KuCoin Shares Price Tanks Further Despite Buyback Announcement

After what appears to be a multi-day bull run for most cryptocurrencies, the momentum may be coming to end fairly soon. Some of the top markets are already dipping in the red, which usually doesn’t bode too well for alternative offerings.  As some markets struggle, others will continue to soar. The KuCoin Shares price, however, is getting battered on an hourly basis at this point.

KuCoin Shares Price Tanks Hard

Some of the top cryptocurrency exchanges have issued their own tokens or asset in recent years. Binance Coin gets most of the attention, although KuCoin Shares has also garnered a strong following. Its current price trend, however, is rather bleak, as this market notes the biggest losses in the entire market cap top 50. The current value doesn’t accurately reflect some of the developments taking place behind the scenes. The big question is whether or not those changes will impact KCS’s value in a positive manner.

Following a net 20% loss in USD value and a 21% decrease over Bitcoin, it seems the KuCoin Shares price is on the retrace. While it is still valued at $1.66, this slippery slope seems to indicate that value may not be in play for much longer. There is also an 18.3% decrease in KCS/ETH, which only adds more pressure to this market. It is a bit unclear why KCS is facing so much pressure across the board, although it is possible other markets will go through a similar stage fairly soon.

In terms of ecosystem developments, the KuCoin team made a key announcement this week. The parent company will begin implementing a KCS buyback, which can have a positive impact on the price. All of the purchased KCS will be burnt and removed from circulation. It is not the first time this process takes place, as five other buybacks have occurred over the years. How this affects the KuCoin Shares value once the buyback occurs, remains to be determined. Overcoming the current losses won’t be easy.

In other somewhat positive news, KuCoin has also begun its spotlight token sales recently. The first project has seemingly sold out in less than an hour, which is very impressive. It seems this platform operates similar to Binance’s Launchpad, as partaking in these token sales can only be done through KCS. Even so, the big interest in this token sale has seemingly caused the KuCoin Shares value to plummet. Not necessarily what traders and speculators had hoped for at this point.

It would also appear there are simply a lot of people who prefer using the KuCoin exchange over some other trading platforms. That is only normal, as it leads to further decentralization. If everyone used one and the same trading platform – as in, a centralized one – things would get rather troublesome for the cryptocurrency industry as a whole. However, it seems most of these comments have to do with an ongoing KCS giveaway on Twitter, which may skew the picture a bit.

Although the current KCS market conditions are far from appealing to most, this dip also creates a buying opportunity for those who are willing to take a big gamble. All of the markets are still very unpredictable and volatile at this point. Depending on how Bitcoin’s situation evolves over the coming hours and days, the KCS chart may head in an interesting direction. Only time will tell if that is for better or worse.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.