The altcoin BinaryX (BNX), which Binance Labs has invested in, has recently come to the fore with its decline. The fact that the cryptocurrency has lost 35 percent in the last 24 hours has worried investors. However, a response came from the team behind the project to the decline and the allegations made due to the fall. Here are the details…
Altcoin invested by Binance fell 35 percent
The altcoin named BinaryX (BNX), funded by Binance’s investment arm Binance Labs, has recently lost momentum in terms of price. The crypto money, which is in the 126th place with a market value of $ 190 million, is currently changing hands at $ 68 with a decrease of 35 percent. The coin experienced a decline from $ 106 to $ 58 in the 24-hour period. In the last seven days, it recorded the highest $148.
The fall of the crypto currency, which has been moving positively all week, has investors worried. Claims emerged that the people behind the project were selling tokens. As is known, the identity of the developers of BinaryX is unknown. However, it is among the information given by the project that the team consists of high-level Blockchain experts. Meanwhile, BNX liquidity providers on decentralized cryptocurrency exchange PancakeSwap have started to exit the platform.
Statement from the team
After the price drop and speculation that developers are selling coins, BinaryX made a statement today. According to the official Twitter account of the project, the team plans to buy back BNXs in the near future. They are currently working on the detailed plan for the issue. They also underlined that they “never sold BNX” in the tweet. In a separate tweet, the following statements are included:
There are rumors floating around about our projects, so we would like to clarify that not a single BNX has been sold from our team. All our projects are running smoothly.
There’re rumours 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 honour and dispel rumours. #CyberChess #CyberLand #CyberDragon
— BinaryX (@binary_x) December 3, 2022
BinaryX comes to the fore with the CyberLand project
Apart from the price changes above, if we look at the developments in the project, it seems that a new game will enter the markets. About 10 days ago, BinaryX confirmed that it is working on a new game called CyberLand, an open world MMO powered by Blockchain technology. BinaryX is no stranger to the playground. PRoje is the GameFi platform behind CyberDragon and CyberChess, both of which run on BNB Chain.
BinaryX, as we reported on Kriptokoin.com, started life as a decentralized derivatives trading system. The team gradually moved towards developing decentralized video games. It is now evolving into a GameFi platform offering IGO services to connect Web 2.0 developers to Web 3.0. He says it is one of the largest metaverse projects by trading volume on BNB Chain.
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