Why is XYO (XYO) crypto rising despite market turbulence?

Image Source: © Alexanderushkevich | Megapixl.com

Highlights

  • XYO is a technology protocol. 
  • It has 73,139 token holders: the top 100 holders account for 51% of the holdings.
  • The XYO token has a market capitalization of US$161.4 million.

The global crypto market was down 5.93% to US$1.38 trillion in the trailing 24 hours to Wednesday morning. Bitcoin (BTC) declined 2.62% to US$30,988.73, Ethereum (ETH) lost 1.37% to US$2,356.69, and Terra (LUNA) fell 83.46% to US$5.40.

However, the XYO (XYO) token traded at 11.94% higher to US$0.01257 at 4:46 am ET.

The gains come after the token was listed on the Bittrex crypto exchange on May 3. Its price rose for the next two days before falling.

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What is XYO crypto?

XYO is a technology protocol designed to improve the data value and the certainty and validity.
The XY Oracle Network or XYO Network project aims to enable trustless transactions to bridge the technology gap through a geospatial ecosystem.

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The geospatial data describes events, objects, or features on a particular location. The XYO Network enables smart contracts to access the real world by determining the object's specific location. The technology has various uses. It can help in supply chain management. The network can help track parcels or services to a particular customer by writing a smart contract.

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The network can provide details of every step of the shipment process, from the warehouse to the delivery address. Once the package arrives at the final destination, it is verified by a specific XY coordinate, after which the delivery is considered complete. The payment is then released to the vendor. The system protects the merchant from fraud and unnecessary delays.

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The network could also be useful in the hospitality industry, especially for customer service reviews, which are important for the business but not often trusted by people. However, the geospatial data can verify them, says its whitepaper issued in 2018. 

Its co-founder and CEO, Arie Trouw, leads the company.

Data Source: coinmarketcap.com

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XYO token: 

XYO is its currency and operates on the Ethereum platform. It has 73,139 token holders, with the top 100 holding over 51% of the holdings. XYO has a market capitalization of US$161.4 million. Its trading volume rose 42.86% to US$9.8 million in the last 24 hours. The token’s circulating supply is 12.84 billion, and the total supply is 13.96 billion.

The XYO token can be traded on exchanges like KuCoin, Huobi Global, MEXC Gate.io, etc.

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Bottom line:

The token touched an all-time high of US$0.081391 in November 2021. Its all-time low was US$0.00009672, recorded in May 2020, as per CoinGecko. XYO is trading at 12,896% higher than its all-time low. 

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