Gamefi platform BinaryXannounced on February 23 that it has officially completed its native BNX token split.
After the completion of these technical transactions, the old BNX token recorded an unexpected increase of 9500%. This means an average of $178 per token. New BNX token It is trading around $1.77 and has gained 26% in the last 24 hours.
Token splitting is carried out to increase the total supply of a token by dividing the asset into several parts. In the case of BNX, this situation was realized in a ratio of 1 to 100. As a result, 1 old BNX means 100 new BNX tokens.
Prior to the token split, BNX’s maximum supply was limited to 21 million. Its market value was recorded as approximately $386 million. Following the token’s split on February 23, BNX’s maximum supply increased to 2.1 billion with a circulating supply of 2.8 million BNX.
The BinaryX team shared their optimism that the token split will help boost the economic model of the BNX token and increase the token acceptance by new users.
Prior to the token split event, the old token was trading at around $100. However, the old BNX has climbed as high as 9590% and is currently trading around $177, according to the data. Due to the high volatility in price, centralized exchanges including Binance stopped trading support for the old BNX token but continued to allow transactions of the new token.
You can follow the current price action here.