MX Token: What Makes It a Success in the Ever-Changing Market?
The increasing value of exchange tokens demonstrates how powerful exchanges are in the crypto market. As exchange tokens continue to prove their value in this unpredictable market, more traders may flock to buy and store them.
MX, MEXC’s native token, soared to popularity recently when MEXC said it is about to launch its MX 2.0 initiatives, the news caused widespread discussions across crypto communities. Over the past years, the token price of MX has made unconventional highs on the chart. In this article, let’s try to figure out what makes MX a good choice for crypto investors.
Is MX a good investment?
Investing in the blockchain ecosystem’s infrastructure is always a smart move. In a sense, exchanges and trading platforms will always be important and fundamental in the business, and both centralized and decentralized suppliers are indispensable, as a fast-growing number of newcomers are ready to be a part of the crypto world.
People have noticed the significant wealth effect created by popular exchange native tokens, like BNB and CRO. The fact is that there are hundreds more exchange tokens, with a total market capitalization of $173 billion today.
MX token has rose to a peak of 3.7 USDT/token recently, a large increase since its launch in 2018 at a price of 0.0092USDT. The token has increased by over 1500% since the beginning of 2021. The highest increase of MX reached over 2000% to the beginning of the period.
Statistics show more than 200,000 MX holders have earned over $70 million since 2020. The return on MX token for early investors has surpassed a 400-fold increase. MX token is obviously a big success in the market.
MX Token and major CEX tokens performance in 2021
There’s a lot to like about MX
The MX Token was first introduced in 2018 with a total supply of 1 billion, as the native token of the exchange that allows users to pay trading fees at a discounted rate on the platform. Rising interest in crypto trading is bringing in higher revenue from trading fees.
MEXC Users use MX token not only for discounted trading and transaction fees, but also to participate in MEXC’s Launchpad, Kickstarter, M-day, MX-DeFi, Voting and more. The exchange has been delivering quality services in a volatile market three years in a row.
Therefore, the price for MX token over the past years has reflected the booming trading activity on the platform. Today, the exchange has more than 7 million users globally, with over $2 billion of average daily trading volume. A lot of users call it "The Next Binance" because of its distinctive “MEXC speed” and “MEXC service”.
Another point is that MEXC has a strong community culture. We all realize the situation where the current crypto-verse still needs to coexist with centralization, especially for centralized exchanges.
MEXC is trying to change the situation and build the MX community in a more fair and democratic way. Every token holder is just as important as they stand and should have a say. It is the case when MEXC raised a voting for the MX 2.0 proposal that just finished. Millions of users had the chance to make a stand for the community's future, and they really did as Plan B won in the vote, guaranteeing their voices will be heard.
Time for higher highs?
Just like all its competitors, MEXC makes a lot of effort in ecosystem building. In October, the MEXC Pioneer project was launched to engage with and support top tier innovators and entrepreneurs.
A $100 million growth fund opens to blockchain technology and infrastructure projects, especially those focused on cross-chain infrastructures, NFTs, DAOs, gaming and decentralized finance systems.
MX token price trend (year to date)
The platform has also partnered with derivatives trading giant Bybit, and introduced new projects together on the joint Launchpad, so that over 10 million users would be connected by this union. Also, MX token will be listed on Bybit in late December.
“We aren’t just looking to accelerate the adoption and innovation in the industry, but to enhance the stability and trust between projects, communities and other key players in the industry, while helping our communities and partners to grow and flourish,” said Katherine Deng, founder of MEXC Pioneer and VP of MEXC Global in a recent interview.
A new high for MX token in the next period? One thing we know is all these long-term firm support can make MEXC become more competitive among exchanges, and MX token’s performance will definitely reflect that growth.