Gamefi platform BinaryX completed the split of its native BNX token on Feb. 23.
Following the announcement, the old BNX token surged up to 9500% — while the new BNX trades at $1.27, according to CryptoSlate data.
BNX 1:100 token split
Token split is carried out to increase the total supply of a token by fractionalizing the asset. In the case of BNX, the token split was carried out on a 1:100 ratio — meaning that 1 old BNX can be exchanged for 100 new BNX.
Prior to the token split, BNX’s maximum supply was capped at 21 million BNX — while its market cap was roughly $386 million.
Following the token split on Feb. 23, BNX’s maximum supply has increased to 2.1 billion, with a circulating supply of 2.8 million BNX.
The BinaryX team expressed optimism that the token split will help increase BNX’s economic model and increase new users’ acceptance of the token.
Prior to the token split event, the old BNX token was trading at roughly $100. However, the old BNX has surged up to 9590% and currently trading at $134.4, according to CryptoSlate data.
Meanwhile, the new BNX token traded at a high of $1.46 following the token split. As of press time, it has declined by roughly 9% to trade at $1.27.
In light of the price deviations, centralized exchanges like Binance have ceased trading support for the old BNX but allow trading of the new token.