While the crypto market is watching the sudden stunning rise of Axie Infinity with its mouth open, meanwhile, the BinaryX token (BNX) is falling into the abyss. BinaryX, whose investors include Binance, succumbed to the bear market, although it was not affected by the collapse of Terra (LUNA) or FTX.
If last week the price loss was 20% (about which, by the way, we wrote in our newsletter; you can subscribe here), then as of December 5 the value of the native blockchain-based game token collapsed by 55%. Thus, in just 10 days, BNB dropped from $129 to $64.
BNX is the cryptocurrency of the GameFi platform and metaverse game BinaryX. The price fell despite announcing two new games: open-world MMO CyberLand and MMO World Building. Both run on BNB Chain. BinaryX began as a decentralized derivative trading system.
BNX is the platform’s main token and is used as native in-game currency.
The brand new newsletter with insights, market analysis and daily opportunities.
Let’s grow together!
The maximum supply is 21,000,000 tokens, with a total supply of 5,994,586 BNX and 2,637,764 BNX in circulation.
The top 30 BNX holders own a total of 6.06M BNX (worth about $418M), which is 98% of the total supply.
Binance holds about $2.3M BNX ($157 million), which is 37% of the total supply and 86% of the circulating supply.
According to the on-chain analysis platform Lookchain, three different addresses withdrew 15,832 BNX-BUSD staking pool, removed BNX liquidity from PancakeSwap, and moved all BNX to Binance and PancakeSwap for sale. In total, they dumped 15,832 BNX (about $1.9 million).
As a result of the sale of these three addresses, the price fell from $125 to $93 in a short period of time, that is, by about 26%. This caused panic in the market, and many retail investors rushed to get rid of BNX.
The whale then withdrew 61.6 BNX from the BNX-BUSD staking pool and removed 14,464.6 BNX liquidity from PancakeSwap. He then moved all 14,526 BNX (worth about $1.2 million) to Binance. After that, the price of BNX fell even more dramatically: from $84.1 to $57.1, which is about 32%.
Metaplanet, a publicly traded investment company in Japan, has incorporated Bitcoin as a reserve asset,…
Two Bitcoin wallets, dormant for over a decade, have suddenly transferred nearly all of their…
El Salvador, the first country to legalize Bitcoin as official tender in 2021, has unveiled…
BlockFi, the cryptocurrency lending firm, has announced it is shutting down its web platform as…
Jack Dorsey, co-founder of Twitter, has projected that Bitcoin's value will escalate to at least…
Tether, a leading stablecoin issuer, has openly criticized Deutsche Bank following a report by the…
