KuCoin Shares (KCS), which is the official cryptocurrency of the KuCoin exchange, is trading a little more than 5% higher compared to its price 24 hours ago. That may not seem super impressive, but when you consider the current market climate –the KuCoin price story seems like a miracle.
Practically the entire cryptocurrency market is in the red today. Top coins like Ethereum (ETH), Ripple (XRP) and Bitcoin (BTC) are showing double-digit drops over the last 24-hour period. In fact, out of the top 50 most valuable coins on the market, only two of them have experienced a price increase in the past 24 hours.
The first is Tether (USDT), but that’s tied to the US dollar so its resilience doesn’t mean anything. The second coin in the green today is KuCoin Shares (KCS).
Why is the KuCoin Price Path So Resilient Today?
Since KCS is one of the last coins standing today, it must be a special cryptocurrency – right? Well, this coin is pretty unknown. In only launched a few months ago, after all.
KuCoin is a cryptocurrency exchange based in Hong Kong, and it has grown to be one of the top exchanges when it comes to daily trade volume. For being such a new exchange, that’s an impressive feat.
This exchange has a pretty similar story to Binance – it started out and got super popular very quickly. They also both have their own native cryptocurrency that are each integrated into the trading platform, but in very different ways.
Binance’s cryptocurrency, the Binance Coin (BNB), gives its users 50% off trading fees when they pay for the fees with BNB. In the past month, Binance Coin has gained 143% in value.
KuCoin Shares (KCS) take the exchange cryptocurrency to a whole new dimension. With this cryptocurrency, half of the trading fees that the exchange collects during its daily operations gets distributed to KCS holders. It’s sort of like a dividend payment – but this exchange pays you based directly on how much trading is happening on it every day.
This coin certainly has an awesome draw just to get investors in the door. And the KuCoin price growth of more than 1,500% in the past month is also really appealing.
Do you trade on KuCoin or own any KCS?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.