Since the massive losses in mid-May, the crypto market around the world has been in the doldrums. Despite the volatility and tremendous losses, traders are still keeping their pace. This, even though stringent regulations are being introduced in different countries and falling prices.
Against this backdrop, KuCoin is able to trade well and its total volume for spot and other trades is over $1 trillion. It looks like KuCoin is on the edge of seeing a huge upheaval and this could pose a huge challenge to Binance and Coinbase. What is the impetus behind this triggering spark?
KuCoin has a cap of 200 million tokens and its overall supply is expected to go down to 100 million. This drop is because of a vigorous offer of buyback by the company. Supply deflation eventually leads to higher valuations. Taking the analysis a step further, what is the reason for KuCoin to buyback? Even though the markets are declining?
Per a new report, KuCoin’s total volume in trading for futures and spot is over $1 trillion and its daily volume (average) is more than $11 billion. KuCoin’s interim spot trading touched $9 billion for daily trading volume and Futures were more than $15 billion. The exchange also added 6 million new owners in the first three months of 2022 – a staggering 491% YoY growth.
It is pretty evident that KuCoin can solidify its position in the market with the buyback program. KuCoin is likely to rewrite history with its extraordinary trades, spin-offs and its widening user base.