XYO token soars 42% following the launch of its layer 1 blockchain
Xyo jumped more than 65% for an intrajournual summit of $ 0.025 on January 29, while the crypto bounced from a downward trend that had persisted since December.
According to Crypto.News data, Xyo Network (XYO) increased by 40% during the last day after announcing the One Xyo layer, with its price from $ 0.0157 to $ 0.0224 at the time of Writing. During the same period, the market capitalization of the assets increased by $ 42% to $ 312 million while its negotiation volume increased by 1100%, oscillating about $ 86.7 million.
On January 28, Xyo launched his own layer 1 blockchain, Xyo Layer One, which should serve as a skeleton of his ecosystem. Blockchain, with multi -hole support, would facilitate applications in various sectors, including AI models, blockchain tools, active world management, and To relocate.
Market commentators also observed That Altcoin recently left a falling corner model, a bullish motif, which positions the token for more to come.
Other rumors around a potential collaboration with the Tesla electric car manufacturer have also acquired importance within the community.
When these rumors surfaced, Xyo responded with a 125% overvoltage In less than 24 hours early December 2024.
Another factor that could help support the current Xyo rally is the Narrative around it being a project based in the United States. Recent reports To say that Eric Trump launched the idea of a capital gains tax of 0% on cryptocurrency projects based in the United States as a means of stimulating blockchain innovation.
Although Eric Trump is not himself a decision maker, his comments were interpreted as the reflection of the wider position of the Trump administration. The simple possibility of such a tax incentive has aroused speculationIn particular around projects like Xyo, which could see increased interests on the part of investors who seek to capitalize on potential tax advantages.
XYO is currently up 327% in the past year, with an offer circulating about $ 13.93 billion in chips.
What is Xyo Crypto?
XYO is the governance and utility token of the decentralized physical infrastructure network project in the same name. It feeds the XYO ecosystem by supporting consumption software, development tools and digital assets.
The network is designed to promote data sovereignty, by rewarding users for having contributed and maintained precise information based on location, the XYO token serving as a basis for this system.
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