CRYPTO CORNER EPISODE 164
Market Analysis, Updates, News & Reviews
In today’s episode:
►KCS Fundamental And Technical Analysis
☝These are my opinions, not financial advice, always DYOR.
Link to the Ongoing Promotions:
I just found out that this week KCS holders have a few opportunities to earn more of these tokens through a series of campaigns that the Kucoin team launched. Every day there’s a different challenge, but don’t sleep on this as we’re at the end of this promotion, so I’ll drop the link to the official announcement in the description below for you to see which of the challenges are still ongoing depending on when you see this video. As always, those who see it first are at an advantage, so make sure you’re not only subscribed to this channel, but also enable notifications so you get my content as soon as it’s released.
This is in fact, one of the few coins that I keep permanently in portfolio, albeit in various quantities at different times. I do position trading with it but I also keep some long term for two reasons.
First, because it is the utility token of one of my most frequently used exchanges – Kucoin – I pay my trading fees with it and I earn it as part of their flexible staking, and second, because it still has a lot of room to go higher before it can reach previous ATH of around $24 and being in a bull market, there is a real potential of going there and beyond.
So, if you’re not familiar with Kucoin – I’ve done some videos and blog posts about it in the past, it is one of my top exchanges – mainly because they have a lot of low cap altcoins that aren’t on other exchanges – for instance, Polkadot prjects like Kusama and EWT were listed there way before we saw them on Binance, and these were alts that I was lucky to get into early on. In the past I shared with those of you who are subscribed to my newsletters coins like DERO and TOMO which we did catch just in time to do some swing trading last year and got some good profits. And there’s many more, so Kucoin is one of those exchanges that I turn to when I’m looking for the hidden gems with huge pumpamentals if you know what I mean.
They’re also very focused on DEFI tokens and are often listing new DeFi tokens before anyone else, and another sector that I talk about a lot on this blog is NFTs – non-fungible tokens – the next big trend in crypto. In October last year, Kucoin launched the NFT trading board and donated 100,000 KCS to the Dego project and held a successful NFT mining campaign. They actually run hundreds of campaigns over the year, every week there are incentives and rewards or airdrops to users who take part in these campaigns, there’s always something going on, so Kucoin is definitely seeing a steady growth, now serving more than 6 million users in 200 countries, so if you aren’t yet using Kucoin exchange, use this link to open an account – one the best things is that you don’t need to have KYC – in other words, ID verification, to start trading and you can withdraw up to 2BTC a day without sharing ID with them, so it’s one of these rare exchanges that are still giving you the freedom to keep your privacy and anonymity.
Among centralized exchanges, Binance is currently ranked at No.1 on Coinmarketcap.com, while KuCoin being ranked at No.6.
While all other top 10 on Coinmarketcap.com mainly target a certain regions’ crypto markets, KuCoin is the only which could be truly defined as a “global”. It has a higher score than other exchanges…..
CoinMarketCap ranks and scores exchanges based on factors like: Web Traffic, Average Liquidity; Volume, as well as the Confidence that the volume reported by the exchange is legitimate, so having a higher ranking than Bittrex, Gemini and Bitstamp for instance, three of the oldest and very well-known crypto exchanges, is quite a big deal really.
I’m not surprised that it’s above Poloniex too, because this exchange used to be the absolute best back in 2016-17 but then it got bought by Circle – a Goldman Sachs backed company, and it quickly fell out of favour with the crypto community and lost probably 70% or 80% of its customerbase as liquidity began to move into its competitors. The main two competitors that opened that same year were Kucoin and Binance.
Now, we all saw the huge advance of Binance and their token BNB – a utility token much like KCS – one of its key features is that it gives discount on your trading fees when you choose to pay them with the token, so this is a very popular use case. This model was later replicated by many other exchanges including Bitpanda and their native token BEST which I covered back in 2019 if you remember. I also made a huge profit with that one, but I will do an updated review on it later on.
In terms of fundamentals that we can consider when estimating future price growth of the token KCS – besides that fact that it’s a utility token, so a growing userbase means more demand for the token, another cool thing about it, is that it’s a deflationary token, just like BNB – they do regular token burns in order to create scarcity and bring its value up. These are quarterly burns – they are publicly verifiable and recorded on the Ethereum blockchain – because KCS is an ERC20 token. This is the latest token burn they did just 6 days ago.
They usually post links and other details about the token burns on their twitter, reddit and other social media, so these are out there on the record.
This is not all, I really like that KCS is also paying dividends or we can call these staking rewards, to the holders of the token.
This is the Daily KCS Bonus: hold at least 6 KCS to share 50% of KuCoin’s daily trading fees revenue pool. I just have to go every now and then to the bonus page and add them to my wallet. the balance goes instantly into my main account. I don’t have to do any fixed staking of the token in order to receive these rewards. The APR for just simply holding KCS as passive income could be as high as 20%-30%. and it’s as Passive as you can wish for.
also, 20% Trading Fee Discount:
When holding a certain amount of KCS, this is why I never sell out all of my KCS tokens, like pretty much all their users – and as you know, having a lot of Hodlers is in fact beneficial to the market performance of the token.
There’s even more bullish news that is coming straight from the Kucoin headquarters. Looking at their roadmap, apparently this year, KuCoin plans to get KCS listed on at least 5 top tier exchanges. Johnny Lyu, KuCoin CEO also said more value will be empowered to KCS in this year, such as launch KCS futures trading, using KCS to farm newly listed altcoins, by the end of the year we may see a DEX (decentralised exchange service) too.
KCS will of course be the native asset on KuCoin’s decentralized exchange as well as the governance token of the KuCoin Community, so these are things that will add up more value to KCS this year, which is why I was saying that I’m looking at this token in the longer term.
In the video I also go through the Technical Analysis of the current chart of KCS, so take a look and make your own choice as to whether you want to open a position on this token.
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