A popular cryptocurrency trader and analyst, Kevin Svenson, has recently looked at the native cryptocurrency of the popular trading platform KuCoin, $KCS, suggesting the cryptocurrency could soon jump to become a top 25 cryptoasset by market capitalization.
In a tweet shared with his nearly 100,000 followers on the microblogging platform Twitter, Svenson noted that KuCoin Token was “one of the strongest assets during the entire downtrend since November 2021” and even went up against the flagship cryptocurrency Bitcoin ($BTC) while holding its value.
Per his words, he now expects KCS to “be a top 25 coin” following the footsteps of other cryptocurrency exchange tokens including Crypto.com’s $CRO, FTX’s $FTT, and Binance’s $BNB.
KuCoin token, according to the cryptocurrency exchange’s website, was launched back in 2017 as a utility token that “allows traders to share the growth benefit of the exchange.” It’s currently issued as an ERC-20 token on top of the Ethereum network.
The exchange adds that KuCoin will be the “native asset of KuCoin’s decentralized financial services as well as the governance token of the KuCoin community in the future.” Its initial supply was 200 million tokens, but it’s set to drop to 100 million through a buyback and burn program.
KCS can be used to pay for trading fees on KuCoin at a discount, and for larger holders it allows them to receive a share of the cryptocurrency trading platform’s revenues through the KuCoin bonus program.
Over the last 12 months, available data shows the price of $KCS has moved up over 300% as it outperformed most of the cryptocurrency market. The cryptocurrency is, at the time of writing, trading at $21.3.
As reported, KuCoin’s CEO Johnny Lyu has recently weighed in on meme-inspired cryptocurrencies including Shiba Inu, saying SHIB is worth holding over the long-term. Speaking to CryptoGlobe Xinlu Yu, head of KuCoin Labs, noted SHIB is a community-driven token that “can do anything” thanks to its token holders.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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