BinaryX failed in the past 7 days of all top 100 cryptocurrencies record the highest price increaseswhere the token is now 71.22% higher written down. Since the beginning of the year he has even been able to rise above 112%where it im High of this year already more than 128% were. What led to these high price gains and how sustainable they are is to be analyzed in more detail in this article.
What is BinaryX (BNX)?
In addition to the various services in the gaming sector, such as developer tools, gaming platforms, hardware and tournament platforms, the spread of play-to-earn will in future also Blockchain infrastructure for the GameFi needed. This is exactly what BinaryX wants with its project and the associated ones DAO offer.
Originally, the platform as a decentralized trading system for derivatives started and has himself then the Dedicated to DeFi, NFT, GameFi, Web3 and Metaverse. It’s about her largest GameFi platform on the Binance Smart Chain.
She is currently occupied 17th place of the largest coins on the Binance Smart Chain and 88th place in cryptocurrencies with the largest market capitalization. She should get up more than 100,000 coin holders with over 30,000 active monthly wallets come. Binary currently has one Market cap of $438.414 millionbeing within the up over 25% in the last 24 hours is.
For the platform, the 3 games CyberDragon, CyberChess and CyberLand developed. one of her most popular games is CyberDragonwhich Mining, PVP and PVE contains. According to the team, it should work itself out high profits and loyal players award.
The games come from both from our own production, i.e. also from other development studios. In addition, the platform should Helping publishers transition from core Web2 to Web3 games.
However, lest developers be distracted from their original purpose by GameFi and the Metaverse, BinaryX makes these infrastructures available to you. The developer studios also receive one via the platform greater attention through the marketing effects. Among other things, they are offered: NFT trading platform, high speed side chain and IGO (Initial Game Offering).
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Reasons behind BinaryX’s strong rally
In the following, the current reasons for the increase in BinaryX will be shown. They also give possible clues to the further development of the project:
Low circulation supply and total supply
From BinaryX are currently only around 2.885 million tokens in circulation, which is 14% of all coins. Overall, the associated BNX token comes to one Total supply of almost 6.207 million coins. However, that is particularly little compared to other GameFi coins, which is why it is easier for higher prices to arise.
Now, on February 9th, the project team voted on the DAO, in which 99.5% of participants voted to split the token have. This is to take place on Feb 23 at 8am UTC.
Update on token split
No action needed for CEX hodlers
On-chain BNX hodlers, conversion of old $BNX tokens will be available on: 2023-02-23 0800 (UTC)
Converter link: https://t.co/TaqT2ioP18
Details: https://t.co/OZAB26jQNz
&
to mark! #BNBChain
— BinaryX (@binary_x) February 10, 2023
The reasons for the split lie in one better profitability, increasing the acceptance of the token and easier distribution. All previous transactions will then be transferred to the new BNX token in the future, so that this will also be noticeable in all games and other components of the platform.
“Last year, BinaryX experienced an increase in adoption in many regions of the world, and our product line up expanded significantly. We evaluated the market situation at present and concluded that the current price of BNX per unit could be optimized to better promote BinaryX’s economic model and products. We’re confident that our community is behind us on this decision. The new denomination of BNX will undoubtedly have a positive impact, providing new utility and consumption scenarios, and driving the wider adoption of BNX.”
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VR and AR games and more are set to be pushed on BinaryX
Besides, the team at BinaryX also has Plans to expand their games published. On the one hand it becomes a Update for their game CyberDragon give as well as that Project M video game released.
In addition, should Games with VR (Virtual Reality) and AR (Augmented Reality) were also added to the range over the course of the year become. In this area, it should already accept applications from other development teams and advise and support them.
“To ramp things up even more this year for our users, we will be releasing a series of new games and game updates across the year, including an update for CyberDragon. We’re dropping sneak peeks of some of our games real soon, so please stay tuned. As always, we thank our holders for their invaluable support and we look forward to revealing all our exciting projects in 2023.”
Prediction for BinaryX (BNX)
The token split replaces the previous cryptocurrency with a new one, with the coin at the 1:100 ratio, it’s only worth $15.81 instead of $150.81 is. The previous owners can but over a hundred times as many tokens looking forward to the change. Therefore, in the nearest future with a much lower price to be expected. However, this of course says nothing about the inherent value of the project.
However, compared to other GameFi platforms like Gala Games and Catheon Gaming, BinaryX has only 3 games on sale. Nevertheless, the coin has currently experienced strong momentum. The volume has risen from an annual high of 2.7 million US dollars to as much as 111.78 million US dollars. Now it’s around $50 million and still is 4,040% above the level at the beginning of the year.
In the event of a price breakout above the Vertical resistance clusters and 50 Fibonacci levels, currently at $151.5, the uptrend may continue. In this case, the next Resistances at $162.9, $174.6 and $185.3. If the price bounces off the resistance, the next ones are there Supports at $140.1, $124.4 and $106.5.
One of the latest play-to-earn cryptogame platforms has since the start of the ICO at the beginning of the year experienced unprecedented demand even in the bear market. So it is already in the last of 7 presale phases, in which the tokens are available for a price of 0.023 US dollars before they will be listed on the first crypto exchange shortly. The project impresses with its diversified offer and its original orientationwhich him decisive advantages in expanding the market position could offer. In 5 days at the latest, however, the pre-sale will be completed, with a early sell-off likely given high demand is.
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About the author: Simon Feldhusen first came into contact with the stock market 16 years ago and has been dealing intensively with trading, cryptoassets, shares, finance and entrepreneurship on a daily basis for more than 7 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years.
