An overlooked altcoin has defied the overall decline in the crypto market this week and gained notable gains.
The native token of the MEXC exchange platform (MX) opened this week at $1.23 and managed to climb to $1.74 on Friday. This shows that the altcoin price has experienced an increase of over 41%.
The 178th-ranked crypto asset by market capitalization has also increased by more than 80% in the past month. Moreover, it has gained over 101% since the beginning of 2023.
MX subsequently lost some of its gains and is currently trading at $1.69.
Koinfinans.com As we reported, MEXC exchange, founded in 2018, claims to serve more than 10 million users in more than 170 countries and regions.
Besides, the crypto community is wondering why the MX price is increasing. There is a possible catalyst for the increase: according to a recent press release, the exchange lowered transaction fees in late February, bringing spot transaction costs on the platform to zero for maker fees and 0.1% for taker fees. Additionally, MEXC reduced futures costs to zero for maker fees and 0.03% for taker fees.
The exchange also launched a proof-of-reserve system for Tether (USDT), USD Coin (USDC), Bitcoin (BTC), and Ethereum (ETH) in late February. The system also allows users to control the reserve ratio of MEXC assets.
It’s worth noting that despite the MX’s massive gains in 2023, it’s still 55% down from its all-time high of $3.70 in December 2021.
You can follow the current price action here.