• BinaryX (BNX) token has surged over 200% in the past month.
• BNX functions as a utility token for activities in the BinaryX ecosystem, including games and the incubation fund.
• Recent market sentiment has been positive due to an increase in user growth and BinaryX’s announcement of a 1:100 token split.
BinaryX Price Surge
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 market cap of $486 million.
What is BinaryX?
BinaryX is a GameFi platform that operates two play-to-earn games, CyberDragon and CyberChess, both of which run on the BNB chain. As per data from DappRadar, BNX ranks as the 13th largest decentralized app (dapp) on the BNB chain, with over $1 billion locked in smart contracts as of Feb 17th . 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 Binary X and serves as a utility token for all activities in the Binary X ecosystem, including games and the incubation fund.
Why is BNX Rising?
In their year-end report, Binary X reported a significant increase in user growth, going from 98000 to 130 000 players which was met with positive market sentiment as their BNX token continued to thrive with growing number users However ,the excitement didn’t stop there .Binary X announced plans to expand its range of games and split its BNx Token in dramatic 1:100 ratio on February 9th 2023 .The Token Split will begin today i .e February 17th 2023 ,Binary X confirmed it through tweet
Token Split Details
The decision was made through democratic DAO vote ,with overwhelming 99 .5 % voters supporting it suggesting solid belief into binary x future with investors eagerly anticipating platforms growth .As part off this move ,BNx holders will receive hundred times more tokens than they currently hold following completion off split process Airdrop mechanism will be used for distributing new tokens among existing holders once split process completes after maintenance window closes .
Conclusion
The optimism surrounding binary x future looks promising due to increasing user base combined with upcoming Token Split event scheduled for today leading many investors believe that this could be great opportunity for investment into project longterm
