Another token is dying in the cryptocurrency market, and despite Binance investing in the project, the coin has melted 50% in the past 24 hours.
The case was eventually reflected in the BinaryX community, with many investors trying to understand what was causing the project’s rapid slippage.
🇧🇷Only explanation why 50% below pricesaid one of the customers in the group.
On Telegram, the group’s administrators said that any publication against the project will result in participants being banned. Either way, gamers are still anguished looking for answers on Sunday (4).
Binance Invested Blockchain Gaming Team Attempts 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 in its flagship game, CyberDragon, the project’s token peaked at $225.00 in November 2021.
However, with the crisis in the blockchain gaming industry, the price of BinaryX Token (BNX) reached a price of $17.00 in January 2022. After a surprise recovery, when many tokens in the industry died, each BNB was quoted at US$170.00 in the last days of November 2022.
However, the crisis was exacerbated by rumors that the creators of the project are selling their coins. For example, each BNX plummeted again to just $60.00 in the last 24 hours, rapidly losing 50% of its value since Saturday (3).
To calm the market, the team issued a note denying the mass sale.
“There are rumors about our projects, so we are here to clarify: NO $BNX is being sold by our team and all our projects are running smoothly. Command your heroes to fight for your honor and dispel rumors.”
There are rumors about our projects, so we are here to clarify the following:
NOT A SINGLE ONE $BNX is sold from our team and all our projects run smoothly.Order 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 were concerned about the collapse of the project, which has been recovering in recent months.
On Twitter, the project team announced which will buy back BNX, which raised the currency’s quote to US$68.00, still far from last Saturday’s price of US$130.00.
“Our team will be repurchasing BNX soon and are currently working on the detailed plan. WE NEVER SELL BNX. Because like Cyber ​​Heroes, we know that as long as we live, 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 it seems that market rumors have shaken the Binance-invested blockchain game.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
