MX Token in 2022: is It Going to Outperform BNB & Explode?
In the past few years, exchange tokens have attracted growing interest from investors.
Among those tokens, MEXC’s native token MX has a significant market performance and saw an increase in MX token addresses. Investors who held the MX token over the past year have got a stunning investment return of over 1152%. As of the publishing date, MX token price has remained relatively stable at around $2 after falling from its all-time-high in November 2021.
Will MX token continue its strong performance in 2022 and bring incredible returns to investors? Make sure you don’t miss any of the information in this article, as we will go over some of the most recent and essential updates to the MX ecosystem
Latest MX Roadmap
The MX Token was originally released in 2018 with a total quantity of 1 billion. As the native token of MEXC Global, it enables users to pay trading fees at a discounted rate and to participate in Launchpad, Kickstarter, M-day, and more products within the exchange.
In early 2021, MEXC Global announced the "Growth for Everything" campaign, making the MX token the first cross-chain asset that bridges between Binance Smart Chain (BSC) and Huobi eco-chain (HECO). In addition, more on-chain MX token use cases were introduced to the MX community, including, lending, liquidity mining, and DEX transactions.
A few weeks ago, the MX community approved the MX 2.0 proposal. More than 100 million MX tokens were burned immediately after the approval, and starting in January 2022, 40% of the MEXC platform's total earnings will be used to buy back MX tokens from the secondary market and burn on a quarterly basis.
On top of this, MX will play a key role to drive the future expansion of the exchange. MEXC will continue to work with more fiat partners like Alchemy Pay to provide more easy methods for users worldwide to access and trade MX tokens.
Growth Drivers for MX tokens
When mapping the annual return of MX and BNB, they showed a similar trend and were rather stretched. We can also see that both tokens have performed well in the market and have a strong wealth effect. BNB has become the third largest cryptocurrency by market capitalization, thanks to the strong global business performance of Binance.
Compared to BNB, the MX token has a greater growth potential given its fast scaling MX ecosystem.
Annual Investment Return of MX and BNB (Source from TradingView)
In September 2021, MEXC Global launched MEXC Pioneer, a platform designed to support new projects and developer teams and grow their communities. MEXC Global established a $100 million growth fund for MEXC Pioneer to support blockchain technology and infrastructure projects, especially those focused on building cross-chain infrastructure, NFTs, gaming and innovative decentralized finance products. To date, MEXC Pioneer has invested in over 100 projects, including Solana, Polygon, Avalanche and Algorand in their early days.
Later in October, MEXC Global announced the strategic partnership with Bybit to establish an advanced CEX union. The two exchanges worked together to build a joint Launchpad, introducing quality blockchain and crypto projects, and sharing over 10 million users around the world.
According to CoinMarketCap, MEXC Global is ranked in the top 30 cryptocurrency spot exchanges. And it’s still growing quickly in Southeast Asia, the Middle East, Europe and America, and now has over 7 million active users around the world.
A Future to the moon?
Since its launch in 2018, the token has steadily increased in value, it began trading at $0.1473 in early 2021. It reached an all-time high of $3.7 in November of last year, providing investors with a return on investment that was more than 20 times larger than at the start of the year.
MX Token All Time Price Chart (Source from CoinMarketCap)
With more quality projects listed on the exchange and a promising platform expansion in this year, it’s a good timing for now to buy the dip at around $2 and hold the token long term. I believe 2022 could be another prosperous year for MX token awaits its investors.