The XEN Crypto Totally Exploded the Cryptocurrency Market

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Last Updated on October 10, 2022 by Bitfinsider

The cryptocurrency market was recently rocked by an unexpected explosion caused by a project known as XEN Crypto. The issuance of its XEN token resulted in the involvement of more than 364,114 wallet addresses and generated a surge in Ethereum network gas fees for two days in a row, with the fees eventually reaching a maximum of 200 wei on October 9.

The amount of ETH that was burned during the minting process reached 2,271 on October 10, according to data provided by Ultrasound. This represented 19.46% of the total amount of ETH that was burned across the Ethereum network on October 7.

At this time, the cryptocurrency trading platform MEXC is the first to list XEN; the listing took place at UTC+8 01:45 on October 10th. According to the data provided by the Etherscan extension for the Ethereum browser, as of the 10th of October, the total number of XEN in circulation across the entire network surpassed 183 million, and more than 68 million of those XEN were deposited on MEXC, which accounts for 37.36% of the total amount currently in circulation. After XEN was listed, the price of MEXC rose from 0.0001 USDT to a maximum gain of 0.018 USDT, with the highest gain being 17900%. MEXC has not only become the most liquid trading platform for XEN in the entire network, but it has also increased from the lowest gain of 0.0001 USDT to the highest gain of 0.018 USDT.

The official material provided by XEN Crypto states that the XEN Crypto project is a collaborative effort to mine virtual currency using the Proof of Participation model. Minting XEN can be done with wallets that are compatible with Ethereum by any participant in the XEN ecosystem.

The cost of participation is relatively low at only about 5 USDT, and the model of token reward is determined by the number of participants and the length of the locking period. The mining of XEN is owned by the XEN participants themselves. The mining difficulty will increase in proportion to the amount of people participating in the activity. The duration of the locking period will lengthen as a result of the declining supply. The longer the duration of the locking time, the greater the potential reward in coins.

According to the website of XEN Crypto, the man behind the project’s inception is a specialist in open-source technology named Jack Levin. Levin asserts that he is Google’s No. 21 employee (1999-2005).

Jack Levin came into the world in St. Petersburg, Russia, in 1974, and in 1990, he went to the United States with his family in order to pursue a degree in computer science at the University of Missouri. In the field of information technology, he is recognized as a serial entrepreneur who has built a string of companies and angel investors due to the fact that he was instrumental in the construction of the early Google infrastructure. It was in the year 2010 when he first became interested in Bitcoin, and since then he has been working in the subject of cryptography. The fields of computer science, communications, software and product development, marketing, and investment make up some of the other members of the team.

However, after that, several members of the XEN Crypto community started to speculate about the true identity of “Jack Levin Google Employee 21.” Marissa Mayer, the former Chief Executive Officer of Yahoo, is listed as Google’s employee number 21 rather than Jack Levin, as some observers have pointed out. The individual who goes by the name “Jack Levin” did, in fact, work for Google in its early days; however, his LinkedIn profile does not yet detail his experience with XEN Crypto or indicate whether or not he was involved in the development of the cryptocurrency; in addition, there is no physical evidence to back up this claim.

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