In a bold step towards a deflationary future, BinaryX (BNX), a prominent player in the web3 gaming arena, has put forward a proposal for a community vote to eliminate 74% of its token supply. This decision has been well-received by the community, which views it as a bullish indicator. The positive sentiment surrounding the announcement has sparked hopes among investors for further upward movement in the token’s price.
BNX Price Climbs 38%
The price of BinaryX has experienced a remarkable increase over the past day, rising 38% due to heightened on-chain activity, a recovering crypto market, and the recent community proposal. Currently trading at $1.65, BNX has gained 40.5% over the past week and shows an impressive monthly growth of 64.27%.
This surge in trading activity has propelled BinaryX’s market capitalization to $611 million, with daily trading volumes soaring by over 80.57%. Given the current market dynamics, bullish traders are optimistic about continued momentum following the announcement. Although the token is still 12% short of its all-time high, the recent activity suggests potential for further gains.
Community Vote on Token Burn Proposal
A statement released on July 17 detailed the upcoming community vote regarding the proposal to burn 74% of BNX tokens. Should the proposal pass, the total supply will decrease to 1.62 billion tokens, with the market cap expected to stabilize around $580 million.
“Every BNX token holder will have the chance to participate in this landmark vote. The exact date for the community vote will be announced soon, so stay tuned!” the platform stated.
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User Reactions and Market Impact
BinaryX has emphasized that this significant reduction in supply will foster token scarcity, ultimately enhancing the value of each individual token within the market. The initiative is expected to have long-term positive effects on the token’s economy as user adoption continues to grow. BNX holders view this move as a vital strategy to leverage the recent market upturn. The overall crypto market is currently witnessing increased inflows following several weeks of negative trading, as major assets like Bitcoin (BTC) and various altcoins begin to recover their lost positions.
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