Is Solar (SXP) crypto rising on Kraken listing news?

Highlights:

• The Kraken exchange has listed the SXP coin and 8 other cryptos.
• SXP is the governance token of Solar crypto.
• The token can be traded on exchanges like Binance, KuCoin, etc.

The SXP coin gained more than 6% on Thursday morning after listing on the Kraken crypto exchange. Its trading volume also rose 24% in the last 24 hours.

In a break from the recent brutal selloffs, the crypto market cap climbed a modest 0.49% to US$912.01 billion, while its volume fell 1.32% to US$104.69 billion during the same time.

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What is SXP crypto?

SXP is the governance token of the community-led Solar decentralized blockchain.

After Binance acquired Swipe’s remaining outstanding shares in December 2021, SXP, later rebranded as Solar, became the sole owner of the SXP blockchain.

Solar describes itself as an open-source, community-driven blockchain.

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Its proof-of-stake (DPoS) consensus mechanism helps the blockchain to be sustainable, efficient, and decentralized. The Solar blockchain is compatible with various enterprise-grade applications.

According to Coinmarketcap, Solar is a combination of Ethereum, Solana, and Cosmos. Solar is led by Nayiem Willems and a community of developers.

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The SXP coin powers the DPoS which enables it to use the Byzantine Fault Tolerance mechanism.

The token is available for trading on exchanges like Binance, KuCoin, Poloniex, etc.

On June 15, Kraken said it will list the SXP coin and 8 other cryptos, such as Elrond (EGLD), Harvest Finance (FARM), Near Protocol (NEAR), etc., on the exchange.

Additionally, Solar announced on Thursday that it is participating at the Bitget Demo Day event with Project Galaxy from June 13 to 22.

Additionally, Solar announced on Thursday that it is participating in the Bitget Demo Day event with its Project Galaxy, which could have also helped in the recent gains of the crypto.

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Data Source: CoinMarketCap.com

Bottom line:

The SXP token gained 6.12% to US$0.3605 at 9:23 am ET on June 16. Its volume jumped 24.96% to US$40.49 million in the last 24 hours. SXP has a market cap of US$175.86 million, and its fully diluted market cap is over US$188.93 million.

The token has a total supply of 525.11 million, and its current circulating supply is over 487.77 million. Its total value locked (TVL) is US$1.62 million, according to CoinMarketCap. The SXP coin saw the highest price of US$0.6045 and the lowest price of US$0.3152 in the last 30 days.

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