SXP, the native token of Swipe, a crypto-focused payment network, debit card and mobile wallet service, is up 25 percent in the past 24 hours.
The gains followed a series of uplifting market news. Traders expressed their optimistic beliefs about the launch of Swipe's new whitepaper, as well as the launch of several new products.
Their upward sentiment caused the SXP / USD exchange rate to hit a record high at $ 3.177.
SXP price uptrend. Source: TradingView.com
The gains in the swipe token market were part of the broader uptrend that kicked in after Binance launched on July 6th. On its first parabolic bull run, the SXP / USD rose 238 percent, following a sharp downward revision of up to 31 percent.
However, the upward trend continued. Traders bought SXP with every break-in, pushing the token price further into the first fiscal quarter. To date, SXP / USD was trading 438 percent higher than its first day opening rate of $ 0.589.
What brought traders to SXP?
So it seems that the involvement of Binance – the world's leading cryptocurrency exchange by volume – was enough to get the cops excited in the early days of SXP. The trading platform acquired Swipe, making it a legitimate mark in front of hundreds of thousands of users around the world.
The upside sentiment for SXP took off when the token was listed on competing exchanges, including FTX. The Swipe team also announced the launch of its Visa-enabled crypto card in mid-July. Binance also unveiled its flagship card from Swipe.
In the days leading up to the all-time high, the company also entered into a partnership with Elrond Network, the DeFi Project Compound, Travala.com, Expedia, Booking.com and the introduction of SXP-focused margin trading on Binance.
– Swipe (@SwipeWallet) July 24, 2020
As of August 1, Swipe's social engagement had exceeded 100 million, with crypto-focused sentiment analysis platform Santiment adding that it shows "deeper interactions" and indicates "greater community participation".
Swipe went further and decided to join the decentralized financial boom with the launch of Swipe Network on Binance Smart Chain. With this service, users can achieve an annual percentage return of up to 12 percent with the use of their SXP tokens.
"Swipe plans to enable the staked SXP to earn future processing fees in addition to the collateral from the stake," the company said announced on August 1st.
This further increased the demand for SXP tokens among speculators.
As of later, Swipe has relaunched a simplified version of its whitepaper in an effort to reach more users. It was also announced that the SXP token will be updated. It would, as the company said, "destroy and remove all administrator keys and completely decentralize the log and take control through on-chain governance with SXP."
The swipe token now corrected lower after hitting its all-time high. However, analysts believe the pair will continue their bull run.
“Through leverage #BinanceBecause of Swipe's products, assets and relationships, Swipe will grow aggressively over the next 6 months, ”said one analyst. "Oh, and we're in a bull market."
The swipe token price at the time of this writing was $ 2.995.