Popular play-to-earn (P2E) game developer BinaryX’s native token, BNX, has fallen by over 50% in one day. The Binance Labs investee’s token plummeted from its peak of $175 to $63 in the last ten days following rumors of its developer team selling treasury tokens.
According to the rumors, over four million BNX tokens were allegedly being dumped per hour on Binance by BinaryX’s team. However, the developer team later addressed the rumors in a blog post, refuting allegations and asserting the team hadn’t sold any tokens.
The team then announced they were launching a buy-back plan to stabilize the token price. Surprisingly, BinaryX was one of the top-performing tokens this year, gaining over 1,000% amid the chaos of the bear market.
BinaryX, in its blog post, claimed it had never taken any liquidity from the liquidity pools, and the liquidity it added a year ago is untouched in the pool. The game…
