An under-the-radar crypto exchange token is on the upswing this week, even amid the market-wide corrective move.
The MEXC exchange platform’s (MX) native token rose from this week’s open of $1.23 to a peak of $1.74 on Friday, representing an increase of over 41%.
The 215th-ranked crypto asset by market capitalization is also up more than 80% in the past month and over 101% since the start of 2023.
MX has bounced back from the high since and is trading at $1.65.
Founded in 2018, MEXC claims to serve more than 10 million users in over 170 countries and regions.
A possible catalyst for MX’s price bug: The exchange lowered its trading fees in late February, lowering spot trading costs on the platform to zero for producer fees and 0.1% for taker fees, according to a press release. Additionally, MEXC futures lowered trading costs to zero for producer fees and 0.03% for taker fees.
The exchange too launched a proof-of-reserve system in late February that allows users to verify Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH). The system also allows users to check the reserve ratio of MEXC assets.
Despite MX’s massive gains in 2023, it is still more than 55% lower than its all-time high of $3.70 reached in December 2021.
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