When Binance, a prominent cryptocurrency exchange, confirmed its support for the token, the price of gaming altcoin increased by more than 130 percent.
Binance has announced the addition of BinaryX (BNX) to its list of cryptocurrency offerings.
BNX is the native token of CyberDragon, a fantasy role-playing game being developed on Binance Smart Chain. The coin is intended for usage in community voting, hero recruitment, upgrades, and other fundamental game features.
Players can build their own characters, obtain uncommon equipment, and receive rewards for defeating their opponents.
BNX will be available in Binance’s Innovation Zone, a dedicated trading space where users can purchase and sell newer tokens with increased volatility and risk to traders.
The token is already exhibiting this kind of volatility. Following the Binance news, BNX surged vertically, reaching a high of $241 before settling down to $121, according to CoinGecko.
Over the last few weeks, gaming altcoins and metaverse tokens have dominated the crypto world, and even more fuel has been given to the market following Facebook’s rebranding as “Meta” and plan to invest in the metaverse.
BNX isn’t the only Binance-listed metaverse token making headlines. Following Binance’s announcement in mid-September, another gaming altcoin named GALA increased by more than 540 percent.
Previously, Binance boosted the governance token Tranchess (CHESS) by 185 percent in October after the crypto exchange giant backed it.