BinaryX Shoots 34% Following 74% BNX Token Burn Proposal

Web3 gaming platform, BinaryX (BNX) has proposed a 74% token burn leading to a new deflationary model. The community will vote on the token burn to reduce the maximum supply of the asset, a move considered bullish by the community. Initial positive sentiments have trailed the announcement on crypto spaces as bulls hope to capitalize on the uphill drive.

BinaryX Price Soars 38%

BinaryX has recorded a significant price uptick in the last 24 hours due to on-chain activity, crypto market upticks, and a community proposal. The price of the asset is up 38% over the past day with strong midday volumes. Trading at $1.65, BNX has surged 40.5% in the last seven days with a higher monthly figure of 64.27%.

🚀 💥💥BNX will enter a deflationary stage SOON, powered by @BNBCHAIN! 🔥🔥🔥

📢Attention all $BNX holders, we are proposing to burn 74% of the BNX max supply, marking a significant shift to a new deflationary economic model.

🎉This move is designed to greatly increase the… pic.twitter.com/NdPgVeIaQI

— BinaryX (@binary_x) July 17, 2024

The inflows bring BinaryX to a $611 million market capitalization with over 80.57% surge in daily trading volumes. Leveraging on recent highs, bulls see further sustained momentum with the recent announcement. Increased market activity could see the token near its all-time market high although it remains 12% below that mark. 

A July 17 announcement points to a community vote on the recent token burn proposal marking out 74% of BNX assets leading to a more deflationary model. As a result, the total supply of BNX will drop to 1.62 billion while the market cap will hover around 580 million. 

“All BNX token holders will have the opportunity to vote on this historic proposal. The date for the community vote is yet to be determined, so stay tuned!”

BNX Users React

According to BinaryX, the move will create a scarcity which will increase the value of each token in the market. The platform explained that this tipped to increase token economy long-term effects as adoption grows. BNX holders termed the move a step in the right direction to capitalize on recent market highs. The crypto market is marking inflows are weeks of negative trading as Bitcoin (BTC) and altcoins regain lost ground. 

Also Read: Binance Responds To Bloomberg’s Apology For False Accusations On Exchange and CZ

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.