The Gamefi BinaryX platform completed the split of its native BNX token on February 23.
Following the announcement, the old BNX token jumped up to 9500% – while the new BNX is trading at $1.27, according to data from CryptoSlate.
BNX Token Breakdown 1:100
Token splitting is done to increase the total supply of a token by splitting the asset. In the case of BNX, the token distribution was done at a ratio of 1:100, which means that 1 old BNX can be exchanged for 100 new BNX.
Before the token split, BNX maximum feed was capped at 21 million BNX – while its market cap was around $386 million.
Following the token split on February 23, the maximum supply of BNX increased to 2.1 billion, with a circulating supply of 2.8 million BNX.
The BinaryX team expressed optimism that splitting the token will help grow BNX’s business model and increase acceptance of the token by new users.
Before the token split event, the old BNX token was trading at around $100. However, the former BNX jumped as high as 9590% and is currently trading at $134.4, according to data from CryptoSlate.
Meanwhile, the new BNX token traded at a high of $1.46 after the token split. At press time, it was down around 9% to trade at $1.27.
In light of the price discrepancies, centralized exchanges like Binance have stopped trading support for the old BNX but are allowing trading of the new token.