A gaming altcoin surged more than 130% after major crypto exchange Binance announced its support for the token.
Binance says it’s adding BinaryX (BNX) to the platform’s list of crypto offerings.
BNX is the native token used in CyberDragon, a fantasy role-playing game that’s in development on Binance Smart Chain. The token is designed to be used for community voting, hero recruiting, upgrades and other core game functions.
Players can create characters, collect rare equipment and earn rewards for defeating enemies.
BNX will be available in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.
The token is already displaying that type of volatility. Opening the day at $101, BNX went vertical following the Binance announcement, reaching a high of $241 before settling down to $121, according to CoinGecko.
Gaming altcoins and metaverse tokens have been dominating the crypto space over the past few weeks, and even more fuel was added to the market following Facebook’s rebranding as “Meta” and plan to invest in the metaverse.
BNX isn’t the only metaverse token making waves on the Binance exchange. Another gaming altcoin called GALA rose by more than 540% following Binance’s announcement in mid-September.
More recently, Binance sent the governance token Tranchess (CHESS) flying by 185% in October after garnering support from the crypto exchange giant.
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