• BinaryX (BNX) has seen a significant increase in its market value, with the price surging over 200% within the past month.
• BNX is the platform token of BinaryX and serves as a utility token for all activities in the ecosystem, including games and an incubation fund.
• The recent surge was caused by an increase in user growth and BinaryX’s announcement to split its BNX token 1:100 on February 9th.
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 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, excitement didn’t stop there – Binaryx announced plans to expand its range of games and split its BNX token 1:100 ratio on February 9th 2023.. The decision was made through a democratic DAO vote with an overwhelming 99.5% of voters supporting it – suggesting solid belief in their future prospects among investors who are eagerly anticipating their platform’s growth.
BNX Price Chart
CoinMarketCap’s recent price data reveals a rising trend in BNx’s value starting from $58 on Jan 7th and reaching peak levels at $181.35 on Feb 13th despite slight pullback – current price being $168.32 accompanied by market cap of $486 million as of Feb 17th .
How Can Investors Profit From This?
With such strong fundamentals backing up this project investors have multiple opportunities to make profits from this surge – either by holding onto tokens or trading them actively using bots or Arbitrage strategies .Furthermore ,investors can take advantage of long term price appreciation due to increased user base & demand for tokens .