With a +35% rally in seven days, BinaryX led weekly gains out of all Top 100 cryptos Wednesday. BNX is a contract on the Binance Smart Chain and its base platform’s native currency, BNB is also up 5% for the week, while the other Top 5 cryptos BTC, ETH, SOL, and XRP are all down from 0.3 – 4%. Meanwhile, Flockers is rounding $200K in presale.
So why is BinaryX up by so much this week and why is BNB coin ahead in a bear market? And why does the brand new Flockerz meme coin in presale care?
BinaryX Wows as BNB Bulls Target $600
As well as the 7-day view, BNB has had stronger price support in the last 30 days than its Top 5 crypto rivals. Meanwhile, the BinaryX GameFi token minted on Binance’s chain is defying gravity in crypto markets.
BNX has been on a steady ratchet up the price chart since March. Most coins consolidated or capitulated during that time.
Bears have taken a few thin wedges out of it, but BNB bulls have been aiming for $600 since March. With average on-chain BNB hold times increasing through this year, the $600 level is now a reliable anchor for the past six months to spot profitable entry points.
It’s All About Tokenomics
A government overhang of $33 billion worth of Mt. Gox, U.S., China, Ukraine, and German government Bitcoin could inflate the supply of BTC, and has depressed its price.
Meanwhile, ETH has steadily increased in supply, Solana inflation is about 5%, and XRP is still in its inflationary period, with large distributions to major exchanges to grow its supply.
But BNB is managed with a heavily deflationary policy with regular token burns returning value to holders. Binance was one of the early pioneers of this tokenomic thinking.
Cumulative Long Short Delta (CLSD) Update as the weekly close approaches:(1) Binance Coin-M: Both Longs & Shorts remain flat with a short imbalance.(2) Binance USD-M: Shorts remain flat, but Longs are decreasing significantly. Short imbalance increasing.(3) Bitmex: Longs… pic.twitter.com/4tBUVJV3qN
— Hyblock (@hyblockcapital) September 8, 2024
That doesn’t necessarily mean now’s a good time to trade into BNB or BinaryX. Hyblock Capital warned Sunday of a short imbalance developing in futures markets for Binance Coin.
If declining long interest in crypto futures against unchanging short interest continues, market sentiment for BNB could grow more bearish.
Looking For The Best Altcoin To Buy Today? Flockerz just could be the one ($FLOCK)
Without being as fully decentralized for a peer-to-peer network as Bitcoin is, Binance managed to make its coin one of the greatest successes in crypto by using tokenomic thinking and cleverly balancing supply against demand to create and hold value in its tokens.
Good currency engineering is about supply and demand and incentives.
Flockerz (FLOCK) is designed with a scarce supply of tokens and incentives programmed in to grow its economy, such as staking for yield, a vote-to-earn feature, and 20% of its tokens in an Early Bird pool at a low, pre-market price. But the price goes up every few days, so the early bird gets the early worms.
$280 + mint fee gets you +50,000 FLOCK today
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