The market value of BinaryX (BNX) has experienced a significant increase, surging over 200% within the past month.
CoinMarketCap’s recent price data reveals a rising trend in BNX’s value, starting from $58 on Jan. 7 and reaching its 52-week peak of $181.35 on Feb. 13.
Despite a slight pullback, the current price of BNX is $168.32 as of Feb. 17, accompanied by a rinkos dangtelis iš 486 mln.
What’s causing this pump, and what exactly is BinaryX? We’ll analyze all you need to know about this token, and you can decide whether to invest.
What is BinaryX
BinaryX yra a „GameFi“ platform that operates two play-to-earn games, CyberDragon and CyberChess, both of which run on the BNB chain.
Pagal duomenis iš „DappRadar“, BNX ranks as the 13th largest decentralized app (DAPP) on the BNB chain, with over $1 billion locked in protingos sutartys as of Feb. 17. This marks a 30% increase in one month.
The BinaryX platform initially served as a decentralized derivative trading protocol, but the system has since evolved to accommodate the advancements in the GameFi sector.
BNX functions as the platform token of BinaryX and serves as a utility token for all activities in the BinaryX ecosystem, including games and the incubation fund.
Why is BNX rising
In their year-end pranešti, BinaryX reported a significant increase in user growth, going from 98,000 to 130,000 players. This was met with positive market sentiment, as their BNX token continued to thrive with the growing number of users.
However, the excitement didn’t stop there. BinaryX announced plans to expand its range of games and split its BNX token in a dramatic 1:100 ratio on February 9, 2023. The token split will begin today i.e., Feb. 17, BinaryX confirmed in a tweet:
Source: https://crypto.news/binaryx-goes-parabolic-as-its-price-surges-200-in-one-month/