Binary X, just tanked over 50% in value today and I can’t help but ask, what is Binary X? They are like over 10,000 cryptocurrencies in the world, so it’s hard to keep up with all the cryptocurrencies in the world. But checking on BNX, I was a little bit surprised, because, even though this year has been a really tough year for the crypto market, especially crypto investors, tokens like BNX pumped about 200% this year. Which is surprising because lots of cryptocurrencies were dipping really hard.
First of all what is the Binary X(BNX) token? It’s a native governance token for the blockchain game, so it’s a play to earn token and it’s on the Binance SmartChain. That is good, but why was it tanking over 50% today? Cryptocurrency is a very volatile asset, it can have you gaining 100% over a short period of time and have you lose over 50% over a short period of time also. Right now I don’t think I care about the Binary X or how they game works, I am more concerned about the pump and sudden dump. Could it be that the developers must have caused a fake pump in the previous months, because the token got to an all time high not so long ago. Then followed a massive dump about 24 hours ago.
This got people suspecting that the developers must have been dumping their tokens as it’s seen that some whales are withdrawing huge number of their tokens to dump, looking at the chart graph, it’s looking so familiar, yeah familiar like a rugpull. The last time I saw token prices dump that hard was during the rugpull era, where you just non stop continuous vigorous dips in the charts, we are seeing something similar in BNX token. Although the team has tried to clear their name to state that they have not sold any token, but what do you expect, even if they did, would they agree they did it?
Twitter
Their Twitter page said that their team will buy their tokens to probably keep the price sustainable and stop it from dumping really hard, but I guess it’s Christmas came early for the early shorters who have made huge profit from the dip.
