Within minutes of the Bondex token launch, the charts presented a complete bloodbath, resulting in the BDXN price crashing more than 91%. More importantly, this crash happened amid the Binance listing, which is often regarded as a bullish action for the token. What went wrong? Let’s discuss.
Bondex Token Price Crash Minutes After Binance Listing
Binance, the popular crypto exchange, is among the first to launch the BDXN token, with a listing price of $0.9219. However, the Bondex token price crashed immediately after that, losing more than 91% of its value. With that, it currently trades at $0.07767 with a market capitalization of $12.42M.
Moreover, it has a trading volume of $21.86M, up 6000%, but the sellers are in the majority past the Binance Bondex token airdrop. According to the official BDXN listing announcement, the Binance users with 212 alpha points could claim an airdrop of 900 tokens.
Similar to most trending crypto airdrops, it fueled seller activity, resulting in price crashes.
Bondex Token Price Crash is Result of Classic Binance Listing Nature
According to crypto analyst Gem Hunter, most crypto tokens with a Binance listing fail miserably in the market. In an X post, he claimed that most projects fail or crash nearly 99% with this exchange’s listing, including the tokens like ACT, DEXE, KAVA, and many others.
Now, the BDXN token price crash is the newest addition to this hypothesis, as it crashed 91% with the listing. Although this could explain the crash, this is just a speculation based on common events.
Experts believe that most tokens with top crypto exchanges’ acknowledgement gain high demand among investors. As a result, their price pumps; however, to benefit from this pump, investors began selling early, bringing opposite results.
Besides, there’s also significant disappointment with the Bondex token airdrop. Investors began calling it a scam due to eligibility and allocation issues, resulting in high selling and a crash.
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Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
