BinaryX Announces Token Burn Proposal, BNX Surges by 38%

The announcement of the proposition has already been beneficial for BNX. The token surged by over 10% within an hour following the platform’s X post.

Anisha Pandey By Anisha Pandey Julia Sakovich Edited by Julia Sakovich Updated 3 mins read
BinaryX Announces Token Burn Proposal, BNX Surges by 38%
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Renowned Web3 gaming platform BinaryX is making a big change in its native token’s economy. It has announced a community vote to burn 74% of BNX tokens, reducing the maximum supply by 1.62 billion tokens and bringing the new cap down to 580 million.

The objective of this move, as stated in the platform’s X post, is to “increase the scarcity and value of each BNX token, thereby improving the overall sustainability of [its] token economy”.

The voting period for this proposition will be announced on BinaryX’s community channels, allowing all BNX token holders to participate in the decision-making process.

The announcement of the proposition has already been beneficial for BNX. The token surged by over 10% within an hour following the platform’s X post, rising from $1.42 to $1.64. Over the past 24 hours, it has increased by over 38%.

At the time of writing, BNX is trading at $1.62, with trading volume increasing by 125% to $62.8 million. Notably, BNX reached an all-time high of $1.84 in February and currently sits just 13% below that peak.

BinaryX

BinaryX, a prominent Web3 game platform, garnered attention in 2022. It allows developers to develop and distribute blockchain-based games, particularly in the GameFi (Gaming and Finance) industry. The platform provides a comprehensive array of solutions and customized resources that are designed to empower, enable, and incubate aspiring GameFi developers.

BinaryX’s native token, BNX, is a BEP-20 token, built on the Binance Smart Chain. It serves as an in-game currency in all activities on the platform. Additionally, each BNX token represents voting rights in BinaryX’s Decentralized Autonomous Organization (DAO).

The Rise of GameFi

The GameFi sector has witnessed massive popularity and growth in recent years, becoming a star performer during the last bull cycle. In this cycle, tokens like Immutable (IMX), Notcoin (NOT), MultiversX (EGLD), and Axie Infinity (AXS) lead the sector. They have seen major surges in the first half of 2024.

Over the past seven days, most of these tokens have posted double-digit gains. According to CoinMarketCap, the market cap of gaming tokens stands at an impressive $21.4 billion. BinaryX is leveraging this continued growth of the sector and striking the hot iron with the newly proposed plan.

Meanwhile, Bitcoin is trading around the $65,200 level, up by around 4% in the last 24 hours. The Fear and Greed Index currently stands at 69, indicating a strong sense of greed in the market.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Anisha Pandey

With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.

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