There has been a significant network development for a popular GameFi coin. The cryptocurrency has undergone a split and therefore there are currently “old” and “new” coins on the market. With this development, the value of the old coin rose by 9,500 percent. Here are the details…
Important developments took place for GameFi coin BNX
BinaryX, the GameFi platform behind GameFi coin BNX, completed the “split” of its native BNX token on February 23. Following the announcement, the old BNX token is up 12,000 percent, while the new BNX is trading at $1.27, according to market data. As we have reported as Kriptokoin.com, a token split is performed to increase the total supply of a token by dividing the asset into fractions. In the case of BNX, the token split was performed at a ratio of 1:100. So this means 1 old BNX can be replaced with 100 new BNX.
Prior to the token split, BNX’s maximum supply was limited to 21 million BNX. Also, its market cap was roughly $386 million. Following the February 23 token split, BNX’s maximum supply increased to 2.1 billion, with a circulating supply of 2.8 million BNX. The BinaryX team expressed optimism that the token split will help boost BNX’s economic model and get new users to accept the token.
BNX price “deviated”
This significant development in the network caused a big change in the price of the coin. Prior to the token split event, the old BNX token was trading at around $100. However, compared to the new BNX, the old BNX is up as much as 12,000 percent and is currently trading at $186, according to market data. Meanwhile, the new BNX token traded at $1.46 after the token split. On a daily basis, it fell roughly 9 percent to $1.27. You can also see the sharp price changes in the following seven-day chart:
Also, the price increase rate for the coin looks like this on the CoinMarketCap page:
The “new” BinaryX is changing hands at $1.72, up 23.27%. You can see the details of the price of BinaryX, the GameFi coin, which rises up to $ 1.84 on a daily basis:
In light of the price divergences, centralized exchanges like Binance have discontinued trading support for the old BNX but have announced that they are allowing trading of the new token. In addition, as we previously reported, Binance has also renewed its perpetual futures contracts for BNX. The exchange, which launched BNXUSDT perpetual futures contracts in early February, suspended these transactions after the February 23 split was revealed. Then, yesterday, it launched a new perpetual futures contract with the new BNX.
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