If You Hold XCN Crypto, Watch Onyxcoin Price This Week – Here Is Why

Something big is brewing in the Onyx ecosystem, and if you're holding XCN, now is the time to pay close attention. A major governance overhaul—OIP-56—is set to redefine how power, participation, and progress unfold on the Onyx blockchain. And with price volatility already heating up, investors are watching closely for the next big move. Could this be the update that sends Onyxcoin price soaring?

In this article, we break down what OIP-56 really is, why it’s making waves, and what it could mean for the future of XCN—both as a token and an investment.

What Is Onyxcoin (XCN)?

Onyxcoin (XCN) powers the Onyx blockchain, a Layer-3 protocol built on top of Ethereum, Base, and Arbitrum. Designed as a “multi-asset, scalable, and cryptographically secure ledger,” Onyx connects various EVM-compatible chains to facilitate DeFi apps and cross-chain interoperability.

In practice, XCN is the fuel of the Onyx network. It’s used to:

● Pay transaction fees (gas)

● Vote on governance proposals

● Stake to support network security

● Serve as a general utility token

Despite being a relatively young project, Onyx has made waves in the crypto ecosystem. As of May 2025, it boasts a market capitalization of $550-636 million with ~33.55 billion XCN in circulation (out of a 48.4 billion total supply). Of the remainder, ~11.6 billion is held in treasury and ~3.25 billion in the DAO.

XCN’s price history is volatile: it hit an all-time high of $0.1841 in May 2022 and bottomed out at $0.0007055 in October 2023. More recently, it trades between $0.015 and $0.022, signaling consolidation ahead of a possible breakout.

Onyxcoin (XCN) Price

Source: CoinMarketCap

Understanding the OIP-56 Governance Update

You may ask what is the OIP-56 update. OIP-56 is an Onyx Improvement Proposal that overhauls how governance happens within the Onyx ecosystem. Prior to this update, only holders of 200 million XCN (roughly 0.6% of total supply) could submit a governance proposal. Every vote also required paying Ethereum gas.

Here’s what OIP-56 changes:

● Gas-free voting: Uses Snapshot.org, an off-chain voting platform, eliminating transaction fees.

● Lower proposal threshold: Any wallet holding 10 million XCN can now initiate a poll (down from 200M).

● Early-stage polling: Preliminary polls gauge support before escalating to formal DAO-level voting.

● Broader participation: With 160+ wallets meeting the 10M XCN threshold, more users can now influence governance.

This governance revamp is designed to democratize participation while keeping final decision-making power with the community (via the 200M quorum requirement).

Potential Impact on Onyxcoin Price

The launch of OIP-56 comes at a pivotal moment for XCN. Onyxcoin’s price has been trading within a narrow band, and investors are eager for a catalyst. Could this governance overhaul be the key to breaking out of the range?

Bullish Case: A Community-Led Surge

One of the most exciting aspects of OIP-56 is its potential to revitalize grassroots governance. With the new gas-free voting system via Snapshot.org and a much lower proposal threshold, Onyx is signaling that it’s serious about inclusion. This could lead to:

● Higher engagement from smaller holders and new users

● An uptick in proposals driving innovation within the ecosystem

● Growing developer interest due to lower participation barriers

These factors could create a feedback loop: as more people get involved, the network grows more valuable, drawing in even more participants. Historically, upgrades that boost utility and user participation often precede price rallies in governance tokens.

Bearish Case: Fundamentals May Not Keep Up

On the flip side, some analysts urge caution. While the excitement around OIP-56 is justified, the actual transaction volume and usage metrics haven’t yet caught up with market cap growth. This is reflected in Onyxcoin’s elevated Network Value to Transaction (NVT) ratio, which is at a five-month high.

A high NVT often signals overvaluation, implying the price may have run ahead of actual usage. If the update fails to trigger meaningful on-chain activity—or worse, if markets sell the news—XCN could see downward pressure.

Moreover, resistance at $0.0214 has proven difficult to break in past rallies. Without strong volume or positive market sentiment, the price could stall or even correct toward the lower support zone of $0.015.

The Middle Ground: A Make-or-Break Moment

What makes OIP-56 especially significant is that it introduces a “do something” moment for Onyxcoin. XCN isn’t just promising change—it’s implementing it. That alone has sparked optimism.

But markets will want proof. Metrics to watch in the coming days include:

● Snapshot poll activity and voter turnout

● Number of proposals initiated under the new system

● Shifts in wallet distribution and staking behavior

If these indicators start trending upward, it would support the bullish thesis. If not, the rally risks fizzling.

In short: OIP-56 is a narrative shift, but utility needs to follow.

Onyxcoin Crypto Price Prediction: Can XCN Hit $1?

XCN’s current trading between $0.015 and $0.022—suggests a long road ahead before reaching the coveted $1 mark. But is it impossible? Not quite. Let’s break down what would need to happen.

The Math Behind $1 XCN

To reach $1, XCN would need a market capitalization of over $33.55 billion, assuming the circulating supply remains the same (~33.55 billion tokens). That’s roughly a 58x increase from its current ~$580 million valuation—placing it in the league of the top 10–15 cryptocurrencies by market cap.

For comparison:

● Polygon (MATIC) peaked at ~$20B during bull markets.

● Solana (SOL) has reached valuations north of $40B.

● Avalanche (AVAX) once hovered near $30B.

So a $1 XCN isn’t unprecedented in crypto—but it does require an enormous growth catalyst.

What Could Drive That Growth?

1. Mass Adoption of Onyx’s Layer-3 Tech: If Onyx becomes the go-to hub for multi-chain EVM integration, demand for XCN could explode.

2. Sustained DAO Activity Post-OIP-56: If OIP-56 leads to hundreds of meaningful proposals, increased voter participation, and dApp launches, investor confidence would grow.

3. Ecosystem Expansion: More staking, DeFi protocols, and utility-based partnerships could push adoption further.

4. Speculative Cycles: In bull markets, strong narratives alone can send undervalued tokens flying—especially those with active governance and growing TVL (Total Value Locked).

Realistic Price Scenarios (2025–2026)

● Conservative: $0.03–$0.05 — gradual growth driven by governance improvements

● Optimistic: $0.10–$0.25 — OIP-56 succeeds and Onyx becomes a multi-chain DeFi hub

● Speculative Bull: $0.50–$1.00 — full adoption, global branding, and major partnerships

For now, cautious optimism is warranted. XCN is gaining momentum, but sustained growth—not speculation—will determine if that $1 dream ever becomes reality.

Final Thoughts: What Comes Next for XCN?

OIP-56 is more than a governance update—it's a defining moment for Onyxcoin's evolution. With its reduced barriers and gasless participation model, the proposal offers a bold new direction for community-driven governance. It's not just an upgrade to the protocol; it's an invitation to every XCN holder to take a seat at the table. If embraced, this could usher in a new era of innovation and trust within the ecosystem.

Still, bold ideas must be backed by action. The next chapter for XCN depends on whether the community leverages this moment to collaborate, contribute, and lead. Governance, after all, is only as strong as the people behind it. If OIP-56 inspires meaningful participation and initiative, Onyxcoin could set the standard for decentralized engagement in the Layer-3 space. What comes next isn't just about protocol mechanics—it's about proving that the vision of Onyx can be built by its users, for its users.

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Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.