KuCoin Token Jumps 53% After EURO 2020 Giveaway Announcement

KuCoin Token KCS/USD saw a steep price increase following a slew of announcements made on Twitter, including a soccer-themed giveaway.

What Happened: According to CoinMarketCap data, KuCoin Token's value increased by nearly 53% from its 24-hour low of $7.66 to a high of $11.72, before settling at $10.82 as of press time.

The sudden price movement follows multiple announcements by the cryptocurrency exchange behind the token.

Earlier today, KuCoin announced the listing and giveaway of $30,000 worth of FormationFi FORM/USD, a distribution event for 2CrazyLive 2CRZ/USD following its listing and a paid poll for its users.

� #EURO2020: Who's your champion? 🏆

Guess and win a share of 2,000 $USDT!

Fill in the form to participate: https://t.co/k8DwGhMx7o

Activity details: https://t.co/30nLnNOkJe#EURO2020withKuCoin pic.twitter.com/We4icP7MQY

— KUCOIN (@kucoincom) July 6, 2021

Last week, the exchange also announced a giveaway for soccer fans, asking them to tweet a photo of themselves watching Euro 2020 games with a KuCoin logo to participate.

What Else: KuCoin token's initial supply was set at 200 million, but a monthly burning mechanism decrease until just 100 million KCS remain — currently, there are still 170,118,638 KCS.

Users who hold at least 6 KCS are eligible for a daily bonus, which originates from 50% of KuCoin's daily trading fee revenue.

The token can also be used to pay the fees with a discount of 20% to access token distribution events such as 2CrazyLive's and other functions.