Why is Nexo (NEXO) crypto drawing attention despite its fall?

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Why is Nexo (NEXO) crypto drawing attention despite its fall?

Why is Nexo (NEXO) crypto drawing attention despite its fall?
Image source: © Alexanderushkevich | Megapixl.com
Highlights:
  • Nexo is a blockchain-based lending platform that provides instant crypto-backed loans to users.
  • The NEXO token is available for trading on exchanges like Huobi Global, Hoo exchange, etc.
  • Nexo recently announced a referral event through which users can access a US$50,000-prize pool.

Despite its falling price, the Nexo (NEXO) crypto gained attention on Thursday morning. The token price fell more than 2%, while its volume slid over 23% in the last 24 hours.

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What is Nexo (NEXO) crypto?

Nexo is a blockchain-based lending platform that provides instant crypto-backed loans to users. Users can deposit some selected cryptos as collateral for loans in a fiat currency or stablecoin. The cryptos accepted by the platform include Bitcoin (BTC), Ethereum (ETH), and XRP (XRP).

The project was launched in April 2018, although it was originally announced in December 2017.

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NEXO is the native utility token of the platform. It is available for trading on exchanges like Huobi Global, Hoo exchange, Bitrue, etc. The token provides users various perks like interest discounts on loans and opportunities to earn interest payments on fund deposits.

NEXO token holders also receive dividends from company profits.

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Why is it drawing attention?

The NEXO token gained traction after announcing that it would allow credit or debit card payments for buying cryptocurrencies. NEXO also offers a 0.5% instant cashback on each crypto purchase. It gives access to over 35 major cryptos like Bitcoin, Ethereum, Tether, etc.

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In addition, it recently announced a referral event through which users can access a US$50,000-prize pool and win US$25 in BTC for each referral.

Besides, Nexo donated funds, food, medicine and other humanitarian assistance to the victims of the Ukraine conflict, mainly women and children.

Also Read: Biden admin to infuse US$2.1 bn to bolster US food supplies

Why is Nexo (NEXO) crypto drawing attention despite its fall?Data Source: CoinMarketCap.com

Bottom line:

The NEXO token was priced at US$1.23 at 11:10 am ET on June 2, down 2.37%, while its volume for the last 24 hours declined 23.02% to US$7.28 million. It has a market cap of US$691.45 million, and its fully-diluted market cap is US$1.23 billion.

The token has a maximum and total supply of 1 billion, and its current circulating supply is around 560.00 million. It saw the highest price of US$2.26 and the lowest price of US$0.9778 in the last 30 days.

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