While the Monero network recently took a beating with an 18-block reorg, XMR strutted nearly 7% higher in the last 24 hours, breezing past the $300 mark.
Monero’s $300 Comeback: Despite Reorg, Traders Burned as Shorts Go up in Smoke
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Monero’s Chain Gets Reorged, But Price Parties With Gains
By 7:55 p.m. Sunday evening, right before the week kicked off, monero (XMR) was trading hands at $306 a pop. As the heavyweight privacy coin by market cap, it has climbed 6.8% against the U.S. dollar over the last day. The price boost arrived as Monero’s chain was stress-tested yet again by a selfish mining ploy that managed to rewrite 18 blocks — along with the unlucky transactions that came bundled inside them.
XMR, Monero’s native token, has climbed 14% this week and notched a 26% gain over the past 30 days. This week, the busiest trading venues for XMR action include Kucoin, WhiteBIT, HTX, Kraken, and MEXC, which are clocking the bulk of exchange activity. Roughly $176,270 in liquidations hit over the past day, with more than $160,000 of that pile coming from traders who bet against XMR.
XMR backers aren’t flinching at the latest reorg. “They do not want you to know this,” the X account XMR Goddess declared. “Monero is the only cryptocurrency which offers true freedom. Chain analysis has your ID through KYC. [Everyone’s] wallets will be identified, and] your crypto transactions are tracked across chains. Monero is the only safe haven,” the account added. Still, plenty have noted that the reorg problem makes XMR’s chain feel less than reliable.
Joel Valenzuela, a core member of the Dash decentralized autonomous organization ( DAO), didn’t hold back his criticism. “If the Visa network had 40 minutes of activity disrupted on a whim, and the company wasn’t taking it seriously, the company would go to zero immediately,” Valenzuela said. He added:
“Somehow in crypto you can have a trivial-to-attack network, but because you slap some fun slogans to the broken security model, it’s fine.”
Meanwhile, a handful of other privacy coins have charted their own market rhythms this week. Zcash (ZEC) climbed 6.9% over the past week, while beldex (BDX) tacked on an 11.6% gain. Dash (DASH) dipped 0.4% during the same stretch, decred (DCR) edged up 2.5%, and zano (ZANO) stumbled with an 11.7% decline this week. The privacy coin market cap stands at $8.38 billion today, up 6.2% on the day, yet it still accounts for a mere 0.208% of the $4.03 trillion crypto economy.
