DeFi New Star BNSD Finance Soars 3000%, But Not For Long

CONTENT

  • New Popular Project Appears in DeFi Industry

  • BNSD Token Jumps 3000% In Less Than 24 Hours, But Correction Has Already Begun

  • Users troll Binance with offers to list a token

International consortium of news organizations developing transparency standards.

Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More BNSD rose sharply on Monday 7 September amid unexpected attention from profitable farmers. However, his success may be fleeting..

BNSD Finance is a new darling in the DeFi industry. The project token (BNSD) occupies a distant 2300th place in the CoinMarketCap rating, but this did not prevent it from adding more than 3000% per day. The average daily trading volume of the BNSD token was approaching $ 8 million at the moment.

Source: CoinGeko

It never happened, and here it is again

The project started in August, but few people knew about it until it came to the attention of profitable farmers. One of the crypto users tweeted about him and away we go. Little-known token skyrocketed, and its early supporters managed to make huge profits.

@bitbns goes DeFiDecentralized finance (DeFi) is a blockchain-based financial service that offers users access to an open, efficient and … More!
This project bnsd finance is in early stages and the rewards are super high now! Join and farm with me!

Website: https: //t.co/oPCpIAkpvj

Coingecko: https: //t.co/6GbeccNslt

Uniswap: https: //t.co/5ONzWhTnC1 pic.twitter.com/RsGGyjESoL

– Crypto Szene Schweiz (@CryptoSzene) September 6, 2020

The token is most actively traded on the Uniswap (v2) platform, where it managed to enter the top 15 most popular projects. In addition, it is available on the KuCoin and Bitbns exchanges, the latter being part of the BNSD Finance project.

Binance off topic yet

DeFi New Star BNSD Finance Soars 3000%, But Not For Long

Some immediately suggested that Binance not miss the moment and add BNSD to the listing. The BeInCrypto editorial staff previously reported that the cryptocurrency exchange has actively joined the DeFi industry and added several tokens at once, including the scandalous sushi SushiSwap (SUSHI) and yffi finance (YFFI). The cryptocurrency community has hit the exchange with criticism for risky and potentially fraudulent projects, but Binance has its own vision of the situation.

Time to list $ BNSD on Binance @cz_binance @binance @bitbns

DeFi project by India’s one of the largest CeXhttps: //t.co/b7pVSfbfF4$btc $ xrp $ eth $ bnb $ bns $ ada $ link $ dot $ waves

– Himanshu Gupta (@ himugupta23) September 6, 2020

However, in response to criticism, the head of the exchange, Changpeng Zhao, said that innovation involves risks. He also added that all users should independently assess risks and be responsible for their trading decisions. Moreover, he recalled that during the crypto winter period, he advised not to panic, but during the period of excitement – to be careful..

What’s in store for BNSD

The token jumped from $ 0.006 (September 6) to $ 0.2433 (September 7). BNSD is down $ 0.0911 at the time of writing, although it is still one of the most popular coins in the DeFi industry..

The coin has already lost more than 61% from its all-time high and the correction could intensify, especially if the DeFi segment continues to decline. In this case, the token will repeat the fate of its predecessors, which died out as quickly as they lit up. Recall that the SUSHI token has already fallen in price by more than 80% relative to the peak.

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DeFi New Star BNSD Finance Soars 3000%, But Not For Long
DeFi New Star BNSD Finance Soars 3000%, But Not For Long
DeFi New Star BNSD Finance Soars 3000%, But Not For Long

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