price tag fall. KCS shed almost $50 million of its market place cap, dropping from $770 million to about $720 million, as for each Coinmarktcap information.
A metric viewpoint
Analysis of data from Santiment confirmed that KCS’s weighted sentiment dropped, indicating a bearish sentiment on the token. Correspondingly, the number of energetic addresses greater within just the final 24 hours as the selling price dropped, a most likely indication of consumers disposing the token.
An uptick in quantity verified the building promoting stress that dented holders’ earnings. The 30-day Market Price to Understood Value (MVRV) was also optimistic until 7 November. But on 12 November, it tanked further into the unfavorable territory, as a result demonstrating that brief-term KCS holders incurred additional losses.
Even though the clarity on FTX publicity and issuing of evidence-of-reserves was to build user have faith in, KCS’s general performance reveals the opposite final result. The present bearish sentiment on the market could further expose KCS holders to extra losses.