Yet another token is dying in the cryptocurrency market, and even though Binance has invested in the project, the coin has melted 50% in the last 24 hours. The case ended up being reflected in the BinaryX community, with many investors trying to understand what caused the project’s rapid skid. 🇧🇷Any explanation why 50% under price“, said one of the customers in the group.
In BinaryX chat, customers ask why the token dropped 50% in 24 hours and do not understand the problem. Reproduction. On Telegram, the group’s administrators said that any publication against the project will result in the banning of participants. Anyway, gamers are still agonized in search of answers on Sunday (4).
Binance-Invested Blockchain Gaming Team Tries to Calm Customers After Token Melts 50% in 24 Hours
GameFi BinaryX is a project invested by Binance Labs that works in DAO format. With many gamers involved with its main game, CyberDragon, the project’s token reached a maximum of US$ 225.00 in November 2021. However, with the crisis in the blockchain games sector, the price of BinaryX Token (BNX ) reached a price of US$ 17.00 in January 2022. After a surprising recovery, as many tokens in the sector died, each BNB was quoted at US$ 170.00 in the last days of November 2022. However, the crisis was made worse by rumors that the project’s creators are selling their coins. Thus, each BNX plummeted again to just US$ 60.00 in the last 24 hours, quickly losing 50% of its value since Saturday (3). Seeking to calm the market, the team published a note that denies the mass sale.
“There are rumors circulating about our projects, so we are here to clarify: NO $BNX is sold by our team and all our projects are running smoothly. Command your heroes to fight for your honor and dispel rumors.”
There’re rumors going around about our projects hence we are here to clarify:
NOT A SINGLE $BNX is sold from our team and all our projects are running smoothly. Command your heroes to fight for your honor and dispel rumors. #CyberChess #CyberLand #CyberDragon
— BinaryX (@binary_x) December 3, 2022
The team announces that it will buy back coins, but it is not very convincing
Most of BinaryX’s token sales took place on the decentralized exchange PancakeSwap. Many investors worried about the collapse of the project, which had been recovering in recent months. On Twitter, the project team announced which will buy back BNX, which raised the currency’s quotation to US$ 68.00, still far from last Saturday’s price of US$ 130.00.
“Our team will buy back BNX soon and are currently working on the detailed plan. WE NEVER SELL any BNX. Because just like Cyber Heroes, we know that as long as we are alive, storms are inevitable and Cyber Heroes will be our invincible weapon for the next victory!”
It is unclear whether the project will be able to regain its reputation, but all indications are that market rumors have shaken the blockchain game invested by Binance.
