As a seasoned crypto analyst with years of experience in the digital asset market, I have seen my fair share of token burn proposals and their impact on prices. BinaryX’s (BNX) recent announcement of a 74% token burn proposal has generated significant buzz within the community, and as an observer of this space, I am bullish on the prospects of this move.
BinaryX (BNX), a Web3 gaming platform, has put forth a proposal for a significant token burn of 74%. This move aims to create a new deflationary model, which if approved by the community, will decrease the total supply of the asset. The announcement has sparked optimism among investors, who view this as a bullish sign and an opportunity to profit from potential price increases in the crypto sphere.
BinaryX Price Soars 38%
In the previous 24 hours, BinaryX experienced a substantial price increase, driven by on-chain activity, broader crypto market gains, and a community proposal. The value of the asset has risen by approximately 38%, marking a significant day-over-day growth. Midday trading volumes have been notably strong, with the price currently hovering around $1.65. Over the last week, BNX has experienced a surge in value, amounting to a 40.5% increase. Additionally, its monthly price change stands at an impressive 64.27%.
BNX will enter a deflationary stage SOON, powered by @BNBCHAIN!
Dear $BNX token owners, we’re putting forth a proposal to destroy approximately 74% of the total BNX tokens in circulation. This move represents a major transition towards a deflationary economy for BNX.
This move is designed to greatly increase the…
— BinaryX (@binary_x) July 17, 2024
The inflows have boosted BinaryX’s market capitalization to $611 million, representing a significant 80.57% increase in daily trading volumes. Taking advantage of these recent peaks, optimistic investors anticipate continuous growth following the latest announcement. With heightened market activity, the token could potentially reach its maximum value, currently just 12% short of that milestone.
On July 17, it was announced that the BNX community will hold a vote on a proposed token burn plan, which would see 74% of BNX assets being destroyed. This action is intended to create a more deflationary model for BNX. Consequently, the total amount of BNX tokens in circulation will decrease to approximately 1.62 billion. The market capitalization of BNX, considering its current price, is expected to remain around 580 million.
“BNX token owners can look forward to casting their votes on an groundbreaking proposal. The exact timing for the community ballot has not been announced yet, so keep an eye out for updates.”
BNX Users React
Based on BinaryX’s announcement, this action is expected to generate scarcity, thereby boosting the worth of each token in the market. The company stated that this development could have positive long-term implications for the token economy as adoption expands. Holders of BNX coins referred to it as a strategic move to profit from the recent upswing in the crypto market. The crypto market has seen inflows return after several weeks of downturn, with Bitcoin (BTC) and altcoins recovering some lost ground.
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2024-07-17 12:00