Pundi X (NPXS) Binance Exchange Listing Backfires, Token Price Crashes
Early last month, Binance has announced that it will list Pundi X (NPXS) onto its crypto exchange. The decision comes as a result of Binance’s seventh segment of the “Community Coin of the Month”, where Pundi X was crowned “the winner”.
Binance only offer two trading pairs for NPXS which started June 21, 2018 2:00 (UTC). The trading pairs included NPXS/BTC and NPXS/ETH.
This was definitely a stepping stone for Pundi X, as the project is gradually gaining support and partnerships needed to make its goal of bringing “consumers closer to cryptocurrencies” a reality.
The Pundi XPOS device is the team’s first solution, as it aims to bring cryptocurrencies and traditional currencies together, as retailers simply need to place it in their stores, and the rest will be done through the device and a card. As for its uses, the device can accept and convert cryptocurrencies, manage inventories, support advertisements and even offer rewards.
Before the listing, the NPXS token was sitting at a value of USD $0.0087 (as per CoinMarketCap). Due to the Binance Effect the price of NPXS jumped up 86% to $.016300 after being listed which has now spiraled down past the pre-listing price. The price of Pundi X today is sitting at $.004340 which is a 73% drop since listing and a 50% loss from their pre-listing price.
Unfortunately this isn't a unique situation to Pundi X (NXPS) as this happens a lot after a becoming listed on one of the worlds largest exchanges. Users see an opportunity to score big with the initial days listing while others are left holding the bag and trying to minimize their losses. Most cryptocurrencies that this happens to see their pricing normalize after some time. But with the market down overall, some may be left holding the bag for longer than they would like.