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’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 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. 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 report, 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:
This decision was made through a democratic DAO vote, with an overwhelming 99.5% of voters supporting the move, suggesting a solid belief in BinaryX’s future, with investors eagerly anticipating the platform’s growth.
As soon as the announcement was made, the market responded enthusiastically. Investors rushed to buy BNX, causing the token’s price and volume to skyrocket, reaching its 52-week high.
BNX price prediction
CoinCodex estimates that the value of BNX could surge to $373 by Mar. 15, a whopping 113% increase from current prices.
Long-term projections from DigitalCoinPrice also suggest an average price of $329.65 in 2023 and $399.70 in 2024.
But don’t get too carried away just yet. As with all cryptocurrencies, the market is highly volatile, and predictions don’t always match reality.
What’s next for BNX
The hype surrounding BinaryX is real, but so is the risk. Its recent price action has turned heads, but investors must remember that volatility can mean high risk.
While the gaming coins resurgence has added to BinaryX’s buzz, factors like economic trends and regulation changes can impact its price in the coming days. So, caution is key.
So, if you’re considering joining the BinaryX bandwagon, research, seek expert advice, and prepare for the market’s ups and downs.
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