Tanya Abrosimova
Independent Analyst
- A new hot project emerged in the DeFi industry.
- BNSD token gained over 3000% in less than 24 hours; however, the correction has already started.
BNSD Finance is a new darling in the bubbling DeFi industry. The project's token (BNSD) takes the 2300th place in ConMarketCap's rating; however, its price catapulted by over 3000% from $0.006 on September 6 to $0.2433 on September 7. Bt the time of writing, BNSD has retreated to $0.1313, though it is still one of the hottest DeFi coins in the space with the current average daily trading volume over $4 million. Notably, the coin is the most actively traded Uniswap (v2). However, it is also available only on KuCoin and Bitbns.
Source: CoinGeko
It has never happened before, and here we go again
The project has been launched in August, but the yield farmers have discovered it loved in only now. One of the users announced on Twitter, and here we go. The barely known token skyrockets to the moon and early adopters reap juicy rewards.
@bitbns goes DeFi!
— Crypto Szene Schweiz (@CryptoSzene) September 6, 2020
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
Some other users urged Binance to jump on the bandwagon and list BNSD. As the FXStreet previously reported, the cryptocurrency exchange had added several DeFi tokens recently, including the controversial SUSHI and RUNE. The cryptocurrency community turned against the trading platform for fuelling the DeFi mania and supporting risky and potentially fraudulent projects.
However, the head of the exchange, Chanpeng Zhao, reacted to the criticism by saying that innovations require risk-taking. Notably, he also added that all users should assess the risks and by themselves.
As one of the leaders of the space, we support innovation. With innovation comes the chance of high reward and high risk. Some projects make it to the moon, while some fall short. Always manage your risk accordingly.
What's next for BNSD
The coin has already lost over 46% from the all-time high, and the downside correction may gain traction, especially if the DeFi-space continues to cool down. The star of BNSD may go down as quickly as it has risen.
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