KuCoin Could Be the Token Crypto Investors Want to Watch Now
Ongoing concerns around the potential for contagion in the cryptocurrency market have certainly hit exchange-related tokens such as KuCoin (CRYPTO: KCS), the native token of the KuCoin exchange. KCS plunged from around $10 a week ago to as low as $5.62 yesterday. But a dramatic rally of 21% over the past 24 hours has cut this token's losses dramatically, with KCS now trading around $7.80 at the time of this writing.
This surge appears to be tied to previous tweets from KuCoin's CEO, Johnny Lyu, who denied that KuCoin has any exposure to now-bankrupt crypto exchange FTX (CRYPTO: FTT). This followed a dramatic multiday decline, which saw the vast majority of value in FTX wiped out as the centralized crypto exchange filed for bankruptcy and caused widespread fear that more exchanges could be exposed to such sell-offs, if their exchange-related tokens were sold en masse.
Notably, Lyu's tweets on Nov. 10 outlining KuCoin's crypto exposure did little to quell investor concerns, with KCS continuing to decline until today's rally. So it appears investors now think that perhaps this sell-off was overdone.
Source Fool.com
