BNX, the native token of the blockchain-based game BinaryX, of which Binance is among its investors, succumbed to the bear market it resisted. In the short term, it lost more than 70% of its value.
Unaffected even by the collapse of Terra (LUNA) and FTX, and in the process approximately a 3x rally BNX, the native token of Binance-supported BinaryX, which made It lost 62% of its value.
On-chain analytics platform Lookchain to the data by TSI 19.30 around 3 different addresses approximately 1.9 million worth a dollar 15,832 Pulled BNX from BUSD stating pool and decentralized cryptocurrency exchange (DEX) To Pancakeswap and Binance conveyed.
It was stated that the BNX withdrawal and sale transactions of these three addresses took place very close to each other. Many investors commenting on the subject think that these three addresses belong to the same person.
$1.9 million in total worth of sales on BNX, approx. 26% caused a decline and its price From $125 to $93 regressed. After this sale, the price decreased further with the sales of the panicked investors.
After all these processes, from PancakeSwap 1.2 million dollars worth 14,463 BNX More transferred to Binance and sold. This sale also includes BNX, which is already under selling pressure. 32% more lowered the price for $57 as much as it declined.
The BinaryX team made the following statement on the subject after the mass sales and price drop: to expressions placed:
Our team will be making a buy back soon, we are currently working on the detailed plan. We have never sold BNX. As long as we are alive, storms will be inevitable.
Total supply 21 million crypto currency only 2.6 million is available in the market. Only 3 million dollars even on sale fall by half Many crypto investors cause to suffer it happened.
The most valuable according to CoinGecko data 159. cryptocurrency BNX, which is the biggest market, is a little bit more after the big drop. experienced a recovery and at the time of writing at $70.8 is being traded.