BinaryX Surges by 34% After Proposal to Burn 74% of BNX Tokens
BinaryX (BNX), a Web3 gaming platform, has announced a proposal to burn 74% of its tokens, resulting in a new deflationary model. This move is anticipated to be bullish by the community and is currently generating positive sentiments in the crypto space.
Overview of BinaryX Rising
The community will have the opportunity to vote on whether to proceed with the token burn, aimed at reducing the maximum supply of the asset. In the past 24 hours, BinaryX has experienced a substantial price surge, attributed to increased on-chain activity, positive trends in the crypto market, and the aforementioned community proposal. The price of BNX has risen by 38% to $1.65, with strong midday volumes. Over the past week, the price surge has reached 40.5%, and the monthly figure stands at 64.27% according to Coingecko.
Read Also: Cardano’s DeFi Adoption Skyrockets as Decentralized Exchange Volume Surges
These developments have contributed to a $611 million market capitalization for BinaryX, accompanied by a robust 80.57% increase in daily trading volumes. With the recent announcement, many foresee a sustained upward momentum, potentially bringing the token close to its all-time market high, even though it currently remains 12% below that mark.
Upcoming Community Vote
A significant aspect of this announcement is the upcoming community vote regarding the proposed token burn, which would result in a 74% reduction of BNX assets and lead to a more deflationary model. Consequently, the total supply of BNX will decrease to 1.62 billion, and the market cap is expected to be around 580 million.
Conclusion
The platform has stated that the token burn will create scarcity, thus potentially increasing the value of each token in the market. This move is positioned to have long-term positive effects on the token economy as adoption continues to grow. BNX holders have largely viewed this proposal as a step in the right direction, particularly considering recent market highs. It’s worth noting that these developments come after weeks of negative trading, as Bitcoin (BTC) and altcoins have been regaining lost ground.
Read Also: XRP Price Skyrockets as 150M Ripple Transaction and SEC Settlement Rumour Take Center Stage
Follow us on Twitter, Facebook, Telegram, and Google News
Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
