BNSD Finance is a new shooting star of the DeFi space, goes up 3000% only to crash down

  • 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.

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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC poised for small correction before a major run to $15,000

Bitcoin (BTC) has settled above $13,000; however, further growth seems to be limited. The pioneer digital coin hit the recent high of $13,361 on October 25 and retreated to $13,110 by the time of writing. 

More Bitcoin News

Ethereum Price Prediction: ETH could retrace to $390 before the final rally to $500

After a massive rally towards $421, Ethereum is finally under a consolidation period. One of the largest farming pools, Harvest Finance, was hacked around eight hours ago. Attackers were able to steal close to $24 million in cryptos, making the token's price fall by more than 60% within a few hours.

More Ethereum News

Uniswap Price Prediction: UNI flashes buy signal targeting $3.3 in the short-term

Uniswap continues trading in a downtrend and inside the daily descending parallel channel. The digital asset is slowly approaching the bottom at $2.7 while bulls try to push it above the upper trendline. 

More Uniswap News

Bitcoin HODLers do not have to disclose their holdings to IRS after all

The US Internal Revenue Service explained how to answer a question about the cryptocurrency holdings, placed on the front page of the standard 1040 form.

More Crypto News


Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast